Make your home loan journey smoother with EMI Calculators.

They say tomorrow belongs to those who plan for it today. It’s a quote that stands true in all walks of life, including your journey as a home loaner. As you may know, taking out a home loan isn’t a decision to be taken blindly; it involves a lot planning and future foresight. And so after you’ve fixed on property you want, the amount you need and probably the financial institute you wish to borrow from, the last and most vital component of planning your repayment remains. Physically jotting down and calculating your repayments is a tedious task to say the least, but there is an easier, more convenient way to do this, the home loan EMI calculator. This article will look at what a home loan EMI calculator is, how it works and what are the benefits of using a home loan EMI Calculator.

So what is a home loan EMI Calculator?
In the not so distant past, one would calculate his or her EMI using a pen and paper or using formulas on Excel. This allowed for a margin of human error and provided an EMI that was, albeit close to the actual EMI, but not 100% accurate to an EMI the bank required you to pay. So as to make this calculation easier for user, most banks and non-banking financial institutes have introduced home loan EMI Calculators in their website. This tool generates an accurate EMI based on your preference in regard to the loan amount you wish to secure, the tenure as to which you wish to take the loan for and the interest you can afford to pay.

How does the home loan EMI calculator work?
Unlike the mentally racking procedure of physically calculating your EMI or using tedious formulas on Excel, leading financial institutes allow you the comfort of arriving at your EMI by just feeding in few details pertaining to your loan on their website. Most home loan EMI Calculator take into consideration the loan amount you wish to secure, the tenure for which you wish to take the loan and the interest you are most comfortable paying to arrive at the EMI you will end up paying. Some institutes might also take into account the processing fee you are comfortable paying. Put in these details into theEMI calculator and an algorithm does the back work to form an EMI amount based on the variables you’ve fed into the calculator. Aside from the installments, leading financial institutes have designed their home loan EMI calculators to provide additional details such as the breakup of the payable amount and the quarter by quarter graph of loan payment estimates.

What are the advantages of using a home loan EMI calculator?
The obvious advantage with an EMI calculator is that you know the accurate amount you’re expected to pay. Braced with this knowledge you can make plans to set aside funds to repay your loan without stressing your wallet. Another salient advantage is the higher approval rate, because of the sound calculations, you can apply for the loan within your financial reach, and seeing this, financial institutes are more comfortable issuing you a loan. The home loan EMI Calculator not only helps calculate EMIs and plan your finances, it also provides you with an element of complete peace of mind.

Now that you’re armed with the precise knowledge procured from the home loan EMI Calculator, all that’s left for you to do is to approach the financial institute of your choice, apply for a loan and enjoy the comfort of your dream house which is now closer to reality than ever.

Here’s why the Home loan EMI calculator is such a helpful tool.

The amount of money you borrow from the financial institution to invest in some immovable property is termed as home loan. Banks and NBFCs lend money to the borrower at a fixed or an adjustable/floating rate of interest.The home loan is given for the properties like; the already constructed property, flats, under construction property, buildings that are to be constructed over pre-owned properties and renovation of existing property. The amount one can avail depends on the job stability of the borrower, the CIBIL score,the location of the investing property, the listed builders, and the status of the co-borrower. The loan eligibility increases with addition of the earning family member like the spouse, father, mother brother or any earning co-applicant as the guarantor.Due to low rate of interest charged by the banks and NBFCs in comparison to other loans, like the personal loans and education loan, the borrowers make a mistake of applying for a large amount. When the burden of EMI falls then they realize their mistake. To save the borrowers from committing this mistake, lending organizations have come up with the home loan EMI Calculator.

Manually calculating the EMIs with reducing principal amount over the passing yearof the loan term tends to be problematic task. It ends up in a financial mess. Home loan EMI Calculator from different lending organizations is a solution to this problem. The principal amount on which one takes the loan reduces with the payment of EMIs every year. So, the rate of interest also reduces leading to a savings of 0.5-1.0% approximately.

After taking the home loan, the crucial part of the procedure is repayment of the EMIs. So beforehand planning can help the borrower to plan the savings procedure accordingly and complete the process hassle-free. A clear knowledge of the amount to be repaid towards EMI can help to take an informed decision. We should calculate the EMI with the home loan EMI Calculator because, it helps determining the loan amount, it assist in checking the interest percentage, the tenure of the loan can also be determined, it checks the affordability. With the help of the calculator we can compare and select the best lending institution that can offer additional benefit. The decision of taking the fixed or floating rate of interest becomes wiser. Once the EMI amount is decided the selection of the loan will be easier and faster.

It is always commendable to be ready for the wintry days, when the market rate fluctuates, any accidental situation knocks. The accurate calculation which results to a handsome saving can help us to overcome the situation without being enlisted as a defaulter. The home loan EMI Calculator is a boon for the borrowers in the age of recession.

A fair understanding of the ratio of principal amount to the interest due, based on the effect of the home loan tenure and interest rates is provided to the borrower with the use of the calculator.

The calculator will give an approximate figure for the total installment along with complete break-up of the home loan repayment process. The borrower can use it to gain access to an amortization table to strategize the repayment schedule. With EMI calculator a proper calculation of the amount is done before hand, and the repayment can be adjusted accordingly by the borrower.

Things you need to know before you pay your EMI.

EMI stands for equated monthly installment. It is the amount of money a borrower needs to pay the funding organization for repaying the loan money. The EMI amount includes the repayment of the principal amount and the interest on the outstanding amount in installment. Longer term of loan tenure can reduce the EMI amount. A clear prior knowledge of the amount of repayment can help the borrower to take an informed decision. As the rate of interest fluctuates with the financial health of the market, beforehand knowledge has become mandatory. In order to get the approximate value one can use the EMI Calculator to calculate their EMI cost.

Calculating the EMI manually for the vast amount of loan is often hectic and error-prone. The mind gets screwed with the confusing balance money that changes with every EMI payment. The EMI Calculator gives a clear understanding of the principal amount to the interest due ratio, based on the home loan tenure and the interest rate. In the era of e-commerce, when you can avail most of the facility in just a click, calculating the home loan EMI is no longer a mind boggling job that leads the borrower into a financial mess. The borrower is advised to have a proper planning before he/she chooses the property of interest, they should know the amount he or she is capable to pay as down payment and the EMI charges that pinches less. After doing some online research the borrower should approach the financial institute.

The loan journey is often long and exhausting, so it is good to prepare oneself for the debt free destination. The EMI Calculator is the like a lever that helps you to adjust according to the requirement, like; when the interest rate comes down, one can calculate their EMI and save the remaining money for the future, when the interest may rise. A penny saved is a penny earned. The home loan EMI calculator will give an approximate figure for the total monthly installments along with a complete break-up of the home loan repayment process. One can get access to the amortization table to strategize the repayment schedule in advance.

The borrower has to feed in the principal amount, the loan term, and the interest rate in the EMI Calculator to get the EMI, the borrower has to pay. The financial organization merges all the services under the online umbrella to reach maximum amount of potential customers and offer them a hassle-free loan term for their dream home.

The rate of interest at which the financial organizations give home loans is less compared to the education loan and other personal loans; this often misguides the borrower to take a lump sum amount of loan that ends in digging a big hole in their pocket. It is advisable to have a thorough knowledge about the loan procedure and EMI repayment, so that he can reduce the loan amount and save themselves from being drawn by the debt. Before applying for the loan the borrower will have clear knowledge of the approximate EMI he has to pay with the home loan calculator which is superior to the traditional calculators and manual calculations. Use the feature rich home loan EMI calculator to estimate the EMI amount and have an error free calculation.

8 Home Loan Charges You Should Know.

When you plan to buy a house by availing a home loan, the biggest cost component you are worried about is the interest amount. But apart from interest charges, you will have to pay for a plethora of other charges as well. Here’s a list of fees banks levy on home loan borrowers: 

1. Application fees

This fee is charged by the bank for processing your application. It will be charged upfront irrespective of the fact that whether your loan application is accepted or rejected. It is non-refundable and can go up to 1% of the loan amount. Make sure that you do your research before applying for home loan as this fee is non-refundable.

2. Processing fees

This fee is charged by banks to verify your documents as the process involves people effort and legal charges. The processing fee varies from bank to bank and usually ranges between 0.5% and 1%. 

3. Legal fees

Generally, external lawyers are appointed by financial institutions to verify the documents submitted by you. The fee charged by the lawyer is passed on to you by the financial institution. However, for those properties which have already been approved by the bank, it may not charge the legal fee.

4. Conversion fees

It is the fee that you need to pay to reduce the interest rate. Suppose, you availed home loan at 11% in 2012 and now the bank has reduced the interest rate to 10.25%. So, in order for you to benefit from the drop in interest rates, you will have to pay a conversion fees that will range between 0.5% and 1.0% of the loan amount.

5. Memorandum of deposit of title deed

When you avail a home loan you have to sign an undertaking stating you have deposited the documents of the property with the bank at your will to secure financing from the bank. Government levies stamp duty on this document to register the same and depending on the state you are buying the property in, the duty can vary between 0.1% and 0.2% of the home loan amount.

6. Document retrieval charges

When you avail a loan you have to deposit all your documents for home loan such as the sales deed and the sale agreement with the bank. The bank keeps these documents in a central safe repository which is generally managed by a third party. The central repository may not necessarily be located in the same place as the bank branch. Therefore, when you close or pre-close the loan, the bank charges you document retrieval fee. These charges are generally part of processing fees.  

7. Prepayment penalties

Although no prepayment penalties are charged in case of floating-rate home loans but the penalty is levied on fixed-rate home loan. If you decide to make a prepayment towards your fixed-rate home loan, you will be charged a prepayment penalty by the lender which is usually about 2% of the prepaid amount.

8. Switching charges

If you want to change from floating-rate home loan to fixed rate or vice versa, you will have to pay switching charges. These charges vary from bank to bank and typically range between 1% and 2% of the outstanding loan amount. 

It is imperative that you know these charges. In fact you should ask about any fee or charge that is levied by the lender on you. By doing this you can avoid being over-charged.

{Source: www.paisabazaar.com/home-loan/articles/3683-8-home-loan-charges-you-should-know/}

Why Should You Calculate the EMI before Taking a Home Loan?

Deciding the amount of the loan depends on the affordability of the emi.  Every financial institution will first check how Much Emi An applicant can afford paying and on the basis of the amount of the loan is decided and the home loan is sanctioned.  Thus it is recommendable that the applicant should also check the emi he will have to pay to the bank every month using the home loan Emi calculator.  This will not only help him in checking the Emi That Is payable but also he can check the amount he is eligible for.

Aspects that affect the Emi

Mentioned below are the three main factors that help in deciding what can be the Emi on the loan. 

Income:

Income plays an important role depending on the income the lending institutions render loan to an individual. The emi amount should not be less than 40% of the monthly income of the individual.  This is to make sure that the loan applicant has enough money to meet his expenses. Even though an individual is optimistic about the rise in the income he should also take into consideration factors like the inflation rate, job security and the emergency requirements. The emi should not exceed 40 % of your income. An individual should have at least 15% in his hand to save and use for other purposes.

Changes in the rate of interest:

When you calculate the emi using the home loan emi calculator the interest rate plays an important role.  Though low home loan interest rate might attract you to avail for a huge home loan amount it is not advisable to do so as an individual needs to have some money to be used for emergency purposes.  Also the choice between the fixed and the floating interest rate will help you in saving and you can save on the Emi. If you opt for floating interest rate the percentage of the interest will depend on the market fluctuations and thus the interest paid is generally low.  But for fixed interest rate the interest rate remains fixed throughout the repayment tenure of the loan.  Generally if a person wants to cut down not the interest rate he can opt for floating interest rate.

Expenses related:

 While an individual decides to jot down the expenses it is very important that he needs to calculate the emi using the home loan EMI calculator along with this he can also calculate the monthly expenses that occur for him during a particular month. This will help in planning the month without creating any financial burden on him. Thus, he can make sure that he has enough necessities while he dreams to own a house.

Why is necessary calculate the EMI?

Calculating the emi with the help of the home loan EMI calculator helps in determining the loan amount which is to be borrowed. It is essential to calculate the tenure of the loan to check the affordability of the loan.  It is also necessary to compare the pick the best home loan offered lending institutions which has additional benefits like the lower home loan interest rates

The home loan emi calculator is different from the other types of loans. Thus when an individual is planning to apply for a home loan he needs to decide and make use of these online home loan emi calculator to avoid the further confusion. Earlier the emi was calculated manually which has manual errors. But now a person can simply visit the website and calculate the emi he needs to pay for the next 18 years.

Home Loan Calculator to gain Tax Benefits.

Buying a home gives you the comfort of living in your own house and moreover it also provides financial security to your family. Many people fulfill their dream of owning a house by taking a home loan but not all are aware of how they can enjoy tax benefits while they are repaying the loan taken. In terms of house loans, as per the provisions of income tax act one can claim exemption for the repayment of interest as well as principal.

Home loan repayment can be categorized into repayment of principal amount and the interest on the home loan. But to get exemption for interest and principal repayment there are certain limits. In order to know your tax exemption on home loan repayment, you need to have a hand on how interest is calculated.

That is when a home loan calculator or home loan tax calculator comes into the picture. To put it simply, it is a tax benefit calculator which aims to gain tax benefits on home loans. So use a home loan calculator and avoid losing out on some of the tax benefits that home loan repayment offers you.

So how does this home loan tax benefit calculator work?

Sanjay is 34 years old and his yearly income is Rs.10, 00,000. He purchased a house worth Rs.50, 00,000 and availed a loan for Rs.40, 00,000 for the same. The loan tenure is 15 years. The rate of interest is 10.5%. Here is a schedule of his loan repayment.

With the above schedule, in our Home Loan Calculator we get that in early years the major element of EMI (Equated Monthly Installment) is interest and the payment towards principle is less. Your home loan tax calculator will show interest as well as principal payment due after each year. The next column in the table after interest column will show your tax savings each year based on your income portion. While you calculate your tax benefit, 3.5% per annum of growth in your income is considered. To calculate yours, click here – Home Loan Tax Benefit Calculator

Once you look at the final amount for interest you can see that, at present interest rate for like 15 years you result in paying as much interest as your borrowing amount. If the tenure is increased, the total interest payment will increase too.

How is the repayment schedule prepared in this Home Loan Calculator?

At first, EMI payment interest on your first borrowing is calculated for a month. Then this interest amount is reduced from EMI. The difference between the both is taken as your payment towards principal. So for the following month interest is calculated on your reduced principal due after last month’s payment towards principal.

One can also pay more than the EMI or pay a lump sum amount whenever there is a case of excess income or at the time of saving to reduce the interest payment. Lastly, the amount you pay more than your EMI’s goes towards the repayment of principal amount and then interest is reduced outgo in subsequent payments.

{Source: https://www.indiabullshomeloans.com/blog/home-loan-calculator-to-gain-tax-benefits/}

Calculate your EMI beforehand.

Taking a loan for various purposes has become an integral part of our life. It helps the borrower achieve some important financial goals of life like: buying a dream home, completing higher studies or buying a car for family convenience. Depending on the need, there are various loans for different purposes. The huge sum of loan taken from the financial organization is repaid in the form of EMI. It is the equated monthly installment, the stipulated monthly deduction from the salary account or from loan account where the borrower deposits money for repayment of the debt.

Basically there are three factors that decides the EMI, they are: the loan amount, interest rate and loan tenure. In this age of technology one does not have to indulge in the mind boggling manual calculations. One can get the job of heavy calculations done with the help of online EMI calculator. One has to enter the loan amount as principal amount, the interest rate at which the loan has been taken and number of installments, the online calculator would provide the amount of EMI one has to pay. The EMI is directly proportional to the loan amount and interest rate and is inversely proportional to the loan tenure. This implies that the EMI increases with the increase in loan amount and interest rate and decreases with increase in the loan tenure.

Calculating the EMI beforehand with the online EMI calculator is necessary for the one who have already taken a loan and also for the potential borrowers. From the debt-repayment perspective most of the borrowers are generally reluctant and under-prepared. Knowing the EMI amount one has to pay before applying for the loan, helps them to budget the monthly finance accordingly. Borrowers who use this tool are prepared and deal with the debt-repayment phase better than those who are reluctant to use this tool for their own benefit. The difference is visible with the credit scores. A borrower armed with the EMI calculator is bound to have good score, but the borrower who doesn’t utilize the tool is prone to hit the defaulter list.

With the amortization schedule the borrower is provided with a table where the EMI is broken into principal and interest on month on month basis. It is an important document provided by the lending organization to the borrower which they must go through before signing the loan agreement.

The EMI changes with tenure depending on the following factors: if the borrower prepays the loan amount, if the rate of interest fluctuates in case of adjustable rate of interest or if the borrower wishes to extend the loan tenure.

Calculating the affordability beforehand with the help of EMI Calculator helps the borrower to avoid poor credit score. With the fluctuating market condition this device allows the borrower to mould the debt repayment accordingly. One can save a good amount of money for future repayments when the interest rate comes down. Each and every borrower and potential borrower should use this online device for smooth loan tenure without the burden of debt repayment.

Refinancing Of Home Loan-All's Well That Ends Well.

Many of us are in a hurry to take that home loan. As long as we can repay the home loan   All Is Well. What happens when we cannot pay back the home loan? What happens if I lose my job or if I am faced with a sudden illness and   I am unable to pay back the EMI Calculator?  Is this the end of the road for me?  If any of you have had such as experience what would be your response .Would you have panicked? It would be good to remember that this is not a rare situation. Here banks have customers who do default on their loans as well. Here it is in the best interests of the bank to restructure your loan, as if it fails to do so it would increase the bank’s nonperforming assets.

Which bank would want to see an increase in its NPA? Remember every cloud has a silver lining. I would like to remind all of you that the team of   Financial Planners at IndianMoney.com are always there for you to plan your Home Loan needs in a most efficient manner and are always willing to lend you a helping hand.

How to Refinance Your Home Loan:

• So what should   you do under such circumstances?  Let us consider that you are temporarily not able to settle your EMI Calculator due to a sudden illness. You should then approach the bank in order to restructure your loans. Let us say that you are paying an EMI of INR 8000 for 10 years, and then the bank may restructure it for INR 7500 for say a slightly longer tenure. Here the bank would not lose money as you would repay the amounts over a longer period of time. You are able to get that highly needed   breathing space maybe at a slightly higher cost. Everyone is a winner in this case. If you are stuck in such a situation negotiation with your banker is the best approach. However it is best to follow the prevention is better than cure approach by setting aside say 6 months of EMI Calculator installments in a highly liquid fund for sudden emergencies.

The Balance Transfer (Switch Your Home Loan Option):

What is Home Loan Balance Transfer?

• Here Home Loan Balance Transfer is a refinancing option to get the existing home loan in one bank transferred to another bank in order to avail the benefits of a lower interest rate. Here you can read up the website IndianMoney.com in order to understand your home loan needs.

Why Should You Opt For A Balance Transfer?

• Here the existing   home loan is set at a very high rate and despite discussions with the existing lender or bank there is no response. Here banks may not want to consider the negotiation options available to them and under these circumstances we might need to act in order to protect our interests.
• Here at the time the loan was first taken the options were limited. Now there is vast number of options available to us. We can avail of these options by using the home loan balance transfer option. Here the banking sector has undergone vast changes and we can tap into these benefits in order to avail loans at cheaper rates.
• In many foreign countries after 3-5 years it is very common to refinance ones home loans in order to tap into the benefits of obtaining loans at very competitive   interest rates due to prevailing market conditions. This also helps to pay off   home loans faster.

 Using the Balance Transfer Option as a Bargaining Chip:

• Let us consider the case in which the bank has reduced rates for new borrowers. You are an existing borrower with a high credit score. Here you can approach the bank using the switch your home loan option as a bargaining chip in order to secure a lower rate from the bank.
• Let us consider the case in which we have taken a loan of 15 Years tenure. We still have about 10 years of repayment left. Here the new interest rates offered are 1% lower than the rates offered by our bank. Here we have the Balance Transfer Option where we shift the outstanding loan from our lender to the cheaper lender. Here the new lender will check our repayment history and it is necessary to keep the EMI Calculator statements handy.
• Here as per the RBI circular all banks have waived prepayment penalty on floating rate home loans .Some of the banks have also waived prepayment charges on fixed  rate home loans. Another important factor we need to note is   the Foreclosure charge. These charges apply when a borrower wants to switch his loan from the existing bank to another bank offering lower floating rate of interest or if the person wants to shift to a lesser rate within the same bank. Here the RBI has directed banks not to levy charges for foreclosure of home loans taken on floating interest rate basis. As per the Damodaran Committee report the various banks did not pass on the benefits of lower interest rates to existing borrowers when the rates fell. Such rates were offered only to new borrower’s .Such a practice combined with foreclosure charges prevented existing borrowers from enjoying lower rates with the same bank or switching to a lower rate in another bank.
• Banks charge around 0.5% -1% of   the total home loan amount applied for as a processing fee. It is possible with hard bargaining with the new lender to bring this down or in some cases even waive off these home loan processing fees. Here it is right to remember the phrase ‘Strike When The Iron Is Hot’

 Drive A Hard Bargain:

·         Here it is good to drive a hard bargain by talking to the existing bank. Here we can meet the bank and state the reason for the switching of the loan. Here we state that the current floating rate is too high and I would like to lock- in a lower floating   rate due to my urgent financial commitments and I would like to retain the loan at the same bank rather than shift to another lender. Then settle for a round of discussion and negotiations.

·         Here if we get a better rate in another bank we would like to shift our loan to this bank. We would require a   letter of consent from the existing bank to give the go ahead to shift to a new lender. Here you need to make sure that you get the necessary foreclosure statements, account statements and the list of property documents from your existing bank.

Keep Your Powder Dry (Always Look Out For Opportunities):

• Here when opportunity strikes we need to seize the moment .It is prudent to look around and lock-in the best possible interest rates using the Balance Transfer option. Here a change in the interest rates by even say 0.5% is quite significant over a vast sum such as INR 50 Lakhs. Here Mathematics   might not be the favorite subject for many of us, but a little homework   here can save us thousands of rupees.
• Here we need   to be aware of the lock in period of the home loans. Here banks have a loan disbursement date when they release the payments. For completed buildings this may not be an issue .For an under construction building the bank will disburse the loan in stages. It might take 2 years for the house to get constructed. Here we need to check when the disbursement dates are drawn. Is it drawn when disbursement commences, as disbursement is in stages or when the bank has fully completed the disbursement of the loan. This is very important to avoid loan penalty when refinancing the home loan.
• Do not seek additional sources of credit when your loan is being refinanced. If you require a new car put it on hold until your home loan has been refinanced. Here we need to set priorities in life. There have been cases in which refinancing of home loans has been scuttled because of poor credit scores. This is like jumping   into a river with weights tied around your neck.

Never Change Horses Midstream

Changing of jobs while refinancing of your home loan is like changing horses in the middle of a stream which might result in your drowning. Here we might get a lesser paying job which might scuttle the whole balance transfer process. Here if the pay increases then we might have missed a better home loan balance transfer opportunity or at the very least the whole tedious process might have to be repeated as you might have to resubmit income statements.

{Source: http://indianmoney.com/blogs/refinancing-of-home-loan-alls-well-that-ends-well}

5 things NOT to do while picking a home loan.

Buying a home is an exciting prospect and one of the biggest investments one can make in their lives. But picking a home loan isn’t as cut and dried as it seems. Here are some of the mistakes that you should avoid when picking your home loan.

1. Selecting the lender before the property:While it is a common practice to ascertain the loan amount one is eligible for, it is not necessary to finalise on your lender before you select your property. There are various websites which can tell you your loan eligibility, taking into account any existing loans you may have as well. You should not find yourself in a situation where you have finalised your lender but they are not ready to loan you the amount for the property you decide on later. Thus, it is best to first select your property and then find out which lenders have financed houses in the same building/locality.
2.  Spending savings:Many lenders demand to see specific amounts in terms of savings so that you can continue to repay the loan even if you lose your job. If you buy something large with your savings with the thought of avoiding an outstanding debt, you would negatively affect your application because of lower savings. Your savings amount lends security to your application and keeps the lenders mind at ease with regard to your ability to pay them back.
3. Fixed or floating rates:With teaser rates dying out, the choice is between fixed or floating rates of interest. Fixed rate of interest stays stable throughout your loan tenure whereas floating rates change with the market conditions at the time. While fixed rates may seem like the obvious choice, it makes more sense to choose floating rates of interest. Home Loan have long tenures and the market conditions are bound to change in the years which may yield a lower rate of interest, proving floating rates of interest as more astute options.
4. Starting new credit lines:Your lender is going to gauge how reliable you are to repay your loan dependent on your credit score. If you already have an existing debt to repay, your chances of getting an approval from your lender are greatly reduced. So opening a new line of credit would be counterproductive when trying to avail of a home loan as it would show that you have other expenses which you would need to look after during the tenure of the loan.
5. Dipping into investments:While this would not affect your home approval chances, it would greatly affect how much of a burden the loan would be in the future. Investment returns are very good crutches when repaying a loan, so it makes sense to keep them intact to reduce the amount you would need to pay out of your salary every month. It would also mean that in the event of an emergency, you would have a fail-safe to fall back on to supplement as a regular flow of income.

Following these steps and keeping them in mind will greatly help you in your home loan tenure and may even help in saving money.

{Source: https://www.indiabullshomeloans.com/blog/5-things-not-to-do-while-picking-a-home-loan/}