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7 Things That You Should Never Forget Before Applying for a Home Loan

Buying a home is the biggest financial decision, and most people rely on financial assistance in the form of home loans in India. A home loan is one of the best choices that allow you to buy your dream home without straining your finances. Applying for a home loan is a critical decision as it impacts your financial health for several years to come. Nevertheless, applying for a home loan is a crucial financial step. So, these are the seven most important things you should never forget whileu00a0applying for a home loan. https://bit.ly/3mmrgK0

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7 Things That You Should Never Forget Before Applying for a Home Loan

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  1. Overview Purchasingahouseisabigdecision,andmostpeople relyonfinancialassistanceintheformofhomeloansin India.Ahomeloanisoneofthemostintelligentchoices thatallowsyoutopurchaseyourdreamhousewithout strainingyourfinances.Applyingforahomeloanisa criticaldecisionasitimpactsyourfinancialhealthfor severalyearstocome.Hence,knowallitsaspectsand ensurethatitistotallyalignedwithyourfinancial interests. Nevertheless,applyingforahomeloanisacrucial financialstep.Potentialborrowersmuststayjudicious beforeapplyingsinceitisalong-termcommitmentthat constitutesamajorpartofyourdisposableincome.So, thesearethesevenmostimportantthingsyoushould neverforgetwhileapplyingforahomeloan.

  2. 7ꢀImportantꢀThingsꢀYouꢀShouldꢀ FoetꢀWhileꢀApplyingꢀForꢀaꢀHomeꢀLo FORGIVEMOREVALUE FORSOLVEPROBLEM FORHELPCUSTOMER InterestRate LoanTenure DownPayment EligibilityCriteria AssociatedCharges CreditScore FinePrint

  3. KNOWINGTHE Itisvitaltocomparelendersandfindtheonethatoffersthelowesthomeloan interestrate.Besidesthat,itisequallysignificanttoknowtheinteresttypethe lenderisofferingandmaketherightchoice. Basically,therearetwotypesofinterestratesapplicabletohomeloans: floatingandfixed.Thefloatinginterestrateissubjecttochangeoveryour loanterm,basedonchangingbaserateofRBIandtheoverallmarket situation.However,asthenameimplies,thefixedinterestrateremainsthe samethroughoutyourloanterm.Somelenders,likeClixCapital,alsoallow youtochooseacombinationofthetwo,inwhichyourinterestrateremains fixedforthefirst2-3yearsandthenconvertsintofloatingfortherestofthe loanterm.

  4. CHOOSINGTHE HomeloansinIndiacanhaverepaymentperiodsextendingtoaslongas25 years.AlongtermtranslatestosmallerEMIs,butyoumayenduppayinga heftyamountasinterestoutgobytheloanterm-end.However,ashorter tenureiscalculatedforabriefperiod.Asaresult,theyarebestforsaving moneyontheinterestoutgo. Whileapplyingforahomeloan,useahomeloanEMIcalculatortowisely selectyourloantenure.EnsurethatyourhomeloanEMIsdonotconsume morethan30%ofyourdisposableincome.Youshouldalsofactorinyour age,income,financialgoals,andrepaymentcapacitywhilechoosingyour loantenure.Remember,ahousingloanisalong-termcommitment,andyou cannotliveinaneconomiccrunchforsomanyyears.

  5. SAVINGFOR Lendersofferalargepercentageofyourproperty’spriceasahomeloan,and youneedtobeartherestoftheamountasadownpayment.Thepercentage ofthehomeloancanbe75to90%oftheproperty’svalue,dependingonthe property’scostandyourhousingloaneligibility.Asaborrower,youcaneither paytheminimumorvoluntarilypaymoreasadownpayment.Beprudentfor theamountyouwanttoapplyforahomeloanandhowmuchyouarewilling topayfromyoursavings.Thebiggerdownpaymentimprovesyourchances ofgettingahomeloanatthelowesthomeloaninterestrate.Therefore,itis wisertopayahigherdownpaymenttoreduceyourrepaymentburden.

  6. CHECKINGTHE Whenitcomestothehousingloaneligibility,youmustcheckifyouare eligibleforthelender’shomeloanyouareplanningtoavail.Ensuring eligibilitywillexpediteyourapplicationprocessandeliminateany chancesofloanrejection.Forinstance,toapplyforahomeloanfrom ClixCapital,youneedtofulfilthefollowingconditions: Youmustbeminimum22yearsofageatthetimeofloanapplication, andmaximum65yearsbytheloanterm-end Youmustbeaself-employedprofessionalorasalariedemployee Yourcombinedhouseholdincomeshouldbeminimum₹3lakhsper annum

  7. INQUIRINGABOUT Interestrateisnottheonlyexpenseyouhavetobearwhileavailinga homeloan.Youneedtopayseveralothercharges,includingthe processingfees,foreclosurecharges,latepaymentpenalties, documentationcharges,andothers.Inquireaboutthesebeforehandto avoidanylast-minutesurprises.

  8. CHECKINGYOUR Lenderslargelyrelyonyourcreditscoretodetermineyour creditworthiness.Itisa3-digitnumberthatyougetbasedonyourcredit historyandrepaymenthabits.Ifyouarehabitualofmissingpayments, thelendermayperceiveyouasahigh-riskborroweranddecidetoreject yourloanapplication.Thatiswhymostlendersonlyacceptapplications fromindividualswithacreditscoreof725orabove.So,checkyour creditscoreandensurethatitmeetsyourlender’sminimumrequirement.

  9. READINGTHE Manyhomeloanoffersseemtobeperfect,buttheremightbehidden conditionsthatyouareunawareof.Tounderstandthembetter,don’t forgettoreadthefineprintswrittenonthebottom,top,orsideofyour loanoffer.Ifyouareconfusedaboutanything,clearitbeforeaccepting theloanoffer.

  10. OURVISION Nowthatyouknowtheabove-mentionedsevenpoints,theycan helpyoumakeaninformeddecisionwhilecomparinghomeloans inIndia.ThehomeloanofferedbyClixCapitalisoneofthemost convenientoptionsyoumustconsider.Youmayborrowupthe₹2 Croretopurchaseorconstructyourdreamhome.Weofferhome loansatcompetitiveinterestratesthatyoucanconvenientlyrepay inupto25years.

  11. https://www.clix.capital/ FOLLOWME INSOCIALMEDIA CallUs: 18002009898 Facebook: fb.com/ClixCapital Twitter: www.twitter.com/clixcapital Instagram: www.instagram.com/clixcapital

  12. CLIX

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