Home Loan involves taking into account important questions so not only can you use the loan effectively but pay it back on time too. Hence, it is recommended to take the loan after proper market analysis and it involves quite longer repayment duration. Therefore, borrowers must take the following factors into account to not default and use the House Loan responsibly.
Here are some factors which affect your Home Loan -
Reason for Taking the Loan
You must be clear what you need the Home Loan for - to invest in real estate, to move in the home with your family or some other reason. Based on this factor you can decide the tenure of the loan. As shorter tenure will be ideal for investment purposes while longer tenure is good when you buy a property to move in.
Income Vs Debt Ratio
Take into account the income that you make and how you use it monthly or annually. Build an expense calendar to gauge your expenses, other financial obligations, leisure budget, emergency funds and such things to determine how much loan you can afford to take and pay back.
Repayment Schedule
When you decide on the loan it is recommended to discuss loan terms with your lender so you can plan your repayments in advance. Check if the lender offers part-payment and foreclosure facilities to help you manage your loan easily.
Ease of Applying Online
This is a crucial factor as it will not only save you time but applying online will help you research better. You may get in touch with your Relationship Manager to know more about the loan. While, applying online will let you complete the initial process faster. Once you qualify for the loan you can easily manage it via the customer portal and fasten the decision making process.
Additional Read:
Factors to Consider while Deciding the Home Loan Tenor
Here are some factors which affect your Home Loan -
Reason for Taking the Loan
You must be clear what you need the Home Loan for - to invest in real estate, to move in the home with your family or some other reason. Based on this factor you can decide the tenure of the loan. As shorter tenure will be ideal for investment purposes while longer tenure is good when you buy a property to move in.
Income Vs Debt Ratio
Take into account the income that you make and how you use it monthly or annually. Build an expense calendar to gauge your expenses, other financial obligations, leisure budget, emergency funds and such things to determine how much loan you can afford to take and pay back.
Repayment Schedule
When you decide on the loan it is recommended to discuss loan terms with your lender so you can plan your repayments in advance. Check if the lender offers part-payment and foreclosure facilities to help you manage your loan easily.
Ease of Applying Online
This is a crucial factor as it will not only save you time but applying online will help you research better. You may get in touch with your Relationship Manager to know more about the loan. While, applying online will let you complete the initial process faster. Once you qualify for the loan you can easily manage it via the customer portal and fasten the decision making process.
Additional Read:
Factors to Consider while Deciding the Home Loan Tenor
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