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Tips for acquiring Home Loans

By ASHISH PRABHU VERLEKAR on December 24, 2015

Buying a home can be thrilling and nerve-wracking at the same time, especially for a first-time buyer. The learning curve can be steep, but most issues can be resolved with a little homework. Here are some tips to help make the process smoother

Acquiring a home which you can proudly call your own is an important decision. Today’s sluggish real estate market is the opportune time to invest in your dream home. Once you’ve identified the residential unit you wish to purchase, the obvious question which arises is, how do I finance the cost of the house? A home loan is an important source of finance for buying a home.

There are many advantages of availing a housing loan. For one, home loan offers the lowest rate of interest compared to any other loan and the tenure can be as long as 15-20 years. You are also investing in an asset which in normal circumstances will appreciate in value. Finally, the interest on home loans along with the principal amount repaid gives you tax breaks.

While considering how much loan to avail, the decision will depend not only on how much money you can raise on your own through your savings, but also on your average monthly income as reduced by amounts set aside for meeting monthly household expenditure and savings, other investment obligations namely Systematic Investment Plan (SIP) of mutual funds, insurance premiums, etc, other overheads and Equated Monthly Installments (EMIs) of other loans.

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