Property prices in metro cities are nowadays soaring high and completely away from the reach of a common man. Here, housing loans are serving as a better bridge to connect well with these properties and to won them wisely on affordable EMIs. These loans are definitely worth deploying into your life in order to realize your home dream into pure reality. Let us see some of the real facts associated with these loans in detail:
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• This home loan is always possible, when the property planned to purchase is completely freehold or owner selling the property is first owner or allotted. Here, flats constructed by builder will come under construction property, which are always easy to avail loan unlike any other existing property purchase options.
• While planned to buy a flat from the builder, it is suggested paying loan in fully rather in parts. It will allow you to avoid pre-EMIs for loan and instead start paying regular EMIs before occupying the flat. This will help you to save more money on loan repayment for you.
• It is always wise to consider LIC for your housing loan, which allows partial disbursement of loan and repayment of full EMIs unlike banks. Banks always say no to the partial disbursement and full EMI repayment option mentioning that it is not possible with them. Bit, LIC allows such practices, which is a great thing for an individual that is availing home loan.
• While buying resale properties, there will be a conflict with the original price paid to the registered amount. Such conflicts will result into additional financial burden for the buyer. Discuss these facts in detail with your bank before availing loan as some of the banks are issuing two checks in similar incidents as one check in the favor of the property seller and another in the favor of buyer. This will save the conflict to a good extent.
• Never allow issuing check directly to the builder from your bank. Make it sure that the check in the name of builder will be issued to you rather sending it directly to the builder. This way you can keep a control over the progress of the construction and release this check from you while the progress from the builder is satisfactory.
• Paper work in the home loan process definitely deserves attentive attention from you without fail. Never be quick and careless with this documentation process. Read everything in detail and seek some advice or guidance from an expert in this field regarding to these documents. Any careless approach with this documentation can lead to paying excess than the required for you on this home loan.
• This home loan is always possible, when the property planned to purchase is completely freehold or owner selling the property is first owner or allotted. Here, flats constructed by builder will come under construction property, which are always easy to avail loan unlike any other existing property purchase options.
• While planned to buy a flat from the builder, it is suggested paying loan in fully rather in parts. It will allow you to avoid pre-EMIs for loan and instead start paying regular EMIs before occupying the flat. This will help you to save more money on loan repayment for you.
• It is always wise to consider LIC for your housing loan, which allows partial disbursement of loan and repayment of full EMIs unlike banks. Banks always say no to the partial disbursement and full EMI repayment option mentioning that it is not possible with them. Bit, LIC allows such practices, which is a great thing for an individual that is availing home loan.
• While buying resale properties, there will be a conflict with the original price paid to the registered amount. Such conflicts will result into additional financial burden for the buyer. Discuss these facts in detail with your bank before availing loan as some of the banks are issuing two checks in similar incidents as one check in the favor of the property seller and another in the favor of buyer. This will save the conflict to a good extent.
• Never allow issuing check directly to the builder from your bank. Make it sure that the check in the name of builder will be issued to you rather sending it directly to the builder. This way you can keep a control over the progress of the construction and release this check from you while the progress from the builder is satisfactory.
• Paper work in the home loan process definitely deserves attentive attention from you without fail. Never be quick and careless with this documentation process. Read everything in detail and seek some advice or guidance from an expert in this field regarding to these documents. Any careless approach with this documentation can lead to paying excess than the required for you on this home loan.
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