If you are going to apply for a home loan the first time, then you just can’t go ahead and apply for it.
It is because you need to consider a few aspects when apply for home loan in India.
Read on and know more!
Maintain your CIBIL score well
Before you apply for a home loan in India, you need to maintain having a robust credit score. The higher it is; the better it is to get a home loan approval at a lower rate. This way, your home loan eligibility will be higher. A home loan amount of up to Rs.3.5 crores may be available by top lenders. You should aim to maintain a credit score of 750 or more.
Compare all available lenders at a time
Before you apply for a home loan, one of the best things in India is comparing all available loan deals online. You can do that on a third party website free of cost. Once done, you will be able to arrive at the best home loan in India matching your budget.
Know your precise EMI amount
If you are aware of the exact home loan EMI amount, then it will be possible to plan and manage your finances better. Thus, you should know about your exact housing loan EMI amount using the online home loan EMI calculator. Similarly, you can also know an exact eligible amount that your income can support. You can do that using the online home loan eligibility calculator.
Save enough for a down payment amount
You should save enough for a down payment when you apply for an online home loan in India. A 15-25% of the cost of your new home will be the down payment amount payable. The higher it is; the better to reduce the loan cost. In turn, you can save on interest charges and pay lower EMIs.
Considering these aspects for a first time home loan in India borrower can be surely beneficial.
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