What to Check before Applying for a Home Loan? - Loan Trivia

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Tuesday, 11 September 2018

What to Check before Applying for a Home Loan?


A home loan is the best way to finance the purchase of a dream home, as home purchase won’t be a burden for you. But, before you apply for a home loan, you must be aware of certain factors such as the eligibility criteria, documents required and the amount of loan sanctioned.

You will be happy to know that if you apply for a home loan is a good financial institution then you can get a loan approval of Rs. 3.5 crores and to avail a lower rate of interest, you must search, compare and then select a lender. You should first be aware of certain factors beforehand, otherwise your loan application may get rejected. For home loan a good cibil score is always required. You may check how much cibil score required for home loan.

Interest rate
First, you should look for the interest rate. You can either opt for a fixed interest rate or a floating interest rate. Generally, floating rates are lower than fixed, but it is influenced by market conditions, so it keeps on fluctuating. However, a fixed rate remains fixed for the entire tenor, so you will be able to map your EMI beforehand. 

EMI
This is the second important factor when you apply for a home loan. You need to manage the EMI payment from your regular income and expenditure. So, you should use the home loan EMI calculator to calculate and get the exact EMI amount. 


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