A home loan is a huge responsibility. Because it is a long term liability, your ownership remains at stake for an extended period until the loan is completely paid off. Though long but don’t be intimidated by the time frame. One of the ways of being stress free with regards to your home loan is before you take the loan completely prepare yourself to take on the responsibility and stay committed to making timely repayments.
Debt-related stress begins not after the EMIs show up, but even before you apply for a loan. A million questions like whether you will be approved for a loan, what interest rate will you be charged, are you choosing the right home lender, etc start to throng your mind. Before you approach any bank for a loan you must do your homework. So, here are some five basic hacks that will help you save money on your home loan right from the start.
You must view your report yourself before you apply for a loan so that you can have any inaccuracies corrected before a lender peeks into it. Many a times, having credit report repaired or maintaining it tip-top shape has helped the score scale several points in a short span.
Home loans may sound stereotypical and one might assume that it is a standard product offered alike by all lenders. As it is true for all competitive markets, the products may look closely similar but they do have variations. Same way, home loan products may sound similar but they have different processing fees, prepayment penalties, tenure, proximity from credit institution’s branch and even the rate of interest may vary. When you shop around you gain knowledge on the various types of products and features available and can make an informed decision.
Take the horror out of your home loans. Always stay updated on the dynamics involved in interest rates. Prepaying home loan is another topic for discussion because it may not always be advisable. You can save a lot of money by staying alert. If you feel you have been wrongly charged by the bank then don’t hesitate to ask for an explanation.
No one said handling a home loan will be a joy ride. A “roller coaster ride” explains it more aptly. It is important to stay calm and prepare for it adequately. By following the hacks, listed above, you may not feel your pockets getting heavier instantly. But at the end of it you would have imbibed good practices on dealing with loans and saved more than what you would have without these hacks. And, that’s surely a good reason to smile.
Your email address will not be published. Required fields are marked *
Nice Article. There is always pros and cons of every aspect. Indian Cu ...
Thanks for finally writing about >Why Indian women fall short on cr ...
Thank you for sharing your infօ. I reɑlly appreciate yⲟur efforts and ...
Daily Tips to stay Credit Healthy
© All Rights Reserved at Credit Sudhaar