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Keep these 10 things in mind before taking home loan, you will get rid of huge interest on EMI

होम लोन लेने से पहले इन 10 बातों का रखें खयाल, EMI पर भारी ब्याज से मिलेगा छुटकारा

Keep your documents handy for availing the loan. In this, keep income statement, salary slip, Form 16, bank statement, fresh IT return, age proof, address proof, photo identity card, property documents with you. This will facilitate in getting the loan soon.

Know the interest rate before taking a home loan (Indicative picture)

Taking a home loan is not a big deal, but repaying that loan money on time is a big deal. There is a problem in repaying the loan because the interest has to be paid more than the principal amount. Many people get caught in the trap of principal and interest in such a way that they are unable to repay the loan and they are declared defaulters for the banks. The credit score of such people gets ruined forever. Later, if you want to take a loan if needed, then the banks return it back. So taking a loan is not a bad thing, but if you keep some things in mind, then it is easily repaid.

1-interest rate

The most important thing is to see the interest rate of the home loan you are taking or are going to take. The interest rate gap is huge. According to this interest, your EMI is made which runs for many years. If the interest is reasonable, then the EMI will also come according to your capacity and the loan will be easily repaid. Therefore, while taking a loan, check the interest rate from every angle, only then take the loan money.

2-Loan tenure consideration

It is for you to decide in how many years you will repay the full loan amount. It is obvious that if you take a loan for a lesser number of years, then the EMI will be higher. If you take a loan for more years, then the EMI will be less. But longer year tenure means higher interest. It will be heavy on your pocket. Now you have to decide whether to pay more interest or to get rid of debt soon by paying more EMI.

3-Use the calculator

Never take a loan while running or running in a hurry. That is, before taking a home loan, one has to think with a cool mind once. Before that, one has to sit at home with a calculator and calculate the EMI. Although nowadays every bank has an online calculator, with the help of which you will know the EMI. After seeing the rest of the expenses, calculate your EMI and take a loan.

4-Check Processing Fee on Home Loan

Banks charge processing fee on home loan. It ranges from about half percent to 1 percent. Some banks also forgive, as SBI is currently giving home loans at zero processing fee. Before taking a loan, you have to make sure that the processing fee does not hurt your pocket. Say yes to the loan only after calculating this fee.

See also 5-Hidden Cost

There are various hidden costs involved in the loan which are not mentioned earlier. By the time we find out later, it is too late. This may include legal fees, technical valuation charges, franking fees, documentation fees, adjudication fees, notary fees, loan prepayment fees, switch fees, etc. These fees can cost you heavily.

6-Have a good credit score

He is the king in the loan world who has a good credit score. Credit score means that the loan you take, how quickly you repay it. The credit score improves only when the loan is returned without any delay and default. If the credit score is above 750 then it is considered good. On this basis, the loan is available soon. Loan is available even if the credit score is low but there is a problem.

7-Keep financial condition in good condition

It is said that loan is also available to those whose financial condition is strong. When the bank gives the loan, it sees your financial condition, whatever paper or mortgage you deposit in the bank, the loan is given only after seeing the value of that property. The loan amount is decided only after the financial condition is good.

8- Keep the papers handy

Keep your documents handy for availing the loan. In this, keep income statement, salary slip, Form 16, bank statement, fresh IT return, age proof, address proof, photo identity card, property documents with you. This will facilitate in getting the loan soon.

9-Work with your mind, not with emotion

When you want to take a home loan, do not get carried away by emotion, but work with your mind. It should not happen that taking a loan out of emotion. Later it came to know that the loan was not needed or is not able to repay the loan. In such a situation, all the plans will get washed away and you can get caught in the debt trap.

10-term and condition must be read

Before taking a loan, read the column ‘Terms applicable’ properly. It should not happen that the term and conditions of the bank are not according to you and you get stuck with the loan. There is no chance of rectification after taking a loan. It would be better to know all the terms and conditions in advance.

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