What You Need to Know Before Applying for a Home Loan
Applying for a Home Loan is a serious affair, which needs to be carried out with caution and in-depth knowledge of what you are getting yourself into. You need to study the process as well as the terms and conditions carefully before you sign the loan documents.
Ideally you should know everything like the charges you are paying for processing, the down payment and pre-payment procedure, the collateral policy, how the EMI is calculated, how to deal with a financial difficulty or crisis, the availability of options in such cases, etc.
Calculate your monthly expenses not only to be able to pay the monthly EMI on your Home Loan but also find out if you can pay the required down payment. What is the down payment on the loan? It is the amount you pay towards your home by yourself, since only a maximum of 90% of your home’s value is funded by lenders.
Be smart and use a Home Loan EMI Calculator so that you are not taken by surprise later. What is the EMI calculator? It is a tool provided by Bajaj Finserv to calculate your EMI, based on your income, loan amount, tenure, etc.
Once you have chosen the Home Loan that is most suitable for your requirements, you need to pay attention to the application procedure.
Take a look at this infographic that explains everything you need to know before applying for a Home Loan: