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Searching for the right housing finance

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Buying your first home is like stepping into your dream world, embarking on the journey of happiness and excitement. For you, home is not just a piece of land but the reflection of your hard work, lifestyle, and dedication to create your own space. However, with the skyrocketing price of real estate sector it nearly impossible to buy your dream home dealing in full cash. Also, there would be prior responsibilities as well. You would definitely search for funding options.

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Searching for the right housing finance

  1. 1. Searching for the right housing finance? Follow these simple tips Apnapaisa
  2. 2. Introductions • Buying your first home is like stepping into your dream world, embarking on the journey of happiness and excitement. For you, home is not just a piece of land but the reflection of your hard work, lifestyle, and dedication to create your own space. However, with the skyrocketing price of real estate sector it nearly impossible to buy your dream home dealing in full cash. Also, there would be prior responsibilities as well. • You would definitely search for funding options. Traditional finances are way too costly and might burn a big hole in your pockets. • Therefore, it would be wise to approach leading non-banking finance companies, banks or public banks for apnapaisa home loans. It’s one of the most promising ways of turning your dream into reality with affordable EMIs and flexible repayment options.
  3. 3. • If you're a first-time home buyer and plan to apply for home loans, there are a lot of technical jargons and terms you should be well-versed with. Else the entire home loan availing process would turn out to be a tedious and cumbersome task.
  4. 4. • So, here are few tips that would give better transparency for first-time home buyers and the loan applicants across India
  5. 5. Meet the Eligibility Criteria • Every lender has its own parameter and assessment method. As a borrower, you will have to fulfill their eligibility criteria. Firstly, you should hold a decent credit report. Lenders would pre-assess whether you're financially stable to repay the loan amount. They would check your income source, job stability, company listing, additional income source, existing debts, and age. It would help them gauge your repaying capacity and accordingly sanction a loan amount.
  6. 6. Interest Type • It’s the crux for entire loan process and it's of prime concerns for borrowers. There are two types of interest rates: Fixed and floating interest rates. For a fixed rate, the interest rate would remain constant throughout the loan period and in floating rate loans, the ROI along with EMI's would vary based on the market fluctuations. • However, the final call is taken by the lenders. If you opt for longer tenure you would enjoy low EMIs but end up paying more interest rates. And if you choose smaller tenure you would enjoy less interest rate payments with slightly more EMIs.
  7. 7. Additional Details • Other than interest rates, there are other charges associated such as upfront fee, processing fee, pre and post penalty charges, cheque bounces charges, etc. Lending companies will sanction 80-85% of the property value. So, it’s better to be prepared with the margin money costs of 15-20% before you apply for home loans. • You can save a little extra to combat with situations like job loss, recession, fund shortage due to medical treatment, child's school fees, or other perils that don't come knocking at your doorstep. It shows your good preparedness towards the home loans and has more probable chances of getting it approved.
  8. 8. Avoid Penalties • Lenders would be happy if you maintain steady and timely repayments towards the EMI on home loans. There are chances that a penalty might be levied for defaulting on EMIs. This is a hefty amount of 2-3% of the EMIs. • It might seem negligible but will make a big hole in your pockets if you often default on repayments. It's better to pay EMI’s on time and save BIG on your home loans.
  9. 9. Conclusions • With the help of online aggregator sites, you can compare apple-to-apple right from the cozy corners of your homes or offices. It will help you crack the best home loan deal and save significantly towards the interest rates. • So, compare home loans online and pick the best one now! • Let us know

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