7 FACTORS TO CONSIDER WHILE TAKING A HOME LOAN
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.
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 is subject to age of applicant and age of property. It is wise to go for the maximum tenure.
Consider the EMI of your existing loans before considering your eligibility.
Closing a loan early is beneficial hence one should check if there are any pre payment charges to be paid.
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