Most
major life events call for preparations. In our childhood, we prepared months
in advance for our exams. Athletes prepare themselves before a major event; we
prepare ourselves before an interview, so on and so forth. The truth is
preparation ensures better execution and this hold true for many walks of life,
even when applying for a home loan. In fact, sound preparation will ensure a
home loan journey without any unexpected hiccups. This article will give you 5
ways to prepare yourself for a home loan.
The approval of HDFC home loan is highly dependent on your credit score. Therefore the first thing to do is work on your credit score. Check your credit score independently, see where you stand and then make plans to improve it. One way to do this is to make your credit card payments on time. If you have any debts, make sure these payments are also made on a timely basis. Try to stay under the credit card limit and use your oldest credit card whenever possible. Working on your credit score before applying will ensure your home loan application is approved in a speedy manner, it might also bring down your interest rate, or at least it gives you the power to negotiate it.
The next thing you can do is start saving for your down payment well in advance. Larger down payments will again speed-up the approval process. It will also lighten the burden of your home loan with a smaller EMI. Also since the interest is calculated on the loan amount, having larger down payment also helps you save on interest payable. After all, saving on your own is much better than borrowing and owing more.
The next step is to compare the providers of HDFC home loan. See their interest rates, their charges, their tenures, etc. This will allow you to choose from the best. Just finalizing on any lender might land you in jeopardy later on and force you to go for a complex balance transfer process to switch to another lender.
Once you’ve done the above two things, you can then use an EMI calculator to plot the repayment schedule of your home loan. Remember, HDFC HOME LOAN requires a lot of planning and the base to this planning is an EMI calculator. It will provide you a near-accurate EMI amount basis your loan amount and tenure. Key-in these details and hit enter, it should provide you the complete amortization break-up of your repayment schedule. Armed with these numbers you can budget your monthly income to cover your EMI without straining your lifestyle costs.
Lastly, you should read the offered documents carefully. Try consulting a financial expert to help you better understand the terminologies and intricacies of the document. Leave nothing to chance and understand everything before you sign your name on the dotted line.
Following these few tips before applying for HDFC home loan could help you with a smooth home loan process without any unexpected bumps.
The approval of HDFC home loan is highly dependent on your credit score. Therefore the first thing to do is work on your credit score. Check your credit score independently, see where you stand and then make plans to improve it. One way to do this is to make your credit card payments on time. If you have any debts, make sure these payments are also made on a timely basis. Try to stay under the credit card limit and use your oldest credit card whenever possible. Working on your credit score before applying will ensure your home loan application is approved in a speedy manner, it might also bring down your interest rate, or at least it gives you the power to negotiate it.
The next thing you can do is start saving for your down payment well in advance. Larger down payments will again speed-up the approval process. It will also lighten the burden of your home loan with a smaller EMI. Also since the interest is calculated on the loan amount, having larger down payment also helps you save on interest payable. After all, saving on your own is much better than borrowing and owing more.
The next step is to compare the providers of HDFC home loan. See their interest rates, their charges, their tenures, etc. This will allow you to choose from the best. Just finalizing on any lender might land you in jeopardy later on and force you to go for a complex balance transfer process to switch to another lender.
Once you’ve done the above two things, you can then use an EMI calculator to plot the repayment schedule of your home loan. Remember, HDFC HOME LOAN requires a lot of planning and the base to this planning is an EMI calculator. It will provide you a near-accurate EMI amount basis your loan amount and tenure. Key-in these details and hit enter, it should provide you the complete amortization break-up of your repayment schedule. Armed with these numbers you can budget your monthly income to cover your EMI without straining your lifestyle costs.
Lastly, you should read the offered documents carefully. Try consulting a financial expert to help you better understand the terminologies and intricacies of the document. Leave nothing to chance and understand everything before you sign your name on the dotted line.
Following these few tips before applying for HDFC home loan could help you with a smooth home loan process without any unexpected bumps.
No comments:
Post a Comment