What are the Ten Easy Steps To Get Your Home Loan?

In these days of rented everything, it might not seem much to be paying rent for a house to live in. But, if the same money that is going out in rent, was to go out to pay an EMI, at the end of the tenure, you’d actually have an investment in your name, and more than an investment, you’d have a home in your name. So what’s stopping you? If the idea of securing a home loan seems daunting, we have 10 easy steps that you can follow to secure your home loan.

 a) Start saving for a down payment

Start putting away money every month for the down payment of your dream house. It can be as small an amount as the cost of a meal at a fine dines restaurant or the cost of a new jacket that you want. Start slowly so it does not pinch you. Put it away in another bank account or in an FD so that the money keeps growing and you don’t count on that for your regular needs.

b) Understand the various loan options

Also, spend some time understanding the various loan options. If for instance, you are looking for flats for sale in Electronic city, given that it’s a high-interest area, you might be able to secure your bank loans more easily through the builder’s tie-ups. Also, be aware of what loan options you have available and how one loan can affect your ability to take another. For example, as a woman, you might be able to pay lower interest rates on some loans. Generally, home loans also allow you to save on taxes. So, do go through different websites and talk to friends to understand all the different ways in which you can get home loans.

 c) Check your credit (CIBIL) score

Having a good CIBIL score is paramount to getting home loans easily. All you need to do to ensure this is to pay your credit card payments and your other loan payments on time. Keep an eye on your CIBIL score to make sure that it is at a healthy level. If it’s not, work on improving it.

 d) Get your financial documents in order

Keep all your financial records in order. Ensure that you have detailed documents regarding your salary, savings, loans, taxes, and returns. This is usually the part that leads to the most inertia while booking a home loan. Keeping it ready and at hand always, lets you be prepared. You can keep adding in any new details regarding investments etc into this roster.

 e) Start tracking interest rates

Keep a close eye on bank interest rates. Knowing these interest rates will help you understand the markets and the banks that you want to have a long term relationship with. Also, if for example, you are looking at an SBI approved the project and you find that the SBI bank rates have been consistently good for you, it’s an easy decision to make.

 There are a zillion factors to consider before investing in an area, be it an apartments in electronic city or anywhere else. One of those factors is a rental market value which is extremely important especially when you have plans of renting out the place. In today’s age, it is essential that you look out for areas where a lot of MNC’s are coming up as this is where the government would be focusing on developing the infrastructure to drive investment from international conglomerates. Electronic City is one area where people belonging to different income groups can find a home suited to their budget. The rental yield varies between 3.3 to 6.8 percent average at 3.8%. In 2017, the rental return for a 2BHK flat was 4-5%. Approximately 57% of 2BHK flats are available for rent in Electronic City followed by 30% of 3 BHK flats.

 If you are looking for a property for sale in Electronic City, then Mahendra Aarna is the best option for you. The project is approved by all major banks, and a quick easy loan facility to help you buy your dream home.

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