Know this before choosing a Home Loan

For most of us, owning a home is more than just a financial goal. It is an emotional one and is something close to our hearts. Housing Loans can be of great assistance when you’re looking to fulfil your dream. Opting for a loan to realize your dream can be one of the biggest decisions you will ever make in your life.

Chola Home Loans provides a wide range of options to make our clients’ life easier. It is absolutely fine to take your sweet time to research and choose the right loan for you.

Know your Eligibility

Eligibility is the first and foremost thing you have to look into when you’re seeking for a Home Loan. Various factors can decide your eligibility including income, age, qualification, financial position, number of dependants, spouse’s income and job stability. Depending on your eligibility the lender will decide the maximum amount you can avail as a loan.

Make sure EMI’s are wallet friendly

Equated Monthly Instalment is the amount you will pay to the lender on a monthly basis after availing your loan. When it comes to EMI, one needs to look at the bigger picture. Especially, if you’re opting for a floating rate loan, the EMI Amount and Tenure may vary according to the RBI norms from time to time. It is advisable to go for a value that will be easy on your wallet so that if in case the interest rates vary, it will not be a bigger trouble. To get more clarification, checkout the Chola Home Loan EMI Calculator.

Knowing your wallet strength is a must while in you’re on the lookout for home loans. This way, you can set a budget within which you can explore your options. Knowing your budget also gives you an advantage to fix your location, size and style of the property.

CIBIL score to the rescue

CIBIL score maintenance is an essential thing when you’re looking to apply for any loan. Paying timely dues for your credit card is a hugely underrated trait. However, it will come in handy when you are looking for a helping hand to achieve your home dreams. Paying your credit card bills and other EMIs on time will boost your CIBIL score which is highly beneficial while applying for a housing loan. You will get attractive interest rates if you have an excellent CIBIL score.

Be financially responsible

Even though, housing loans these days are quiet flexible, it is a known fact that hunting for properties and buying one is a lengthy process. In the meanwhile, save as much as you can for the down payment. Try to spend with caution and postpose non-essential and non-immediate purchases. This way, your EMI will be easy on the pocket. In other words, a higher down payment will lower your EMI worries.

Documents required

Providing the right documentation as soon as possible will help your loan application move faster and smoother. Typically, most lenders will look for identity proof, address proof, income documents (Salary slips of the last 3 months or income tax returns with computation of income for the last 3 months if you’re self-employed) and property documents such as title deed, agreement to sell, etc. Keeping them ready will make things simpler for both you and the lender.

Let’s wrap this up

To wrap things up, let’s have a quick rundown on the key aspects.

Know your financial limit and search for homes accordingly

Be ready with proper documentation

Maintain a good CIBIL score by paying dues on time

Take time to decide

With this, we hope your queries about housing loans are cleared. For more queries, you can give a missed call at 07874782782 or visit cholamandalam.com to apply for Chola Home Loan.

11,301 thoughts on “Know this before choosing a Home Loan

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