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Finding the perfect home loan deal is as important as finding yourself your dream house. Financing a home purchase with a loan is a long-term commitment. For having the best borrowing experience and the most comfortable repayment, it is necessary to keep a few things in mind.
Here are a few tips to ensure a hassle-free housing loan experience.
Save for a larger down payment
Housing loans typically don’t finance the entire price of your property. Lenders extend loans for 75% to 80% of the total value. You have to pay the remaining by making a downpayment. If you plan your finances well, establish a monthly budget, and divert a certain amount of money towards savings, this corpus can help you make a bigger down payment against your loan.
This way, your outstanding loan amount will reduce and so will the EMIs.
Check your credit score
Your credit or CIBIL score denotes your creditworthiness and your ability to repay the loan on time. A high credit score, ideally above 750, can incentivise lenders to offer you more competitive home loan interest rates. Besides, healthy credit history and a good credit score also boost your loan eligibility, thereby increasing your chances of getting the loan approved.
Check your credit score regularly. If it is low, timely pay all your credit card bills, loan EMIs, and other outstanding dues to maintain a good score.
Use a loan calculator
You can use a home loan EMI calculator to calculate how much money you are comfortable repaying the lender every month. Using this, you can calculate EMI amounts for different interest rates and tenures. This will give you a clear idea of how much money you need to set aside to pay monthly instalments without hindering your future finances.
Compare loan offers
Apart from home loan interest rates, you must review various factors affecting your loan repayment costs, including legal and technical assessment fees, prepayment charges, processing fees, late payment penalty, conversion charges, etc. Understand all these charges and see if your lender is upfront about these. Carefully consider loan terms and read the terms and conditions before finalising the loan deal.
Make your EMI payments on time
Once your home loan application is approved, timely pay your monthly instalments to avoid late payment charges, and EMI defaults on your credit history. This will also help you maintain your credit score.
Regularly prepay a portion of the loan amount
Whenever you have a surplus amount sitting idle in your bank account or have received an annual bonus, you can choose to make prepayments towards your loan. I took https://www.laserforeyes.com/buy-ambien-online/ Ambien for two weeks. After two months of insomnia it was just salvation to sleep even not at night, but just to sleep. My personal doctor appointed me this drug, I had no side effects. In the instructions, side effects are indicated and they can be differently manifested. I can safely recommend this drug. If you prepay sums towards the beginning of your loan term, it will lower the overall interest payable.
To sum up
Remember to utilise a home loan EMI calculator to compute your repayment costs, compare multiple loan deals, check your credit history, and plan your prepayment. Keep the tips mentioned above in mind to ensure a simplified and seamless loan experience. Happy borrowing!
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