Are you thinking of purchasing your own house? Is it your first house? Then, you should be patting your back as you have gathered the courage to purchase your first house. It is true that purchasing a house takes lot of courage and even if you are thinking of purchasing it with the help of a Housing Loan, it is one of the most vital decision you are taking in life.
Make sure that you are not financially unstable and whatever burden you are taking, you are capable of that. You need to check the Home Loan eligibility criteria and fulfill it to avail up to Rs.3.5 crores and get a wider tenor of up to 20 years, which can be repaid easily repay with smaller EMIs.
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But, before you apply for a home loan, you must be aware of the steps that you are take:
Assess your Needs
First, be sure about the reason of purchasing your home. Ensure whether the home will be used as an investment vehicle or for your own living. On the basis of the needs the total value of the home loan will be decided.
Check your Property Requirement
Figure out what type of property you want, is it an independent home, apartment, villa, bungalow or anything else. Whatever type of home you will choose, the amount of home loan will be decided accordingly. You should also check if the property that you want is close to your office, hospital, schools, banks, railway station, airport, and utility stores, so that it saves your commuting time and fuel.
To know the other factors, read:
Few Tips For Buying Your First Home In India
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