Take care of these 8 things before taking a home loan

First, think how much loan you want and how long you can pay. Get your income and expenses guess so you can know how many EMIs can be given each month. Your credit rating is very important. It shows whether you have ever paid a loan or credit card. Due to a good creditworthiness, the loan is easily available and the interest rate can also be reduced. You can visit a credit bureau website to check it. Don’t depend on just one bank. Find out interest rates, processing fees and other conditions of different banks and housing financing companies. You can also watch online. Fixed or floating interest rate? Fixed interest rate options remain the same during the loan period, while the floating rate varies according to the market conditions. While taking a loan, banks set up many types of fee, such as processing fees, legal charges, valuation costs. It is necessary to get information about it in advance so that it is not surprising later. Banks usually do not give loans for the total price of property. You have to pay some money on your behalf, called a deposit. The higher the down payment, the less your loan will be and EMI will also be less. For home loan, identity card, proof of address, income certificate, property documents must be submitted. By keeping their list ready in advance, the loan process is quickly completed. Click here Life & Style Click for more stories Click here