Just like there is a paranormal buster that busts the ghosts, today we are going to be your myth busters to help you bust some myths that are associated with home loans. These myths have been floating in the sea of logic for a long time. It was because of some Tom, Dick, and Harry that people began to put faith in these myths and thus started the chain of it.
Now, for the sake of logic, we have brought to you five myths that revolve around home loans. If you come across someone who rubs these myths in your face, you can share this blog with them and then bust their myth too!
High Down-Payment Concept!
There barely are schemes that ask you for a high down payment, banks do not ask you for a high down payment. So Mr. Myth can stop feeding lies to people, home loans don’t require huge down payments for them to be approved. Instead, they require all your correct documents. A person only needs to pay 15% of the 85% that he/she is going to borrow from the bank. This being said, it is not necessary that you only have to pay 15%, if you can make a higher down-payment then that could be fruitful for you.
Take one if you need one!
Please do not be a sheep you follow the herd even when it is full. At times these banks bombard you with emails, messages, calls, and tell you that you are eligible for a home loan. So what do you do, take a loan right away? No! You check with your situation and see whether you want a loan or not. The banks only lend you a loan, they do not pay it back on your behalf. See to it that you consider it with your family and then take a loan, because if you fail at its repayment then the consequences are faced by the entire family, not just you!
Research like Sheldon Cooper!
Every bank states that their loans are the best, but in reality, you know what is best! So, see to it that you research all the schemes in the market and then choose one that fits you and your dream home. Every dealer or bank would give you exciting rates at the start but then they might even show you their true colors late if they are not registered. Take loans from trusted banks and schemes like Axis bank home loan. It also provides an exciting home loan interest rate.
Second hands are the real deal!
India is a huge market for every kind of product, be it a first copy or a second copy. So, if you like a home that is second hand, and you want a loan for the same, go get it right now! Don’t let people tell you that you cannot take a loan for a second-hand home, because that is a full proof myth. Just see to it that your home is good and you are going to live in it for at least until you repay your debts.
Also Read-Understanding a home loan
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