Be aware before taking home loan
Now a days home loans have become extremely common and affordable. With the growth of competition in the market, more and more banks are vying with each other to lure customers into their fold which makes it very difficult to work out who is offering the best deal.
‘Devika Pragati Group’ suggests taking following precaution while planning to take home loan:
- Borrowing should be done for the amount which you can easily afford to pay. Over stretching your financial capacity could mean trouble over the longer run as it is impossible to predict all life's future emergencies and unexpected expenses. It will be difficult to come out from a debt. So plan carefully.
- A little bit of research and study could make a difference of thousands of rupees. So try to get a detailed description of the loan plans, interest rates, fees and penalties from the lenders.
- Before availing a personal loan from any bank, do compare interest payable and other charges to know the best annual percentage rates available in the market. Always make a thorough comparison before finalizing the lender.
- Do not run behind fine prints and catchy slogans of the lenders which they make to attract the customers. Do not believe on the assurances if that are not provided in writing. If you are promised for a loan, do ask for the clauses and terms.
- Avoid making late payment as there is risk of delay charges and increase in annual rate. This will also affect the credit history. Increasing the loan tenure could end up reducing your monthly repayment burden.
Plan and manage your finances carefully before finalizing your home loan. It is better to be safe while planning your loan than be sorry.
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