{"id":539,"date":"2021-03-20T11:07:13","date_gmt":"2021-03-20T11:07:13","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=539"},"modified":"2021-03-20T11:07:13","modified_gmt":"2021-03-20T11:07:13","slug":"10-important-home-loan-tips","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/10-important-home-loan-tips\/","title":{"rendered":"10 Important Home Loan Tips"},"content":{"rendered":"\n
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Purchasing\na home is a dream come true for many of us. Therefore, finding a perfect home\nis important whether you purchase a house for stay or for investment purposes\nand so is finding a perfect home loan important for making that dream come\ntrue. Since a home loan will be your long-term financial commitment, finding\nthe perfect lender becomes equally important and hence the following house loan\ntips can help you to get a loan that is just right for you.<\/p>\n\n\n\n

Top 10 Housing Loan Tips<\/strong> <\/h2>\n\n\n\n
  1. Make Good Research<\/strong><\/li><\/ol>\n\n\n\n

    Just because your friend or relative has applied with Bank X,\nit doesn\u2019t mean you apply with the same bank with their experiences. Decision\nto select a lender Bank\/NBFC\/HFC depends on your unique financial circumstances\nand requirements. You must therefore make a good research on the existing\nhousing loan deals matching your requirement (of higher home loan eligibility<\/strong><\/a>, lowest home loan interest rates<\/strong><\/a>, lowest home loan processing\nfees, etc.), home loan products (fixed rate, overdraft, floating rate, etc.)\nbefore you apply with any lender.<\/p>\n\n\n\n

    Home loan tips for first time buyers please refer to the link \u201cEverything You Must Know Before Applying For A Housing Loan<\/strong><\/a>\u201d.<\/p>\n\n\n\n

    2. Plan Your Budget, Plan Your OCR<\/strong><\/p>\n\n\n\n

    Down payments are vital in a home purchase. You should save\nenough to make your down payments to the builder\/reseller & make\narrangements for your own contribution (OCR) amount for purchasing a house. The\nOCR contribution differs with the cost of your house. As per RBI guidelines the\nmaximum funding allowable on the property is up-to 90%, which means you need to\nplan your budget for the rest 10% of your OCR. Use your savings or apply for a mortgage loan<\/strong><\/a> or instant\npersonal loan<\/strong><\/a> if you are falling short of OCR. <\/p>\n\n\n\n

    Remember the higher the down payments the lower will be your loan amount and therefore lower will be your home loan EMIs<\/strong><\/a>. Know how much monthly installments you can afford to pay using Loanfasttrack\u2019s home loan EMI calculator.<\/strong><\/a><\/p>\n\n\n\n

    3. Track Your CIBIL Score<\/strong><\/p>\n\n\n\n

    The lender pulls your CIBIL report<\/strong><\/a> every time you apply for a home loan<\/strong><\/a> <\/strong>to ascertain your credit worthiness. A good credit score can earn you the\nbest deal on home loans. A good CIBIL score<\/strong><\/a> above 750 can earn concessions on\nthe home loan interest rates and also improves the chances of loan approvals.\nYou must therefore maintain your credit history, make timely repayments of your\nbills, credit cards, etc. to avoid your CIBIL scores from diminishing, before\nyou apply for a house loan. A poor CIBIL score not only lapses your chance for\nthe best deal but also rejects your home loan application. <\/p>\n\n\n\n

    Also Read: How To Apply For Home Loan With Bad CIBIL Score \u2013 By Loanfasttrack<\/strong><\/a><\/p>\n\n\n\n

    4. Know Your Eligibility<\/strong><\/p>\n\n\n\n

    You must understand how much you can afford to pay prior to\napplying for a home loan. You must figure out what EMI amount is affordable\nwhich you can serve easily. A home loan calculator<\/strong><\/a> can be of great use. The calculators\nare easily available online. Use Loanfasttrack\u2019s EMI\ncalculator<\/strong><\/a>. Simply enter your desired loan amount, interest rate and\ndesired loan tenure to check how much EMI you can afford to pay. <\/p>\n\n\n\n

    For higher loan eligibility you can apply for a joint home loan. Click to read the benefits of applying for a joint home loan<\/strong><\/a>.<\/p>\n\n\n\n

    5. Keep Your Documents Ready<\/strong><\/p>\n\n\n\n

    Before applying for a housing loan, keep your required set of\ndocuments ready. This will help in faster processing of the loans. You have to\nsubmit the KYC, financial and property papers to the lenders to get your loan\napproved. <\/p>\n\n\n\n

    For the detailed list of documents please refer the links\nbelow:<\/p>\n\n\n\n