These Mistakes will Affect Your Dream Home

To have one's own house is everyone's dream. We all make sincere efforts to turn our dream into reality. Sometimes along with your savings, you have to borrow a loan to meet the fund requirement, as buying a house is an expensive affair. With a large number of banks and NBFCs offering home loan across India, it has become very easy to avail it. If you decide to take a home loan, it implies a long-term debt liability. While taking a home loan you have to ensure that you don't commit some common mistakes that will cost your dream house. Some of the common mistakes are choosing wrong agents who work to maximize gains of the seller.




Therefore before selecting an agent inquire about him. using all your savings for buying a home is another mistake, as one should always keep some cash in hand to meet unplanned expenses like a medical emergency etc. Buying a home with a loan requires you to select the right lender whose interest rates and other charges are low. As selecting a wrong lender will result in higher costs both monetary and time costs.

If you are planning to buy a home, keep these points in mind to maximize your gains. You can seek the help of a financial advisor as well if required.

Comments

Post a Comment

Popular posts from this blog

Blog Collection

Hi All, we have got the collection of some of the amazing blogs. You can have a look 1)  http://www.theranthole.com/important-things-to-consider-before-transferring-your-home-loan/ 2) https://www.thehickeyunderworld.com/how-to-apply-for-pradhan-mantri-awas-yojana/ 3)  https://dhowd.com/top-5-lenders-for-home-loan-balance-transfer/ 4) https://gingerkids.org/how-can-home-loans-help-you-save-big-on-your-tax/ 5) http://oneeyedmonstermovie.com/rbi-keeps-repo-rate-unchanged-heres-what-it-means-for-home-loan-borrowers/
Read more

Tips To Get Quick Home Loan Approval

Image
Home loan provides the necessary funds required to help you invest in a home to fulfill your dream of own house. By doing some basic homework, you can easily get your home loan application approved.  Let’s discuss some simple preparatory steps you can follow for the easy approval of your home loan application:  Having a good credit score (650 and above) is considered good. Check your credit score before applying for the home loan . In case of a bad credit score, it can be improved by paying your existing loans and credits on time without fail. The amount of loan you are eligible for is directly proportional to your disposable income and inversely related to your EMIs on existing debt. So try to get rid of your existing debts. Home loan is usually allowed 75% to 90% of the property’s value.  The rest is to be paid as down payment. So keep your down payment ready for the quick approval of your application. Prepare the list of the documents required and keep them rea
Read more

What is Pradhan Mantri Awaas Yojana Gramin (PMAYG)

The Pradhan Mantri Awas Yojana Gramin has been introduced after restructuring the Indira Awas Yojana, which was launched in 1996. This restructuring was done to achieve the government's ambition of providing 'Housing For All' by 2022. Under PMAYG , the pucca house is to be provided along with basic amenities to the beneficiaries of the scheme. These pucca houses will be disaster-resilient, along with fit as per the socio-cultural and geo-climate factors. The benefits under the scheme include; loan upto Rs. 7 lakhs, subsidy on interest for up to 3%, maximum subsidy on principal amount is Rs. 2 lakhs and the maximum subsidy that can be availed for a payable EMI is up to Rs. 38,359. However, to be eligible for the scheme, you need to satisfy any of the following criteria: Houseless family A household without any literate adult above 25 years. A household without any adult between 16 to 59 years. Various minorities plus schedule castes and scheduled tribes. Family having a
Read more