7 FACTORS TO CONSIDER WHILE TAKING A HOME LOAN

Down Payment

Banks finance 80-90% of the total cost of the house. So one has to bear the remaining cost.

Rate of Interest

Needless to say having a lesser ROI decreases your interest burden.

Credit Score

Banks provide lower rate of interest when your credit score is above 750. So having a healthy credit score is important.

Co - Applicant

Having a co-applicant increases your chances of getting a loan.

Tenure

Tenure is subject to age of applicant and age of property. It is wise to go for the maximum tenure.

Existing Loan

Consider the EMI of your existing loans before considering your eligibility.

Pre payment

Closing a loan early is beneficial hence one should check if there are any pre payment charges to be paid.

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