Home Loan - Things to Remember Before Signing the Agreement - Loan Trivia


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Tuesday 4 December 2018

Home Loan - Things to Remember Before Signing the Agreement

“A decision taken in haste always leads to regrets.” However, in the context of home loan, a hasty decision always leads to a higher interest payable. Therefore, people, especially the ones planning to purchase a home using a home loan should use their senses and dedicate the required time towards research before proceeding any further with the loan application.

There are many lenders in the market - some are legitimately offering the services while others are benefiting from the lack of proper regulations. Therefore, scout the market with caution and also avoid signing the agreement with the first lender who approves your application. Check out the market for best home loan offers, compare them intricately and then apply for the loan.

Few things to remember:-

Cheapest is not the best: First but very crucial thing to remember is, “cheapest is not the best”. Some lenders do market their product as the lowest interest rate home loan, but the actual applicable interest rate will always differ due to multiple factors. Hence, act smart, don’t fall for the trap.

Floating interest rate is better: Floating interest rate is connected with the market. So, if the market conditions improve, the lender will have to pass on the benefits to you. This means, the market improves and you’ll be able to save a lot of money.

Use the eligibility and home loan EMI calculator to plan your loan: Use the home loan eligibility calculator to find out the exact amount you can borrow. Thereafter, use the home loan EMI calculator and find out the right EMI amount in accordance with your repayment capability and the repayment time you need.

Lastly, read the agreement before signing. You must be aware of what all the terms and conditions set forth by the lender before you are bound to follow them.

Additional Read:

Desire A New Home? Get Attractive Home Loan Offers to Fulfill Your Dreams

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