Why should you avail of a Home Loan?

In India, people have a different intrinsic emotional value attached to having their own homes. This has been primarily made possible due to various financial assistance provided by multiple institutions. Having a home on our own can cost way more along with the vast immediate payment to be made whether to buy, construct, or repair a home. This payment can be made monthly easily in small proportions over some time. That is why banks came with the concept of EMI (Equated Monthly Installments), which are nothing more than the interest and principal payments to the banks. They are to be paid monthly and hence become more bearable by the borrowers. 

Before availing of a Home loan interest rate, a person should identify their needs regarding why they are going for a home loan. 

As a home loan is offered for various purposes such as-

• Home renovation.

• Home purchase.

• Home construction.

• Improvement of house.

• Extension of home.

• Acquisition of Land/ Plot.

A person must identify their needs, and if they fit anywhere in between the above points, they must go to avail a home loan. 

The following advantages of home loans will also provide a better understanding as to why you should go for a home loan-

1. Affordable rate of interests-

People in our country are more saving-oriented than expenditure-oriented. Home loans offer loans at much lower interest rates that seem very affordable compared to any other sort of loan available in the market. The rates of interest are charged keeping in mind the middle-class person of the country.

      B. Helps in the improvement of credit score-

With prompt and timely repayments, the credit score of an individual takes a boom. A credit score is a significant factor for anyone to get loans in the future. A credit score is a measure to know the creditworthiness of an individual. A person with a low credit score is seen as a risky person by banks.

     C. Tenure and payment flexibility-

Home loans come with a lot of flexibility, both in terms of tenure selection and payment options. Home loans are available for a short period and prolonged periods that can go upto 30 years. Payments of such home loans are to be made in EMI (Equated Monthly Installments), which are to be paid every month. This makes the repayment even more accessible, and the borrower feels less burdened as there is no need to make a heavy repayment all at once. It has to be done each month in small proportions over some time. 

     D. Income Tax benefits-

Income tax acts provide significant deductions in terms of payment of EMI to banks by the borrower. The borrower can claim an Income tax deduction under section 80 C of The Income Tax Act for the amount of EMI made.

This helps a person to enhance their savings in the form of tax savings under Income tax.

    E. Better option for future growth-

If one has their property, there are bound to get many benefits arising from it in the future in terms of capital appreciation. Capital gains will also be made if the person wishes to sell their property in the future. 

    F. Many options available-

Due to the advent of technology, banks, and other financial institutions have made their online portals host their services, trying to serve maximum customers with satisfaction. There are many such banks and financial institutions available in the market providing their services. This creates clutter, and the customer gets to choose from a variety of options and select the best one. There is no way a monopoly in the financial market. Many foreign banks are also in the competition providing their services, such as Syndicate Bank home Loan, which calls for more strict compliance and healthy competition.

Conclusion-

A home loan is a safe and secure way of raising finance to get home. Home loans are made available through both online and offline modes, but in the current situation, online mode is the most preferred and promoted way of applying for a Home loan.

Home Loan Benefits for Women

Lending organizations like banks and credit associations are trying to expand their loan portfolio by offering special schemes to women borrowers for a home loan. Some banks waive off or lower the processing fee for the loan and provide several discounts to lure women customers. All these schemes and offers have significantly encouraged women to invest in property and purchase their own homes.

Several leading banks like Allahabad Bank (public sector bank) offer lower interest rates on home

loans to women borrowers. Women customers can avail of an Allahabad Bank Home Loan for up to 20 years at an interest rate of 7.75% to 8.00% per annum, lower than the usual 8.15% ROI for general applicants. The maximum processing fee charged is usually Rs. 50,000, but for women, it is Rs. 25,000 only.

Here are some ways and schemes listed that the Non-Banking Financial Companies and Banks offer on Home Loans for women applicants -

Higher loan amount: Women borrowers can get home loans in the range of Rs. 30 Lakh to Rs. 3.5 crore, depending on the cost of the house or property they are looking to purchase. In addition to that, the lenders do not impose strict eligibility criteria, where

• The age ranges between 21-60 years. 3

• The net income is also Rs. 20,000 instead of Rs. 25,000.

• Required work experience is two years instead of 3 years. 

Lower interest rate to be paid: Most lenders consider women borrowers to be more reliable and less likely to default. They also provide low interest rates to encourage them to buy more assets like property and cars. The rates do not significantly differ from the current market rates. Still, there is a difference of around 0.05%-.0.1%, which might seem meager, but has a significant impact on the monthly EMIs and can make the repayment more convenient. 

Longer tenures can be chosen: Usually, the maximum loan tenure is up to 25 years, and it can be extended to 30 years if you are a woman applicant. This helps to ease the burden of repaying higher rates in a shorter period. Also, there are no penalties imposed on part payments or foreclosure of the loan before the tenure ends.

Lower stamp duty: The stamp duty charges are 1%-2% lower for women borrowers than male borrowers. A decrease on stamp duty of 2% of the overall loan amount brings a significant reduction in the amount to be paid and is a considerable attraction for applicants.

Better tax benefits: As compared to the tax deduction of Rs. 1.5-2 Lakh on the principal amount for general borrowers, the women borrowers are qualified to claim tax abatement of up to Rs. 3.5 Lakh under Section 80C. The tax deduction on interest paid is the same for all borrowers, i.e., Rs. 2 Lakh. Male borrowers can avail themselves of these tax benefits if they are joint-owners of the home with their wives or another woman co-applicant. 

Apart from the benefits mentioned above, women can also avail themselves of the PMAY (Pradhan Mantri Awas Yojna) Credit subsidy, which aims to provide the facility of "Housing for All" by 2022. In this scheme, the applicants are eligible for a grant of up to Rs. 2.7 Lakh on Home Loan Interest Rate.

Conclusion:

If more women apply for home loans, then the benefits can be enjoyed by them and their families. The lower interest rates and other subsidies can prove very fruitful in the long run and can help you manage your finances better. 

Also read:- Your Guide to Finding a Best Home Loan Scheme

Techniques to Close Home Loans Early

 

It is imperative to know that the house/property you are buying/constructing is mortgaged to the lender and is rightfully owned by that lender until the loan is completely repaid. There are other reasons to pay off a loan early as well. As you grow old, it is better to have little or no debt remaining. If you have an existing Home Loan, it should be paid off early to save better for retirement and avoid any additional penalties if you fail to repay the installments upon loan maturity. While applying for a Home Loan, the borrower must have a clear and possible strategy in mind to repay the loan, and the funds to pay the EMIs should be secured as soon as possible. City Union Bank provides Home Loans for a maximum amount of Rs. 1 crore, which can be repaid over 20 years. The interest rate for a City union bank home loan ranges between 10.50% to 13.00% per annum. The ROI is higher for longer tenures. So it is better to pay off the loan early so that the interest rates don't rise and the finances are not affected in the long term.

To have a better repayment strategy and manage your money to Foreclose your existing Home Loan, follow the following tips -

Select a short tenure if possible: While it may seem absurd to opt for a relatively more specific period of repaying such a considerable amount, you should keep in mind the future effects that the loan EMIs might have on your expenses. You may be required to pay higher EMI for a short tenure, but if your salary and savings allow for such a situation, it is wise. Therefore, it is advisable to first evaluate your savings and finances even before starting to look for a Home Loan, to begin with. Shorter tenure leads to a lower interest rate as well.

Try to make part payments or prepayments whenever possible: As you continue a salaried job, you are bound to get bonuses and pay increases, so it is better to use some of that extra money to make additional payments for your Home Loan repayment. The outstanding loan amount will therefore decrease, and the subsequent EMI will also get lowered. If the business expands, they can pay off the loan early by making prepayments for self-employed people. It is better to check before any foreclosure charges or prepayment penalties imposed while signing the loan agreement.

Choose Balance Transfer for lower interest rate:

The Home Loan Balance Transfer (HLBT) can be used to transfer your outstanding loan amount to another Bank) NBFC is offering a lower home loan interest rate. This way, specifically, you can manage your finances better, and the loan can be paid off quickly. You need to consider the processing fee and additional charges that the new lender may impose and ensure they should not affect your loan amount. This helps to save significantly on your interest payout while keeping the loan tenure the same. 

Conclusion:

Although you should have a clear repayment structure planned before applying for the loan, it is also imperative to adapt to the situation and look for a better solution as time passes. You can even ask the banks to provide additional discounts or offers if possible. If you are an existing customer at the bank, the processing fee can be lowered or even waived.

Also Read This-Home Loan Advantages

Ways To Avail Home Loan

 In a home loan, a Housing Finance Company (HFC) such as Bank of India Home provides financial assistance in the form of a loan to the borrower who wants to get a house. In India, the sentimental value of the people attached to having their own house is incomparable. This creates a massive market for this financial service. Almost all the banks and financial institutions have included in their portfolio home loan services. Due to this increased competition, customers are made available with many options to get a home loan. A careful analysis has to be done before a decision can be made by the borrower willing to get a home loan.

Various features of home loans which can help us understand it in a better way are many. 

There is a need to understand the features in a better way to make a wise decision.

There are huge chances of capital growth once you have entered into any property-related stuff. And when that capital asset is sold in the future, you will attract capital gains, and The borrower can also avail of the deduction of the same under Income tax.

Home loans are more reliable as they are offered by the top banking channels in the country. Some banks assist in providing around 90% of the value of the property.

Home loans are available for many purposes. Some of them are Purchasing a house, Construction of a house, Improvement in place, Extension of a place, Land/ Plot purchase

Due to prompt and timely repayment of EMI, a person can massively improve their credit score. With the help of a Home loan, an individual can improve their credit score too. An improved credit score is a fortune for a person willing to take loans in the future.

Home loans are an essential financial service available in the financial market as it helps a person get the home of their dreams. Home loans are generally available for a maximum term of 30 years. The flexibility in the tenure is a great advantage for the borrowers. 

Tax deductions of home loans under Income tax are also available. Section 80 C provides the conclusion of the payment of interest and principal amount. One of the most significant traits of a home loan is the affordability of home loans. Home loans are available at lower interest rates. Even lower than gold loans makes them a perfect option for a borrower as home loan interest rates are minimal.

Following are how the home can be applied are-

The very first step before applying for a home loan is knowing your eligibility. The following points will explain the eligibility criteria for home loans-

• For Salaried Professionals-

• The age of the applicant has to be between 18 – 65 years

• The applicant must have been in employment for a minimum of 2 years

• Self-Employed Individuals-

• The age of the applicant has to be between 18 – 65 years

• The applicant must have experience of 5 years in their profession

The credit score required in all the cases is 750 and above. Banks have been very strict with the credit score thing before approving a loan. This has primarily been because of many scams where people taking the loan amount from the bank never return it to the bank. By a satisfactory credit score of 750 and above, banks can be assured of the individual's creditworthiness applying for such a loan.

If an applicant fulfills the above eligibility criteria, they can go for both online and offline modes to apply for a home loan. Online way is the easiest to visit the website or portal of the lender and choose from many available options best suited for them. Various documents which are required can also be submitted online.

Conclusion-

Home loans are straightforward to apply, and primarily through the online mode, the process has been highly simplified where a person can get a home loan without even stepping out of their chair. The facility has been made available at the fingertips of the customers.

Also Read:- Is home loan expensive?

What all Home Loan Provides us

Home loans are exactly what their name suggests. They are lent to you as an individual and you can use the money borrowed to finance your home. This money is paid directly to the builder and does not get deposited in your bank account. According to the credit score and property value, their interest rates and repayment periods vary. A home loan is a fixed amount of money given to you with fixed interest rates and a fixed repayment period for the purchase, repair, or construction of a house.Their collateral is your property or fixed deposits submitted to the bank. So, the bank can sell your house or take away the fixed deposits when you fail to repay the amount on time. That is why interest rates for home loans tend to be a bit lower than the other loans such as personal loans or car loans.

A lot of people don’t know this about home loans but you can negotiate the price of the home with the builder and interest rates with the bank if you have a good credit score and a good transaction history. If you have a good credit score then you can negotiate the home loan interest rate along with the home price. The first thing you want to do is to pick up which home you want to buy. While choosing the home Consider stuff like how many people you have in your family? Do you all live together all the time? Do you need a big house? Or you need a small one? Think about all these questions, pay attention to the neighborhood where the house is and make a good financial decision for yourself.

After you are done doing this research and you have decided which house you want to buy then you now need to start thinking about the negotiation steps. Remember your negotiation will be easier if you have picked the right kind of home in your mind. Now you need to decide if you want to pay for the home in full, get it partially financed, or get it fully financed? If you are getting it fully financed then you need to pay attention to the interest rates cause they will end up being a lot more than partially financed. If you are paying for the home in full then make sure you are not exhausting all your savings on a home and saving some for rainy days and financial emergencies such as medical bills. Partially financing a home can be a great option for a lot of people as you are not using up all your savings and not paying a lot of costs upfront and you also don’t need to pay huge interest on the house.

After this, you also need to decide if you will get it financed by the builder or a bank as a lot of builders provide financing nowadays. Builders usually have tie-ups with different banks for financing so see to it that you are making a good decision by going through the builder or you will be better off taking the loan from a bank. HDFC home loan provides a loan at an interest rate of 7% onwards annually. Repayment tenure can be up to 30 years and all of this is decided after looking at your credit score. A good credit score will take you a long way so start building your credit score as soon as you can.

Understanding a home loan

 

A house loan or home loan simply means money borrowed from the bank to buy a house. Home loans consist of both fixed home loan interest rates and floating interest rates, suiting the needs of the borrower.

People mostly take a home loan when he/she want to buy a new house, renovate or repair the existing home or want to buy a plot of land for the construction of the new house. The property is mortgaged to the lender as a form of security until the full repayment of the loan is done. The title of the property is held by the bank or the financial institution till the loan has been paid back with due interest on it.

As we know that nowadays the rates of properties are up on a hike and buying a house is very expensive and a huge investment. One way of doing this is by taking a home loan.

But taking a home loan means paying 55-60%of your monthly income as EMI (equated monthly income) for a long period. Hence it is important to make a decision that won’t hurt you in the future.

Various steps are involved while taking a home loan:-

• Step 1. Approximate your Home Loan EMI

Check your Home Loan Eligibility, Decide the amount of loan, and the time.

1. The first step is to find the amount of EMI you can pay comfortably, considering all the other expenses. you can check your home loan eligibility on the DHFL Home Loan website
2. Calculate your loan eligibility for various loan tenures based upon your EMI and age. opt for the shortest tenure possible. Disclose your sources of income, as it can improve your chances of eligibility

• Step 2. Check approval status of your property : 

Check all the documents of the property properly from the first owner to the last owner of it.  The approved map plan should also be available for the self-constructed property.

• Step 3. Floating or fixed home loan rate

The next step is to know whether you need to go with a fixed-rate or floating rate. floating-rate loans come with nil prepayment charges whereas Fixed rate loans may be advised when your monthly expenses won’t take any additional burden/ unpredictable increases on account of interest rate rises.

• Step 4. Home Loan prepayment and foreclosure charges

While the home loan is sanctioned for tenure as long as up to 30 years, most people pay off their home mortgage in around 8-10 years. This is because most people pay off partial or full payment of their loans when they have a surplus amount of money. 

Therefore it is important to select a bank that allows you to prepay your loans without any charges. as per RBI, prepayment penalty charges are not allowed on floating rate home loans. Whereas banks do charge a prepayment penalty charge on fixed-rate loans which can vary from 1%-3%.

• Step 5: Selecting the best bank is very important

The selection of a bank should not only be based upon the rate of interest but also various other factors like the Turnaround time and customer service levels. Check the previous base rate trend of the banks you are considering. This will help to let you know the frequency at which the bank rates change. Compare offers and choose the best one and not necessarily the cheapest.

Also read:- Tips that will help you close your home loan early

Is home loan expensive?

Buying a home is one of the main interests in a great many people's lives. In this manner, it is critical to be very much educated as you start the cycle. Since numerous people will require a lodging loan so as to make their buy, it is essential to have a comprehension of the home loan market. In this guide, we give clarifications and examinations of the home lending market in India. 

At the point when you take a home loan, you don't simply pay the EMI on the loan. There are a few different charges, however, not all apply to each case. There could be a handling expense of about 0.5-1% of the loan sum. Now and again, the lenders defer it. For some high-value properties, two assessments are done, and the lower of the two is considered for loan endorsing. The lenders call it a specialized assessment expense. Most lenders connect with firms to examine borrowers' authoritative archives. For the most part, banks remember this expense for the preparing expense, yet some public sector (PSU) lenders charge it separately. 

It's critical to comprehend that most loans in India are evaluated with "rest" interest rates, rather than "flat" interest rates. Interestingly, loans in different nations regularly charge "flat" interest rates. This differentiation is significant in light of the fact that flat rates are regularly more expensive than rest rates because of the manner in which each sort of interest rate is determined. 

 The bank charges interest dependent on the leftover equilibrium of the loan after every month. This implies that your regularly scheduled payment will be about Rs. 25,176. This regularly scheduled payment is at first comprised of general interest payments and a more modest part of head payments, yet moves towards head payments all through the loan.  

Home loans are typically evaluated with fixed or floating home loan interest rates. Those with fixed rates will in general charge a given interest rate for a set number of years (regularly 1 to 10 years). After this timeframe finishes up, the lender will charge you a floating interest rate. These rates are alluded to as floating since they vary dependent on reference rates, (for example, the lender's MCLR rate) to which they are fixed. 

The expense of your home loan will be impacted by various elements. Most importantly, it is useful to consider the point of view of the lenders who plan to amplify returns while limiting misfortunes. To accomplish these objectives, lenders will in general charge higher interest rates for loans that they see as less secure. In the following barely any areas, we talk about danger and different components to assist you with seeing how your home loan will be evaluated. 

ICICI home loans are at appealing interest rates beginning at 6.90% p.a. with stretched-out loan residencies as long as 30 years and simple repayment choices.

Also read this: List some features that makes home loan different from other loan

10 Simple steps to ensure home loan

A home loan plays an important role in the life of people who want to have a house or more investment. A home loan is one of the best financial ways to buy a house where you need to get the benefit of low interest to pay and having the choice to select a long tenure. Whenever there is borrowing there are questions like from whom to take, is the lender reliable, will I be able to pay, etc. but the loans are having their own purpose to fulfill which are applied as per the need of the borrower.

Steps to ensure home loan are

•  Research

Before applying for a home loan your aim should be to do research on three factors of loan which are down payment, EMI payment, and the repayment period. With these factors, you can decide which lender you should choose with an impressive home loan interest rate.

•  Affordability

You can always choose the location to live but if you are not able to pay the home loan amount then you may face consequences. Choosing the right lender is important for those who have a steady income because the EMI payment is compulsory so are your other overhead expenses.

•  Expense control

You should have proper control over your expenses when you are up to pay a high amount of EMIs. Spending money on luxury every time is not the choice but this tenure period will, later on, bring a joyful smile on your face with no burden.

• Ideal EMI choice

You always have the option to down payment the more down payments you do the lesser EMI payment will be. It is all about reducing the stress so you should be calculative with your down payment and your savings for other personal expenses.

• Balanced Tenure

Your tenure and EMI should be balanced, if the tenure is at maximum then you will be a high amount of EMI but at small parts of each month but if you choose to pay earlier then this will save a lot of money.

• Credit Balance Maintenance

Your credit score should be more than 750 which will help you in the approval of the loan and better interest rate. The best way is to keep doing credit payments on a regular basis.

• Before Foreclosure

Reading all the norms and rules of RBI on a regular basis which changes frequently and can be beneficial for you as well.

• Eligibility

Make sure you are having enough eligibility which will save you from getting and default or disapproval for the home loan application. In ICICI Home Loan you don’t require much eligibility, just 2-3 aspects they consider to approve your valuable loan.

• Additional/hidden expenses

There are banks that charge a processing fee, service charge, etc. these are just one-time charges and if the lender is charging them monthly or more regular intervals then take them into consideration.

• Carefully read agreement

Reading agreement is the key even if you are done with all your formalities it is the responsibility of every citizen to read the agreement of home loan carefully.

Now since the above-mentioned tips are enough for the guidance still some people get tricked by the lender it is because they are not reading the agreement well and also not following the RBI rules. If the lender is not following the RBI then you can file a complaint as well but ignores these things. In a rural area still, many people are paying EMI for the house without knowing the exact details of their loan but it doesn’t mean the lender is not trusted . If the lender is from the government sector then you can trust them because they are directly licensed by the government.

Also read this: Do Home Loan Rates Differ From Places

Is Buffering On Home Loans Possible

Any emergency crisis can take the hope of many people. Everyone tries to live comfortably for which they take various measures to fight against the crisis. Earlier people used to purchase products without caring about the fact how to keep that product safe similarly in home loan people keep paying low interest rate on home loan but it is not important that the price of interest may remain the same.

If you take the current situation of the covid-19 pandemic many people suffered losses during these 3 months of March, April, and May where they were not having enough sources to pay the amount of debt so here they can have a choice of buffering on the home loan. It is like a piggy bank for you which will work for a purpose.

Ways to create home loan buffer

• Savings in the offset account:  With debt payment, if you can manage to deposit an extra amount in an extra offset account which is linked with a home loan then it will be like a piggy bank for you
• Flexible features in existing home loan:  If your loan providing lender supports you with buffering features then you can surely choose for it and if you need a high amount of loan then you can choose Axis Bank Home Loan who is already working for the betterment of society as well.
• Extra debt payments:  If you are doing extra payment with EMI then later on you will realize that this advance payment can save you during any emergency. E.g. The loan amount is 3000000 and the interest rate is 10% for 30 years means Rs. 26000 approx you have to pay then if you are doing extra payment with it then you are saving the money already.

Needs for home loan buffer

• On the purchase of a new house, there are many expenses to pay other than home loan EMIs.
• For the provision on not to delay the payment otherwise, there will be a possession
• Loss of income source
• To safeguard when the expenses are high during the festival
• If you meet with any emergency situation like an accident or any health-related illness.

To increase the buffering amount is not the only way but it is one of the most affordable ways to pay your debts during any emergency.

Buffering is like an investment too which doesn’t charge any interest and will work for you in paying the debt amount during the crisis. Many policies and changes are introduced in the market, some beneficial for the borrower and some not but covering the risk of loss or extra expense is a smart choice which is taken by many people.

Home loan as per my income

Whichever borrowing or loan you ask for your income decides how much you should ask for. Income is the only by which you can buy a product and income is the only source you can buy a mansion as well. During any loan process, an income gives surety that the debts will not remain due and they will be paid off. When you avail of a home loan your income is the first consideration in the eligibility criteria because they give the lender a green signal on approval of your home loan application.

Salary As per income

You can get a loan on your income but before that, you have to know how much the amount you can avail of. The banks only offer max 90% of the Home purchasing amount like if you have Rs. 50,00,000 of purchase then the bank will pay you only Rs. 45,00,000. Now comes the salary part if you have a salary of at least Rs. 10000 still you are eligible for a loan but the loan amount is 60x of your income depending on the tenure period selection.

Benefits of Income in home loan

1. Affordability to pay EMIs.

If you have income sources to pay then you don’t need to worry about the home Loan Interest Rate debt amount. Even at the low income, you are eligible to pay EMIs but the tenure period changes as per income. This is why some down payments can save you from these longer tenure period expenses.

2. Foreclosure benefits

Foreclosure is the key to saving your extra money from the home loan; this is why extra savings and extra income sources are called lifesaver because the 1-time extra charge can save your thousands of expenses.

3. Qualifies for Loan eligibility criteria

Your income is the key to make you qualify for the home loan. A good earning person can enjoy the home loan relief but if the person has just started then more the tenure means more the interest will be.

Why are many businessmen able to purchase houses more than a salaried one? It's because he counts its money only when all his expenses are paid off. This is the reason a well earning salaried person or business personnel applies in the Axis Bank Home Loan scheme.

Remember when your income is taken into consideration at that time various allowances get excluded from your income like if you have Rs. 10000 of salary and if you have a medical allowance of Rs 2000 then your salary will be considered as Rs 8000 only. A great way to pay off your loan is when you have an extra earning source and with that you, yourself, take a decision after excluding all the expenses.

Home loan myths

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