Benefits of buying a home at young age

Are you in your 20s with a good job, better salary and planning to put in your hard-earned money somewhere? Then why not invest in your dream home! Yes, gone are the days when people use their lifetime savings in one go to buy their dream home at a much higher age.

Benefits of buying a home at young age

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These days almost all the working professionals who have just started their career find investing in a home as a best option to manage their financial goals and making a dream asset which also provides them a secure future.

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5-Points to Know Your Loan Availability

Getting home loan sanctioned is a must thing as you the aspiring home buyer requires financial funding to buy a abode. But, before getting the loan sanctioned the applicant is required to submit the loan application form which is assessed by the lender and the lending institution is the one who lets you know the exact loan amount that an aspiring home buyer can avail. So, keep in mind the below-mentioned points and increase the chance to avail the maximum amount of a home loan:

Loan Availability

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Home Loan Default: Know Ways to overcome debt distress

Buying a home via Loan has become quite easier these days especially for first time buyers. With the change in the financial landscape these days almost all the banks and financial institutions lend money to buy home which can be easily repaid in easy monthly installments (EMI). But sometimes due to financial crisis, a loan borrower fails to pay the EMI on time due to which they are considered as defaulters. These unavoidable circumstances are known as financial distress or debt distress.

Home Loan Default

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A quick guide: Know ways to manage home loan EMIs during financial crisis

Buying a house is always a dream for any buyer. So when you buy a property on home loan, you must keep many things in mind whether you will be able to repay it or not.  Sometimes, repaying home loan becomes a difficult obligation if one fails to pay regular EMI.  This may happen as certain circumstances are beyond one’s control, such as loss of job, temporary extra expenditure or prolonged illness which may lead to financial crisis. But banks do not understand these problems as they were told to go through their own policy process.

home loan EMIs during financial crisis

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Even the government of India these days has strengthened the laws governing non-performing assets (NPAs), by giving more power to the financial institutions, to recover the NPAs. And the worst part which is affected if you become a defaulter is your credit score. This will make difficult to avail loans in the future. Even a legal notice is sent to the defaulter if one misses two EMIs continuously.

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