Home buying in Mind? 3 Must Follow Tips at a Glance - Loan Trivia


Full-Width Version (true/false)

Tuesday 8 June 2021

Home buying in Mind? 3 Must Follow Tips at a Glance

 Are you looking out to buy your dream home? Congratulations! You are one of the luckiest people who are about to cherish a long-craved dream. 

But before you do that, you should consider a few points. It becomes more vital if you plan to buy your nest using a housing loan. Let’s know more!

  1. Set aside a budget 

For everything, you may have a budget, and your new home should not be an exception. You should set aside a budget for your home and search for a property accordingly. If you are applying for a housing loan, you should check your home loan eligibility first. Once you know an amount a lender will approve, you should go for a property under that figure only. 

  1. Your property location 

The location of your property does matter. If you choose one in a far-flung area, you may not have to deal with a higher home loan interest rate. It is because if you fail to repay, your lender may find it tough to liquidate your home. To compensate, they charge a higher housing loan interest rate. You should invest in a centrally located property with all civic amenities around. It will help you get a good resale value if you sell it later. Your lender will also be able to get a good rate if you fail to repay on time.  

  1. Stamp duty and registration fee

Unless you pay the stamp duty and registration fee on your newly purchased property, it is not going to be registered in your name. Thus, you should ensure to check such charges. These extra costs may or may not be included in your housing loan. The stamp duty and registration charges may differ from lenders to lenders. 

Considering these vital aspects will surely help you buy your new home confidently. 

No comments:

Post a Comment