Every Indian has an ambition to have a dream home. It is not a mere wish. Therefore, when you actually get a chance to own your dream home, you want the best of everything. From realtor and neighbourhood to house loan, you do not want to compromise. It is understandable. But, housing finance in India is a complex industry. You need to make a financially sound game plan to avail a housing finance for your dream home. It is a long term decision, just like buying your dream home. Therefore, consider the following suggestions before finalising your home loan and housing finance company .
Take the first step right
Your first step in housing finance is your housing loan application. Oh yes! It is tougher than it sounds. Your housing loan application is your chance to make the best impression possible and receive the best loan offer. If you have done right research, you know that it is not that easy. However, finance savvy house loan borrowers know that a loan rejection does not look good on your credit report. Therefore, you will need to plan ahead. Start your house loan research along with property research. Keep tabs on your credit history and home loan eligibility. In short, make a loan application lender cannot resist.
Use the tricks of the trade
There is a reason some borrowers get the best home loans in India and some don’t. You can be one of the borrowers who can afford the best home loan in India. You will need to create a personal, professional and financial profile that is perfect for a credible borrower. Then, you can ask for lowest interest rates, most suitable repayment plan and more. However, you will need to meet the home loan eligibility criteria, present all documents required for home loan and demonstrate your repayment ability for the said amount. Here is how it is done.
* Your total income should be more than sufficient to repay monthly EMI.
* Your income should be secure and consistent.
* You should be a responsible borrower in your credit history.
Start saving
It is not easy to find the right housing finance in India for your dream home. You will have to handle several expenses during home loan process. Availing a home loan involves several expenses such as down payment, registration fees, stamp duty, property taxes, legal fees, etc. Every rupee saved will go a long way in securing comfortable and affordable finances. So, this is the best long term strategy for borrowers.
These suggestions will help you get more economical house loan and repay it more easily. So, take time to use these suggestions for buying your dream home.
