Ratan Chaudhary, Head of Home Loans, Paisabazar.com, says that people often make 5 types of mistakes in applying for a home loan, which causes them losses and they are denied maximum benefits.
New Delhi. This period of Corona (Covid 19) has explained the importance of two things very well. One is the vehicle and the other is the house. At this time, due to the lockdown and epidemic, many people did not have jobs, in such a situation, they had to face even more suffering who had rented a house. One is the burden of rental income every month from the top up. This is the reason that people are now showing more interest in buying their house. In such a situation, many banks are also offering home loans with different rates of interest and many schemes.
People also make many mistakes in home loans taken while buying a house, which they have to bear in the future. Home loans make the decision to err is on you more and more loans to get the opportunity to be lost as you , as well as the future of the loan Reepements to be impressed that is.
Pasabajar dot com ‘s Head of Home Loans Ratan Chowdhury to say is that people Home loan is to apply to the often 5 kind of mistakes can sit there , causing them harm would have and they have maximum benefit from bereft be going to. Today you will know about 5 such mistakes To tell to you that all home loan applicants to avoid should …
Do not reduce the amount of down payment
Ratan Chowdhury to say is that home loans to the people often this mistake can sit there and Daunpement the amount of its ability to significantly lower pay are. RBI ‘s rules of harmony , banks have also property.Are the value of 75-90 per cent of the amount of home loans in the form of Finance also can have. The applicant ‘s credit risk assessment and based on the expected is. While some percentage amount the applicant to Daunpement or margin Kantribusn the form of grant would have. This is where home loan applicant mistake to sit there and Daunpement of Rasi low to give you , which Due to higher interest paid would have. Home loan applicants the property ‘s value is less than the lower 10% to 25% the amount Daunpement to be , so you loans to meet the expected increase to. Daunpement much more will , banks and for credit risk as well as reduce the need and loans Application granted to the likelihood that much more increased. Apart from this, there will also be relief in interest rates .
Credit scores must review Make
Home loan application to assess the time bank applicants with credit scores Czech do have. The applicants for credit score 750 and more is , their home loan application is approved to be the likely more significant is. As well as to lower interest rates on home loans to get used to. so Home loan is to apply to the first reduce your credit score must renew supply.
Banks of home loans in comparison to
Home loans take the first different banks and lenders by the plan were to be interest rates to compare to. Home loan ‘s interest rate , processing Charje , repayment tenure , loan amount and LTV ratios all lenders and based on different feel may have. Such a loan is to Application to the first over of more lenders by offers made to a home loan offers to compare to seek should.
How EMI has been able to , estimates or
You tell yourself that home loan of applications accepted to the following bank or financial institution that Czech to have that loan to the amount of EMI afford you may have. Usually at this your salary or earning 50% to 60% would have. If EMI is 60% of your month ‘s income More would have to loan to meet the likely lower the heart is. So Home Loan EMI calculators and through optimum EMI to calculate the necessary is.
Emergency funds for home loans of EMI to keep
Unlike conditions Jase job went well , illness , if the reason for your income stops may have. It makes your loan repayment capacity bad way affect the is. Home loans for EMI not been to the bank heavy fines imposed could have and your credit score too low to be is. so Emergency fund for Mark at 6 months of EMI ‘s Wyvsta to wisely is.
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