If you are thinking about owning a home with limited savings, then second thought will be a home loan. Housing loan is the best thing which will help you in this condition. But before applying for a home loan let's discuss some of the points which are really very important.
Home loan total cost: Before availing for the loan choose the best lender and make sure that they are having transparency with you. Things like loan disbursement fees, repayment options, prepayment penalties, and other things. There should be no hidden charges otherwise this can create problems for you.
CIBIL Score: CIBIL Score is the first thing that every lender considers before offering a loan so, the CIBIL/Credit score should be more than that and for this you must repay your other loans on time. Lenders will give you a loan on fewer interest rates if you have a good CIBIL score.
Rate of interest: As we can see that there are many lenders available in the market for home loans. In this case research is very important. If you want a home loan at a low rate of interest then check every lender's offer. The home loan interest rate can vary from lender to lender. Check your EMIs with Home Loan EMI Calculator.
So, these were the important points which you have to take in mind before applying for home loan.
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