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Tips to Keep in Mind When Taking Home Loan

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tips that first time home loan borrowers should consider

First time home buyers are you feeling stuck right in the middle of nowhere because you have no clue about how bank loans work? Well, definitely, things with banks are not as easy as they seem!

Pro Tip – Plan your home loan wisely so you can be sure the repayment journey will be easy and hassle-free. There isn’t really rule of thumb here that does the magic, but there are definitely a few tips and tricks that will be helpful for all first-time home loan borrowers.

Get to know everything about these tips

  • Decide the Loan Amount – First on the list of many things is deciding how big is the home loan amount you are looking for. If you have personal funds, you may not need big loans. Another thing could be if you can acquire soft loan from family or friends, go ahead and take it. You never really have to walk into the bank without having decided the loan amount well in advance, remember whatever you’re taking you will have to pay back – so make sure to do it all only after deciding a few things for yourself well in advance.
  • Decide the Home Loan Rates ‘Wisely’ – Home loan interest rates are of two types – fixed and floating. Decide which one suits your pocket best. Check things for yourself first and never really go with what others think is right for you in terms of interest rates. You have to be wise enough to decide what interest rate and interest type is best suited for you and if you can do it perfectly you can be sure you’re taking the right step towards loan attainment.
  • Keep Track of the Balances – Check how much of your disposable income you are left with every month and be very particular about it all. Keep a track of what is left after factoring in all outgoings such as investments, insurance, repayments of loan, education, miscellaneous expenses, etc. If you’ve already worked on this see how much balance you have for the month end. If you’re a couple you can include your spouse’s income or income from other sources, etc.
  • Have Secure Assets – You might have a few secure assets in your name, make sure to list them all. These secure assets include insurance policies, provident funds, etc. These will in a way be a security against loan, and could enhance your loan eligibility.
  • Joint Effort – In order to make the repayment process easier than ever it is best to share a joint bank account where the EMIs can be processed. Decide well in advance how much each applicant will contribute in the repayment process. Further, taking a home loan together could also have certain tax benefits.

Decisions involving home loans and repayment are crucial and need expert advice, especially if you’re doing things on your won without any additional help from anyone. While information from the banks and authorities giving out loans works to some extent, it is always advisable to keep yourself updated about how things will be done even before you visit the bank or any authority.

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