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 ...