Living in your own house is a dream which most of the people want to turn into a reality. With the availability of home loan financing, many people can fulfil their dream. You can come across to varied loan options in the market like Bank of Baroda home loan, SBI home loan, Axis Bank home loan, BHW Birla home loan, HDFC home loan, etc. Home loan helps you in buying your dream house. It is possible to get the loan from the lending institution and here the property which is involved is a collateral security.
Buying a house is one of the most crucial decisions in your life and therefore, you should carefully watch it. Typically, here repayment continues for nearly 10-20 years and there are some things which you should take into consideration in order to get the home loan.
Amount of loan- The applicant would be needed to bear initial down payment, which can vary from 5-20 per cent at the time of buying the house. The remaining amount will be bear by the bank. However, borrower should calculate the loan amount on the basis of income, expenses and other factors.
Loan tenure: If you will opt for longer loan tenure then it will lower your EMI amount. However, interest would be for longer time period and therefore, you would be needed to pay more. If you will opt for shorter tenure then it means EMI amount would be high, which might put burden on your expenses.
Interest rate: Housing loan is available in both fixed and floating interest rate. As the term itself says, fixed interest rate will remain same for the entire loan duration, whereas, floating interest rate will fluctuate.
Buying a house is one of the most crucial decisions in your life and therefore, you should carefully watch it. Typically, here repayment continues for nearly 10-20 years and there are some things which you should take into consideration in order to get the home loan.
Amount of loan- The applicant would be needed to bear initial down payment, which can vary from 5-20 per cent at the time of buying the house. The remaining amount will be bear by the bank. However, borrower should calculate the loan amount on the basis of income, expenses and other factors.
Loan tenure: If you will opt for longer loan tenure then it will lower your EMI amount. However, interest would be for longer time period and therefore, you would be needed to pay more. If you will opt for shorter tenure then it means EMI amount would be high, which might put burden on your expenses.
Interest rate: Housing loan is available in both fixed and floating interest rate. As the term itself says, fixed interest rate will remain same for the entire loan duration, whereas, floating interest rate will fluctuate.
Home loans have given a breath of relief to people. Now literally everyone can buy the house of their choice irrespective of the bank balance they actually have in the present scenario. Thank you Tomleen for this interesting article. You have very good insight about housing loan.
ReplyDeleteRegards,
Apoorva
Home Loan in Lucknow