Home loans have become the most preferred option for financial assistance to buy a home. And with more and more people applying for home loans, banks and financial institutions are introducing revised tenure options and payment schemes to lure in home buyers.
Here is what a home buyer should consider before deciding on a home loan tenure.
•Amount of home loan - The savings which can be given as down payment should be considered primarily to decide the home loan amount and the tenure. Most banks offer a home loan tenure of 30 years and sometimes these are customizable too. It is also wise to check with different banks on how much amount will be available as a home loan to start with.
•Interest rates – The second point to consider after the home loan amount is the interest rates offered by various banks. It is recommended to choose a bank which offers the lowest rate of interest and also allows depositing part payment without penalty. This also allows to pay off the home loan sooner.
•EMI – EMI is considered one of the main deciding factors as it will decide how much one has to pay the bank every month against the home loan. It is recommended that the EMI should not be more than 50% of the take-home amount.
•Age – A person is eligible for getting a home loan up to 60 years of age. However, it should also be noted that the person’s income-generating years are also considered for a home loan.
Heather Homes one of the best builders in Trivandrum with more than 23 years of experience and credited to build over 72 projects, offers you supreme quality flats and apartments in Trivandrum that best suits your budget
•Amount of home loan - The savings which can be given as down payment should be considered primarily to decide the home loan amount and the tenure. Most banks offer a home loan tenure of 30 years and sometimes these are customizable too. It is also wise to check with different banks on how much amount will be available as a home loan to start with.
•Interest rates – The second point to consider after the home loan amount is the interest rates offered by various banks. It is recommended to choose a bank which offers the lowest rate of interest and also allows depositing part payment without penalty. This also allows to pay off the home loan sooner.
•EMI – EMI is considered one of the main deciding factors as it will decide how much one has to pay the bank every month against the home loan. It is recommended that the EMI should not be more than 50% of the take-home amount.
•Age – A person is eligible for getting a home loan up to 60 years of age. However, it should also be noted that the person’s income-generating years are also considered for a home loan.
Heather Homes one of the best builders in Trivandrum with more than 23 years of experience and credited to build over 72 projects, offers you supreme quality flats and apartments in Trivandrum that best suits your budget
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