For a home loan seeker, the market of debt options has increased significantly, thanks to the increasing number of loan schemes offered by various banks, Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs). Eligible Chartered Accountants can find dedicated home loan plans either as home loans for CAs or as professional loans.
Given below are a few important things that are to be considered by all CAs on the lookout for relevant loan options to finance the purchase of their home:
Amount to be Borrowed
This is to be decided as per the location wherein the individual wants to own a home, his/her credit score and the financial standing of the business. For a CA with an established business and a consistent client base, there are very less restrictions. Certain NBFCs offer as much as INR 2 crores along with value added services like property search with their home loans.
Interest Rate and Tenure
Interest rate determines the affordability of the home loan along with the past repayment history of the applicant. The tenure for repayment of the loan also decides how much is to be paid each month against the loan availed.
Select lending institutions also offer flexi loans which provide access to funds as per the requirements of the borrower.
The reference given below provides additional information about flexi loans and more:
Know Your Home Loan: It's Your Life's Biggest Financial Decision
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.