Applying for a Home Loan? Here are some important points for you
A home loan is designed to finance the construction and purchase of your residential property. Progressive Mortgage Solution offers the best home loan for everyone who is in search of it. Our home loans come with a wide range of advantages such as smaller EMI’s, best interest rate, an easy application process, doorstep service and many more. Below we have mentioned some of the trademarks which you ought to consider while applying for a home loan.
Things to consider while applying for a home loan
As described above, a home loan is designed especially for those people who want to own a property that is not owned by them. A home loan offers you a chance through which you can own a residential property and build your asset. You need to pay some level of the property cost. Read below some of the important points that you should keep an eye on while applying for a home loan.
● Determine your EMI according to your budget: A home loan is a long-term commitment; therefore, determine your Equated Monthly Instalment (EMI) effectively. You should be aware of how much amount you can afford through EMI. Deduct all your other expenses like credit card repayments or other loan payments to get a rough idea of how much you can afford as a home loan EMI.
● Determine the loan amount: You might confront some problems when you apply for a high amount loan as the bank may not approve your loan. Therefore, determine your loan amount accordingly. If you are eligible for the loan amount which you have quoted you can easily pay the upcoming payment of the loan.
● Determine your relationship with the bank: We suggest you apply for a home loan to a bank where you have a good relationship. It is better to apply for a home loan to a bank where you have a running savings/ salary account, car loan or any personal loan. If the bank is well-aware of your credit history and personal details, then the bank will spend less time to complete your Know Your Customer (KYC) procedure.
● Maintain your credit history and record: Before giving a home loan to a loan applicant, a bank researches the credit history or other details of the applicant. There are chances that you might get a quick endorsement for a loan assuming you have a decent repayment record and high credit scores.
● Speed up your home loan process with an environmental clearance certificate: Make sure that the project where you are planning to buy your home or property has all the regulatory and environmental clearance. It will help you get faster approval.
● Can’t get a loan on your salary, go for a joint loan: In case you want a higher loan amount; however, your salary is less, don’t worry, just for a joint loan with your spouse/parent/sibling.
● Opt for a long tenure loan: You can also go for a longer tenure loan which offers a lower EMI. Lower EMI will be a less burden on your monthly finance.
If you need more information on a home loan, please contact the experts of Progressive Mortgage Solution.