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Avoid these common mistakes while taking home loan

Pby paramount IN GENERAL PROPERTY 2021-08-21


Aug, 21

Taking a home loan is a big decision for everyone and no one should hurry in taking decisions which will lead to common mistakes. If you are all set to buy a property and have made up your mind that you want to apply for a home loan to buy your dream home, then be aware about the mistakes which can result in loss.  You need to take many precautions and learned steps to take the right decisions at the appropriate time.

Miscalculating the down payment : A lot of people buy property under construction, assuming they can pay the down payment amount properly while the bank spends the rest. All lenders without exception insist on your bringing in the entire amount of the down payment before they will make the first payment on the property.

Not negotiating the rates: You should shortlist four or five banks and get the shortlisted banks to compete for your loan. Some of the banks which provide home loans are Yes Bank, SBI, HDFC Bank, ICICI Bank. The expense of your credit depends a great deal on your capacity to arrange. The terms and conditions which are provided for the home loans are said to be negotiable. Loan costs offered by banks take your salary and payment profile into thought.

Not Reading the Fine print: Most of the homeowners don’t read agreement details and clauses while signing it. Agreements contain some critical points and conditions regarding the charges, installments, notifications and modification.  The weightage of writing is more as it helps you in not only understanding the lender’s policies but also clarifies your doubt before signing.

Not Disclosing Previous Debt Details: All lending companies consider your credit history before they provide you with a loan. Your lender must be clear about all your debts and obligations. If you hide important details from your preferred lender, it might lead to rejection of the loan application. So be frank about your existing debts and do not hide any detail.

On the off chance that you are going for a home loan, you are most likely making your greatest money related responsibility yet. Home credit is a smart method for changing over your fantasy of purchasing a home into the real world, without much digging into your savings.