Buying a house is a dream of everyone's life. To fulfill this dream, people save a lot of money. But many times the money deposited is not sufficient. In such a situation, people need money. For this, now there is a home loan facility. Many banks and NFBC provide loans to people.
But getting a loan from a bank or finance company is not as easy as it seems. There are many things in it which you have to decide carefully. Many times people take a loan in a hurry without complete information and later they have to regret it. Let us tell you what things you should keep in mind while taking a home loan.
Find out about the interest rate
While taking a home loan, it is important to pay attention to the interest rate first. You should understand the difference between floating rate and fixed rate. So that you do not have to pay more money in a longer period. Along with this, you should also get complete information about processing fees, foreclosure charges and other charges in advance. While taking a home loan, do not incur loss on interest in the pursuit of low EMI. The lower the EMI, the more interest you will have to pay. Therefore, take special care of this. Decide the EMI only after looking at all your monthly expenses. So that there is no problem in the future.
Find out about the loan amount
While taking a home loan, it is important to know how much of your property's value the bank will give as a loan. Let us tell you that in most cases it is 75 to 90%. For example, if the value of a property is Rs 50 lakh. Then you can get a maximum loan of up to Rs 40 lakh. The remaining amount i.e. down payment, you will have to pay from your own pocket. If the loan amount is less than the required amount, then it can be difficult.
This is how the loan amount can increase
But if you need a larger amount, then you can include your partner as a co-applicant. This can increase your loan amount. You can use a housing loan calculator to know your eligibility. If you plan everything in advance, then you will not face any problem later.
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