First time home buyers have to face many challenges, financing is just one of them . There are numerous things to take into consideration, from finding the right house to finding the right lender. Cat's paw.
There are more than 50 lenders in India who will be willing to give you a Home Loan . But whom should you choose?
Buying your first home is one of the biggest financial investment of your life with large capital investment and heaps of long-term benefits. Investing in real estate can be tricky. There are a number of factors to consider and analyse.
It is not advisable to take the easy way of taking the loan from whosoever arrives first, but ensure that you get the best home loan offer.
For first time home buyers, having a good credit score is of utmost importance as this is one of the key factors taken into account by banks when they issue loans. Obtaining your credit score is very easy. Credit bureaus like CIBIL (Credit Information Bureau of India Limited) provide the information to banks about your credit score.
There are more than 50 lenders in India who will be willing to give you a Home Loan . But whom should you choose?
Buying your first home is one of the biggest financial investment of your life with large capital investment and heaps of long-term benefits. Investing in real estate can be tricky. There are a number of factors to consider and analyse.
It is not advisable to take the easy way of taking the loan from whosoever arrives first, but ensure that you get the best home loan offer.
The maximum home loan tenure offered by all major lenders is 30 years, and lower the EMI the longer the tenure. It will be tempting to go for a maximum tenure as the EMI is lowest. However, it is best to take a loan for the shortest tenure you can afford.
It is always advisable to compare rates from several lenders before you take a loan. This has become easier, thanks to the profusion of loan aggregator websites. With just a click of the mouse you can compare the rates offered by multiple lenders. Convenience and wider choices are not the only benefits, but a gamut of other services. Try here.
Unlike the common perception, every customer need is different and every customer has a different priority. So a one size fits all approach is seldom good. A first time home buyers have some advantages - have access to special loan programs and concessions from the government.
More than 80 percent of millennial renters want to buy a home, but money issues often stand in the way of home ownership. Most of them feel they can't afford due to lack of knowledge of the schemes and the government initiative in this regard.
Consulting a loan facilitator or checking with an aggregator can take your loan knowledge to the next level and help you become the next first home buyer.
Consulting a loan facilitator or checking with an aggregator can take your loan knowledge to the next level and help you become the next first home buyer.
