Buying a home for the first time can be exciting and at the same time a mind boggling, strenuous task. With a little effort and homework at the outset can help move things smoothly and help resolve any issues. Here are some tips to help and guide you to get a favorable loan sanctioned.
Plan according to your budget- You may love to buy an apartment on the tenth floor which is a 3BHK and very close to your office , but major part of your salary will go in paying an EMI every month, so this will not be feasible, hence choose wisely. Sieve out options that don’t suit you, this saves time and money. Moreover, it helps you manage your finances. Don’t get lost in a debt jungle; collect funds for your down payment. Banks give you a loan up to 80% to 85%, so the rest you have to manage.
Find out your loan eligibility beforehand- It will save you from surprises later on. Nowadays banks have their loan eligibility calculator available online. You just have to fill in a few pieces of information and it will tell you whether you can avail a loan or not. [Read more…]