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By Balvinder Singh Kalra
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A home loan is a financial assistance given by banks to buy your dream home if you are short of cash or not in favour to liquidate your savings. Here are some important considerations that will help to make your loan application process easy and hassle-free.
According to an article published in the economic times, most people think that a “loan default” is just when you are unable to pay the EMI. The loan document is a legal document and is often incomprehensible by a common man. There are many banks that consider the death of the borrower, divorce (joint-loan) or involvement in criminal activities etc as a default.
So, it becomes imperative to think properly before applying for a home loan. If you are planning to buy a 3BHK+1+1 in Mohali then going for a home loan is the best decision one can take. But, the borrower should be diligent and aware of his/her commitments. So, here are a few key suggestions that will make your loan application easier and ensure zero-default loan repayment.
The best way to calculate your home loan eligibility is by calculating the EMI. Most of the banks limit the EMI to 40-50% of the salary (Basic + DA). Other major factors are age, the number of dependents, nature of the job, income of spouse, other loans availed etc.
There are many loan calculators available on the internet. You can easily formulate a loan plan by punching the requisites such as EMI, payment tenure and down payment. Prior research enables you to work over the available options from the banks and choose the one that offers attractive interest rates.
Depending upon the type of interest rate availed; home loans can be categorized into three broad categories.
The borrower should be able to adjust the EMI as well as his/her cost of living as well. All the overhead expenses or unforeseen emergency expenses must be taken care of. So, rather than preferring the location, you should be able to afford the home loan as well. Following a strict budget, post availing the loan is desirable to meet the equated EMIs.
The borrower needs to have a good CIBIL score to apply for any kind of home loan. The best way to maintain the CIBIL score is to make sure that all the credit card repayments and other loan payments are made without any default. A high CIBIL score makes the entire loan disbursal process fast and easy.
Loan Tenure is the amount of time (months/years) the borrower will take to repay the amount. The EMIs and payment tenure are inversely proportional. The borrower should choose the repayment tenure wisely and diligently as per his/her affordability. Small EMI makes the tenure longer which means that the borrower would be giving 2x or 3x times the loan availed due to high-interest rates.
Experts prefer going for High EMI and small tenure. In fact, many banks offer low-interest rates for small tenures for faster loan repayments.
The borrower should be thorough with the documents or can take the help of a legal advisor to understand the clauses. The documents should be carefully read and signed only after attaining complete satisfaction.
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