Before applying for a home loan, you should take care of certain things. Let’s take a look at these 5 points which are very important to you.
1. Test Your Qualifications :- When you are thinking of buying a home, first of all, consider how worthy you are to take a home loan. Before calculating any bank or financial institution loan, it assesses your income and ability to pay debt. In addition, it assesses your age, education, financial status, income of your wife, dependent members and job stability.
2. First Home or Loan :- This is a question which is quite important. Experts say pre-approval of home loan before choosing home. This will help you decide your budget and you will be able to find the home in the same direction. One of the major advantages of getting a pre-approved loan is that you will be able to negotiate a home loan from another bank. It can also give you cheap loans.
3. Loan Amount :- According to the provisions laid down by the regulator, the banks provide 75 to 90 percent of the total amount of the house in the form of loans. The rest you have to invest your money. It depends on the different banks, depending on your eligibility, how much percentage they issue the loan amount. Usually up to 80 percent of the loan amount is received.
4. EMI or Pre EMI :- EMI ie monthly installment This is the amount you pay every month instead of taking home. It involves interest on principal and arrears. Pre EMI is a concept that is used in the under construction property.
5. Do not Miss the Installment :- Always keep repaying home loan installments every month. If you do not pay the installment for more than three months in a row, the bank will have the right to take action against you without notice. This may have an effect on your property.