Buying a house is everyone's dream. In such a situation, many people start saving for buying a house much earlier. However, many times people do not have enough money while buying a house. In such a situation, people are forced to take the help of taking a home loan. However, taking a home loan is also not an easy task. Many things have to be taken care of in this.
While taking a home loan, your slightest negligence can cause a big loss. Many times people, in a hurry to take a home loan, get trapped in the hands of such private financiers, where they have to pay a higher interest rate. In such a situation, many times the person taking the loan defaults and his CIBIL score also gets completely spoiled. In this episode, let us know what things should be kept in mind while taking a home loan.
Interest rate
While taking a home loan, you should first look at its interest rate. If the interest is good, then the EMI will also be less and you will be able to repay it easily. For this reason, while taking a home loan, you should take a loan from where you are getting a lower interest rate.
Loan tenure
If you are going to take a home loan, take special care of the loan tenure. If you are taking a loan for a longer period, the EMI will be less, however, you will have to pay higher interest rates. On the other hand, if you are taking a home loan for a shorter period, your EMI will be higher. In this, less of your money will go in the form of interest.
Processing fee
While taking a home loan, you must check its processing fee. The processing fee of a home loan is about half or one percent. Apart from this, there are some banks which give home loans at zero processing fee. Apart from this, you must also check the hidden cost.
Try to take a home loan only from an institutional financial institution registered by the government or RBI. Avoid taking a home loan from private finance institutions. Here you are charged a higher interest rate. Apart from this, many types of hidden charges are also collected from you.
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