Home Loan: Follow These Tips For First Time Homebuyer

Are you planning to take home for the first time? If yes then 100 questions will be roaming in your mind. Every middle class person has a dream of taking home in a nice city. But to fulfil dreams, a lot of money is required.

In such a situation when you are close to achieving your goal and ready to buy the first house, then you cannot make a mistake. First time home buyers should be more cautious. Property type, area, builder, cost per square foot are very important. All these things contribute to your budget and hence you need time to research and think before choosing your dream home.

Let us tell you some tips that will help you in buying a new home.

Funding for the house

The most important thing to buy your house is the fund. You may have some amount. But the amount needed to buy a house is difficult to get. To help you in this, it is important to have knowledge of funding options. But home loan is the best way to buy your dream home. We are giving this advice because funds are easily available through home loans and you have enough time to repay it, which is a maximum of 30 years. But just knowing it is not enough. There are many housing finance companies with which many things are connected, which you must know before buying a property.

Location is also important

The location of your home depends on many factors – such as your office and children’s school. Wherever you plan to buy your home, you have to consider many locational factors as well. The location of your home matters a lot and you should take it seriously. Facilities like school and market should be near your home. Apart from this, the means of public transport should also be considered. All these together contribute to your budget.

Whatever you buy will depend on your budget. Do not let an important thing and emotions and apartment facilities like gym, garden and swimming pool increase your budget because these things are secondary. You can increase the budget a little bit but not too much because you have to repay the loan too.

Research about builder

When you think about taking home, then you should also know about the builder whom you have chosen. The property you have chosen is made by a well-known builder. It is necessary to avoid further troubles. There have been many such cases in which the builder escaped with people’s money or the property’s position was not given on time. It is all very stressful and like spots in your finances. So to avoid such situations, you should do a good research about the builder.

Your home loan

When you decide that you have to take a home loan, the next step is to choose a lender. There is increasing competition in the loan industry and there are many home loan lenders in the area. So it is important to choose who is more beneficial for you.

These things should be kept in mind before choosing a lender for a home loan

1. Research the capable lenders in the market.

2. Compare the interest rates of home loans in the city.

3. Choose the best plan.

4. Take an accurate decision on the loan duration.

5. Find out the pre-payment and part-payment penalty of the lender you have chosen.

6. Find out the processing fee and the penalty applicable for the delay in payment.

7. Read the loan documents carefully before signing.

8. If you are eligible to avail, then check about subsidy like Pradhan Mantri Awas Yojana.

9. Find out about the balance transfer facility.

First home loan requires a lot of planning and commitment. One mistake can make life difficult by spoiling your entire finance. So before buying a house you have many things to do. The above mentioned things will help you in this.

Leave a comment