The property price of Bangalore is extremely high therefore buying a house in Bangalore is not everyone’s cup of tea. If you are planning to buy an apartment or independent house in Bangalore then a house loan is a must. Every second person living in an apartment or house is paying EMIs of house loan and it has become common practice while buying a home or apartment. It has several benefits and helps to buy your dream home. In this post, we have discussed some key factors that should be considered before taking a house loan.
Check Various Loan Options- Everything is available online in the era of internet, so do some research and search the different options available in the market. Narrow down your research on three most crucial aspects i.e, down payment, namely, rate of interest, repayment tenure, and EMIs. Researching these aspects would help you to find a suitable home loan. Generally, people do not calculate the rate of interest and end up taking the wrong loan. So, make sure you consider all the aspects while taking the home loan. If you don’t have time to research various loan options then it’s better to consult an expert.
Go with Affordable option-There are several loan options available in the market, so choose one which is affordable and suits your pocket. You should be able to not only afford the fixed monthly EMIs, but should also check the cost of affordable living. It is better to make a rough calculation or plan, this plan will include the EMIs and other monthly expenses like electricity bill, water bill, wifi bill, etc. In many cases, people spend all their money on EMIs and end up with zero savings. So, adopt the loan very cautiously. Buying an independent house in Bangalore at an affordable price should be important.
Select Suitable EMIs option- A bank offers you different EMI options and you have to choose one which suits your budget. EMI varies on the down payment you make at the time of making a house purchase. Short-term EMIs have a low rate of interest and Long-term EMIs have higher. So, it’s up to you which option to choose long-term EMIs or short-term.
CIBIL Score- Banks consider the CIBIL Score or Credit score as an essential factor while giving you a loan. So, check your CIBIL score and make sure it is maintained. The banks do not sanction loans if your CIBIL score is less than 550. So, make sure the CIBIL score is maintained.
Check Eligibility Criteria- Before you apply for a loan check your eligibility, analyse your credit history and essential documents. You can check the eligibility criteria by visiting the website of banks or can visit the nearest branch of your bank.
Hidden Charges- Hidden charges can disrupt your budget so, before applying for the loan check all the additional or hidden charges. Discuss this point with the lender before loan application. There are different types of charges, check whether it is monthly charge or one-time charge. As the name suggests one-time charges are paid once generally at the time of loan sanctioning. Monthly charges are paid monthly and they should be included in your EMIs.
Conclusion-With all the afore-listed points in mind, getting a home loan becomes much easier and you can easily buy an independent house in Bangalore. So, before you buy your dream home consider the above points.