If you are planning for a home purchase, then you should be careful about many factors, otherwise you may face several complications and welcoming huge problems in your life. You may be interested in applying for a Home Loan also.
Here are some simple tips that will ease the process of home purchase.
Choose the Correct Location
The first step of a home purchase is selecting a home in the right location. The location must be well commutable from your office, school, market, bus stop and other necessary places. You should also ensure that the locality is safe and have all the basic amenities available.
Increase your CIBIL Score
If you are applying for a Home Loan, then the lender will focus on your credit or CIBIL score. You must have a good credit score above 750 to get a Home Loan approval. You must maintain a high credit score or increase your score so that you can avail a lower rate of interest and an easy loan approval.
Select the Right Lender
You must research about all the lenders and review all the factors related. After proper comparison, you need to choose the right lender.
Take Loan as per your Affordability
You may be capable of taking a huge amount of Home Loan, but it will be better to take a loan as per your affordability. A highly expensive home can burn your pocket. You can go for a higher down payment to lower the loan amount and have lower EMIs. You can use a Home Loan EMI calculator to calculate the exact amount of EMI so that in future you do not face further issues.
To know about the remaining tips, read:
6 Tips for Hassle-free Home Purchase!
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.