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A home loan is a secured loan that is acquired for the purpose of buying a property by pledging the asset as security.
An applicant must present a variety of documents that verify their KYC, the antecedents of the property they seek to acquire, their income background, etc. in order to secure a house loan.
Firstly, the loan is still in your name, so your credit rating is at stake. Secondly, go with builders who have a track record of delivering projects on time. Else, you could end up with a huge cost on your shoulders.
While numerous factors contribute to the hike in real estate prices, there is one significant factor, known as “ready reckoner rate†that has a bigger part in deciding the movement of real estate prices.
A home loan is often the only financially viable method for a person to fund major purchases like a house. It also offers significant tax benefits to borrowers.
Buying a home is an important lifetime decision. It not only impacts your family's sense of security but also impacts your long term financial goals. After all, nobody buys apartments cash down. While you do put in a small margin, nearly 80-85% of the cost of the apartment is financed with home loan.
At times, borrowers may want to convert their home loan interest terms from a fixed to a floating rate or vice versa. Although a borrower may switch their interest rate terms as many times as they wish, there is a fee levied each time.
Before you jump the gun and panic thinking that you must pay off your home loan as soon as you can, or at least think about a refinance option for your home loan, take a closer look at your financial plan. See the number of investments you have and the returns they are yielding.
There is a strong sense of relief and pride that one achieves in paying off a home loan and officially calling the property theirs. With the recent announcement by the RBI and NHB extending the elimination of prepayment charges for home loan foreclosure, home loan borrowers have been further encouraged to pay off their mortgages before the end of the tenure.
Taking a House is once in a life time decision for many of us with the spiraling prices of the property and the high interest rate regime in the market.
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