Let’s acknowledge the universal truth: Buying a home is quite simple when you take a home loan.
Sure, procuring one may seem like a mammoth of a task, but here’s what no one tells you; it doesn’t have to be. Yes, getting a home loan can be a simple procedure and you’ll even find offers with easy repayment options and lenient policies to help you make your dream home a reality.
Most of us are of the opinion that we will spend our entire lives in a rented apartment, but some of us dream of having a home that we can call our own.
This is where a home loan comes in handy. But the rising home loan interest rates and unpredictable policies of many NBFCs and banks make us reconsider. This is why you need to turn to a trusty lender to resolve your queries and doubts.
The Purpose of a Home Loan
The most obvious purpose of a home loan is to guarantee you the ownership of the property you have in mind. However, an ideal home loan goes beyond just that. It’s supposed to also help you with your maintenance and any upgrades you may need to make to your home to truly call it yours.
So all you need to do is find a lender who’ll give you the amount that you apply for, right? Wrong. There’s a lot more to a home loan than just this. The lender should also help you make the home loan procedure easy and convenient, with no additional or hidden costs that could compromise your finances later on.
What to Look for in a Lender?
There are a number of lenders in the loan market. But ideally, your lender should have convenient and customer-centric policies aimed at making the experience of buying a home an easy task.
Ask your lender if they provide any specific benefits, like nil foreclosure charges in case you decide to pay off your loan early in the loan tenure. If you have the choice of foreclosing your home loan anytime during your tenure, you’ll save a ton of money, so it’s a good idea to check with the lender.
It’s also a good idea to ask your lender if they’ve got a partial prepayment facility. That way, even if you can’t pay off the entire loan, you can clear a large chunk of your debt when you’ve got extra cash in hand.
Be sure to use an interest and EMI calculator to know exactly how much you will be shelling out every month to pay off your loan. This will help you prepare a budget so you can figure out how much you’re allowed to spend over the next few months.
Besides this you can also use the prepayment calculator for home loan to show you how much money you can save just from reducing the interest you pay.
So what are you waiting for? Get the ideal home loan with flexible plans and policies, so you don’t have to sacrifice a lot for making a dream home real.