After all the hard-work you deserve your own home

Home is a place where you bask in the affection and care of your family members, basking under one’s own roof can give unparalleled sense of accomplishment and security. When the property prices are increasing like the speed of a new SUV car, buying a home all by ourselves is not a cup of tea for the middle class strata of the society, which is the majority count. But home is something that is not only for your comfort, it is a necessity. After working so hard; every individual deserves to own a home for their family. The government and bank policies are making every conscious effort to help the common men to get their home with a home loan.

Every individual is unique, similarly the requirement of each borrower is different; to cater to different need financers are providing different home loan. You can get a home loan for buying a ready flat, resale property, under-construction property, a plot of land or to build a concrete structure on a plot of land and to extend or renovate an existing property. Your savings habit from the very beginning of your career can get you a good credit score to get a suitable loan. Another benefit you get by saving early is that you can save lump sum amount for your down-payment. Both these factors can not only help in your loan process but it will also help you to get a fair rate of interest and maximum loan amount according to the loan amount slab.\

Home loan are creating revolution in this age of zooming property price. Most of the salaried or self-employed people prefer home loan for funds to purchase their home. Why should they not? Because they can avail several of benefits like:

• Get lump sum amount of money to buy their selected property.
• With the lowest interest rate in the history of home loan, the interest cost has reduced.
• They get loan tenure of maximum of 30years to repay their debt.
• Get a tax benefit on the paid interest.

When you are getting the scope to buy your property by repaying your EMIs in time, then it’s wise to go for a loan while enjoying the benefits. The EMIs can easily adjust with your monthly budget, which is bit more than the monthly house rent you pay.

Before getting the home loan select your financer diligently after doing in depth online research and visit at least two to three financers, that are established and RBI authorized. Then compare the interest rates, processing and other charges, loan tenure, loan amount disbursement timing and debt repayment options.

If you consider few things, then you can ease off the debt burden, try to cut short the interest cost by paying maximum margin money, lessen the loan tenure and to some extent the rate of interest also plays a role, take the adjustable rate which is lower than the fixed rate. A tip for the potential borrower is that only go for adjustable rates if you can afford the rates when it increases depending on the market health.