5 THINGS YOU SHOULD KNOW WHEN YOU ARE TAKING A HOME LOAN



Buying a new house, apartments in Kochi is once in a lifetime decision for many of us. Taking a home loan to build or buy your dream home is a hectic task, the risk is high. So to avoid any future surprises let’s try to keep some important points in our mind.

1.    The Eligibility Criteria
Determine your loan eligibility is by calculating the EMI. When the loan taker’s salary is at 40-50%, the bank usually limits the instalment, also if you have any existing liabilities the eligibility criteria become challenging.People with a regular source of income find it comparatively smoother to get the loan than a person with irregular income.

2.    Type of loan
There are 2 types of loan on interest rate –fixed and floating rate. Fixed rate loans may be attractive but for a long run, it can do harm. Floating rates is suggested unless if the economy gives any promise of a sharp rise in interest rate.

3.    Terms and condition
Read all the terms and conditions when signing the legal agreement paper. Be free to ask doubts on any matter.Penalties and add-on charges should be well understood.

4.    Rate negotiation
You can always negotiate with the bank, especially if you are their old customer.

5.    You can Switch lenders
Do n’t feel stuck in that bank from where you took the loan. The pre-payment penalty is not there in most of the banks. You have all the freedom to switch to a new bank with more benefits.


Melonwood Homes, one of the top names in builders in Kochi presents you luxury living at affordable prices. Get more uniqueness in your new home, best flats in Kochi. The ongoing projects by Melonwood Homes are Melonwood Greens, top apartment projects in Kochi, Melonwood Waves & Melonwood Rejoyz. 

To Know More  http://www.melonwoodhomes.com/

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