Are you planning to buy your dream home? We agree that finances can be a concern when you are planning to make such a hefty investment. But with the right housing loan from the right lender, you can be stress-free about buying yourself a new home. That is why we have come up with a few helpful home loan tips that you can implement to transform your dream into reality right away.
- Negotiate Rate Of Interest
You will often notice that the lenders explain their interest rates at either a maximum or minimum range. But it is important to note that the actual rate is charged depending on your eligibility criteria. Every borrower possesses the ability to negotiate for a reasonable interest rate. Anyone can make this happen by comparing different home loan options and improving eligibility by adding a co-borrower and combining their income with themselves.
- Evaluate Your Borrowing Capacity
People often make the mistake of opting for high EMIs. They do this because they assume that the loan load will eventually decrease with a yearly increase in income. But it is highly unpredictable whether the income will increase or not. That is why it is wise to leverage a home loan EMI calculator. It will help you to calculate what amount you will be paying based on the tenure and interest rate before the home loan process starts. Therefore, you can better plan your finances and ensure that you do not experience a financial constraint in the future.
- Take A Long Loan Tenure
We already know that home loans are hefty investments, and the nature of these loans is for the long term. That is why loan borrowers must strategize their purchases by clearly evaluating their current and future commitments. This should be done comprehensively while planning their home loan EMIs. So with the increase in the income, it is wise to consider prepayment or enlargement of the EMI to close out your loan on time.
- Co Borrow With The Spouse
There are many options for home loans for women, but co-borrowing with women can also be very lucrative. That is why many homebuyers find it wise to indulge in co-borrowing with their wives. This will help you to get housing loans at a reasonably low rate.
- Read the Loan Agreement Thoroughly
There are multiple clauses in the loan agreement that can put you in a tough situation in the future. Therefore, make sure that you read through the loan agreement document thoroughly. Taking the time to read the terms and conditions will give you the assurance that there will be no unwanted surprises in the future.
The Bottom Line
Whether you are looking for the right home loan or a few simple strategies to carefully deal with home loan ideas, this article will come to your rescue for all the right reasons. Don’t hesitate to make the most of it when in need.
Check out the home loan process, Eligibility & Criteria at Standard Chartered Bank India. Apply now to get a housing loan up to Rs 35 Cr at attractive interest rates today!