Save money: Tips before you take a home loan
Oct 24, 2013
Source : The Economic Times

 

DELHI: Home loans can be very beneficial for property buyers, as they not only help you buy your dream home, but also help you save on taxes. But you must remember to choose the right home loan if you do not want to face the hassles in the process. Here are a few quick tips that you could keep in mind while applying for a home loan. These tips could help ease the complicated procedure a little bit and at the same time help you save some money.

Some of the tips that are recommended are mentioned below:

Research well - These days loan are made quite attractive for the buyers with low interest rates and additional schemes. Therefore it is better to educate yourself about the terms and conditions of each loan agreement so that you are prepared beforehand. Clarify all your doubts regarding the loan scheme before you finalize anything and don't hesitate to ask questions to the sales person even if you have the smallest difficulty understanding a particular clause.

Take a look at the EMI - Calculate the EMI that you will be able to afford beforehand. Remember that you know your money more than anyone else so keeping in mind your current job and income you can make an approximate calculation about the amount of EMI you can pay. Don't make hasty decisions on this one because paying penalties due to non payment of EMI on time can prove to be more troublesome. If you have a temporary job, there are other things to take into consideration so make a wise decision taking care of all the parameters.

Negotiate on the interest rate - Even though banks and financial institutions swear that interest rates are non-negotiable, they could still make a few adjustments if you list a few honest issues with the high rates. This can be done only if you have finalized the property you would like to buy and you need it as soon as possible. Also, if it is the end of the month, it could prove to be beneficial for you. Sales persons have an aggregate number of sales that they need to complete every month; so in order to complete their target; they are bound to give you certain benefits.

Loan eligibility - Carry documents which include information like your credit history when you make purchase of a loan. You should have paid all your credit cards and car loans on time in order to move a step higher on the eligibility while applying for a loan. If you have a clean record in your credit history for payments done on time, then you can use it as an advantage when applying for the loan. Also, try to focus on the tenure of your loan. If you opt for a long tenure loan then you will be paying more overall as the interest paid would be very high.

Additional charges to be kept in mind - When you are applying for a home loan, you need to be educated about the various other charges that the lenders add to the current schemes. They will add administrative and service charges or processing fees. These additional fess fall under the amount that is sanctioned in your name and not under the amount that you take home. So before you finalize any deal, you should make note of such additional charges that the lenders put into the scheme.

Read the fine print of the agreement carefully - Even if the home loan agreement with your bank is a bulky document, make sure you read it thoroughly. Sometimes, lenders may nod to certain points but in the end whatever is present on the paper will only be taken into consideration. So it is best if you could just spend some extra time reading the document carefully rather than getting stuck in complications related to the same later on. Never sign on a blank loan paper even if the sales person asks you to sign. Ask questions if you still have some doubts because at the end it is very important to be aware of every term and condition mentioned in the loan.

Latest Realty News

Real estate emerges as new investment destination for banks
Oct 24, 2013
DELHI: Real estate has emerged as a hot investment destination with banks, as projects in other sectors of the economy have faltered, prompting banks to rush to fund commercial realty despite slow demand and inventory pileup.
Gurgaon shows resilience to recession
Oct 24, 2013
DELHI: Golf Course Road continues to dominate Gurgaon’s suburbs as the prime address for both residential and commercial property. It is followed closely by Golf Course Extension Road, which is emerging as yet another zone for luxury real estate and golf-themed projects.
With 840 sq ft office space per person, Air India staff enjoy a palatial tower
Oct 24, 2013
DELHI: The 268 employees of Air India currently stationed in its 24-storey eponymous building at Nariman Point in Mumbai have a rare privilege no other office-goer in the area can think of.
What to Look for in a Township Property
Oct 24, 2013
DELHI: In the present era of Indian real estate, townships have become the most important model of real estate development in the foreseeable future. Blame infrastructure that has not stayed in tune with the actual real estate development in the large Indian cities. The citizens have become victims of intense chaos and lack of civic amenities.
Simplify financial life: Calculate your home loan installments using MS Excel
Oct 24, 2013
DELHI: For many people, owning a house is one of the most significant financial goals. With property prices rising faster than our savings or incomes, a home loan is the best way to fulfill that need.
Home buyers in no hurry, expect real estate prices to fall by up to 10%
Oct 24, 2013
DELHI: Home buyers across the country expect real estate prices to fall by up to 10% over the next six months and they are willing to wait for over a year to buy property, a study by IIMBangalore and MagicBricks has found, signalling that festive season offers by developers have failed to attract buyers.
Centre to appoint realty experts in 15 states to boost housing
Oct 24, 2013
DELHI: The Centre will soon appoint real estate experts and consultants in 15 major states for helping them to prepare affordable housing policy and streamline the rules for approving realty projects, a top government official said today.
Scapes to do a preview of ‘Scapes Siolim’ at Royal Fables
Oct 23, 2013
DELHI: Scapes, creators of luxury boutique collection of villas & world class hospitality will host an exclusive preview of their ambitious retreat project, ‘Scapes Siolim’ at Royal Fables – Season 5.
Sold as a dream, CWG flats turn nightmare for residents; Shabby maintenance, lack of amenities irk b...
Oct 23, 2013
DELHI: They were touted as India’s most sought-after apartments — a riverfront view, Olympic sports facilities, and top businessmen, politicians and celebrities for neighbours, but the Commonwealth Games Village has just been a bag of worries for the apartment owners.
Commercial office supply records a dip: CBRE
Oct 22, 2013
DELHI: Less than 3 million sq.ft of office space entered India’s prime real estate market in the quarter ending September 2013—dropping by more than 75% q-o-q over last quarter’s 10 million sq.ft of fresh office space supply; and by nearly 50% over the same period last year. Delayed deliveries from previous quarters, along with new projects coming on-stream, had led to an increase of upto 8% q-o-q and about 16% y-o-y in office supply addition in the previous April–June period; but the July–Septe

Latest Realty News Of State

Realty Talk's