The house is an asset that people wish to own either for dwelling or investment. But what if you are short of finances at the time you wish to invest in one? A home loan will assist you in fulfilling your dream of owning a house. Though the process of availing home loans is becoming quick and easy these days, it is essential to consider the following points before going for one:
1. Many factors can affect your CIBIL score: A CIBIL score above 650 is mandatory to avail home loans. Your income, debts, repayment history, employment history, etc. define your CIBIL scores.
2. Choose the type of home loan according to your needs: Home loans are divided into the ones with fixed interest rates or floating interest rates. Analyze your needs and then go for the home loan. And before deciding the tenure, always remember that ‘the longer the tenure, the costlier is the home loan.
3. You can avail tax benefits over home loans: During the repayment period of your home loan, you can opt for the tax benefit of Rs. 1,50,000 per annum on the interest of your loan.
4. Never opt for the loan without negotiation: Negotiate the interest rates with the lender as you may get them reduced in case your CIBIL score and repayment history pleases the lender.
5. Have a look at the final agreement before receiving the loan amount: If you miss this step before getting the home loan sanctioned, the probability of you landing in debts increases. So, read the conditions thoroughly before taking the money.
Consider these simple steps and go for a quick and easy home loan to fulfil your goal of owning a home.
Home Loan:
What is Loan Against Property and what are its Requirements
1. Many factors can affect your CIBIL score: A CIBIL score above 650 is mandatory to avail home loans. Your income, debts, repayment history, employment history, etc. define your CIBIL scores.
2. Choose the type of home loan according to your needs: Home loans are divided into the ones with fixed interest rates or floating interest rates. Analyze your needs and then go for the home loan. And before deciding the tenure, always remember that ‘the longer the tenure, the costlier is the home loan.
3. You can avail tax benefits over home loans: During the repayment period of your home loan, you can opt for the tax benefit of Rs. 1,50,000 per annum on the interest of your loan.
4. Never opt for the loan without negotiation: Negotiate the interest rates with the lender as you may get them reduced in case your CIBIL score and repayment history pleases the lender.
5. Have a look at the final agreement before receiving the loan amount: If you miss this step before getting the home loan sanctioned, the probability of you landing in debts increases. So, read the conditions thoroughly before taking the money.
Consider these simple steps and go for a quick and easy home loan to fulfil your goal of owning a home.
Home Loan:
What is Loan Against Property and what are its Requirements
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