Smart Way Pay your Home Loan
Hello friends, how are you all?? Wishing you all happy and prosperous life head.
The basic needs of human beings are food, clothing and shelter. A person can earn enough money to arrange for his clothes and food, but it is difficult to build his own house. Everyone has a dream of having their own home. It is impossible to build a house according to the style at such an expensive price. We have to take loan from the bank. Taking a loan is also a matter of tension. The house can be built quickly but the tension of repaying the loan remains for the whole life. In this blog, I want to share how to complete your loan smartly and not let your EMI go broke.
The cost of your house should not exceed five times your annual income. Simultaneously, the loan tenure should not surpass 20 years, and the maximum EMI should be capped at 40% of your total income.
Pre-Payments
One of the easy ways is opting for pre-payments. This means that you can pay more payment than your bank installment. So that you can become loan free as soon as possible.
Timely EMI payments
Try to never miss your EMI of your home loan otherwise you will have to pay 1-2 % of penalty which will be high and on top of that your CIBIL score will also be affected. If your CIBIL score gets spoiled and you need a loan in the future, then it may create problem for you.
Ideal Time for Home Buying
Before taking a home loan, definitely check the economic conditions and market trends. During a buyer’s market with lower prices and favorable interest rates, Taking advantage of such opportunities can be important and beneficial for you.
Home Loan at early stage
The younger you are when you take a loan and get your house built, the sooner you will become loan free. If you delay longer, you will have tension throughout your life.
Key Consideration for finalise your home.
Before achieving your dream. Don't just go to buildings and facilities. It is important to pay attention to some of crucial guidline of your government. Ensure the home you are finalizing is registered under RERA, offering you transparency and protection. After paying for the house, you also have to pay some additional charges, keep that in mind. Some of these charges are stamp duty, registration fees, broker fee, parking charges, maintenance charges per month, loan processing fees, miscellaneous charges with GST is mandatory to pay
I have learned this things from my father, he has also taken a loan. He says don't spend unnecessarily, use the money as much as you need, first deposit your loan payment and then fulfill your wish. If you miss even one installment of the bank, you will have to pay a huge penalty which will really make you in difficulty.
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It's a very big step, taking a home loan. It has to be well thought off and planned. Your father seems to have some experience in this field.
Nowadays, buying a house without a loan has become almost impossible. Yes, my father has experience in this matter. That's why he took the loan because he knew his capability and would be able to repay it soon.
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