6 Things to remember for first time home buyer
Are you buying a house for the first time? Are you considering taking a home loan? If the answer to all the above questions is “Yes”, here are a few tips which can help you get a home loan with ease.
- Application Procedure- Ensure that Identity and financial documents are updated and ready.
- Interest Rates- Do your homework and choose between fixed and floating interest rates for your home loan. Fixed Rate loans remain constant in spite of market fluctuations while floating rate loans are subject to changes based on market conditions.
- Credit Score- Ensure that your credit score is good enough to get your loan approved.
- Overall Debts- Try and clear your outstanding debts as much as possible before applying for a home loan.
- Finance- Check whether the down payment on the home loan is within your means or not.
- Approval- Check with your lender regarding the legal status of the property that you are planning to buy.
You can opt for a Bajaj Finserv Home Loan which comes with several advantages including approval within 5 minutes and disbursal within 72 hours after verification, 3 EMI Holiday, top-up loans and low interest rates.