All dream of having own house, its pricing factor makes it difficult for most people. But, financial institutions have come up with a good solution of Home Loan that helps to own your own house.
But, before you apply for a Home Loan, you have to understand that you are going to take a huge responsibility and it will be a long-time commitment. So, you must check certain factors such as Home Loan eligibility, rate of interest, required Home Loan documents, additional facilities provided, etc.
The Steps to Take a Home Loan are:
Select the Lender– As it is a long-term relationship, it is important to choose the right lender. You must compare among all the banks and NBFCs. You should compare the interest rates, past base rate trends, customer services provided by the bank, processing fee charged etc. Then select the best one that provides a hassle-free process.
Calculate the Loan EMI– Before you apply for a Home Loan, You should have a clear idea as to how much you have to pay as EMI every month. For that, you should take the support of a Home Loan EMI calculator, where you only need to put the loan amount, the rate of interest and the tenor of the loan, and you will get an accurate amount of EMI and the total interest need to be paid. You can even prepay some amount at the later stage, to reduce the EMI amount.
To know about the other steps to apply for a Home Loan, read: