1 / 7

Things First Time Home Loan Borrowers Must Know

Living in Mumbai has become a little expensive. With the property rates going higher each day, it has turned the tables and people are now living on rent and started saving in order to buy a home through home loans. And there are many home loan providers in Mumbai who offer good interest rates and a longer tenure for loan repayment. So now when you are planning to buy a house in Mumbai you also need to take care of the loan procedure. To make this process hassle-free, we have collaborated a few things which, first time home loan borrowers should know.

Download Presentation

Things First Time Home Loan Borrowers Must Know

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Things First Time Home Loan Borrowers Must Know http://www.jmdhomeloans.com/

  2. Living in Mumbai has become a little expensive. With the property rates going higher each day, it has turned the tables and people are now living on rent and started saving in order to buy a home through home loans. And there are many home loan providers in Mumbai who offer good interest rates and a longer tenure for loan repayment. So now when you are planning to buy a house in Mumbai you also need to take care of the loan procedure. To make this process hassle-free, we have collaborated a few things which, first time home loan borrowers should know.

  3. 1) Principal amount – It is the amount you would need to purchase a home. For an example, you want to buy a house of 20 lakhs, for which you have already saved 4 lakhs. The remaining 16 lakhs will be the loan amount – making the total as the principal amount.

  4. 2) Down payment – This is the amount that a bank or loan provider requires from a loan borrower. We can take the example mentioned earlier. The 4 lakhs that you save would be the down payment in this case. It can either be in a range of 15% to 30% of the amount of the property you are planning to buy.

  5. 3) Loan Eligibility – It is the amount which is eligible for the loan applicant. It depends on the monthly and yearly income of the applicant. 4) Co-applicant – A co-applicant can be your joint applicant. It can be anyone from your family like, father, mother, brother, spouse or sister. And if you have a co-applicant who earns a regular income, in terms of salary or business increases loan eligibility.

  6. 5) Types of interest rates – Every mortgage loan provider has two types of interest rates. Floating and fixed interest rates. Floating rates keep changing and fixed rates stay constant.

  7. Thank You

More Related