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First Timer's Home Loan Buyer's Guide

Planning to take a Home Loan? Well, read this PDF to know more about Home Loans. As first timer Home Loan buyer, you will get all the Home Loans guidelines and the possible ways from which you get benefited.

Planning to take a Home Loan? Well, read this PDF to know more about Home Loans. As first timer Home Loan buyer, you will get all the Home Loans guidelines and the possible ways from which you get benefited.

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The first-timer’s guide to <strong>Home</strong> <strong>Loan</strong>s<br />

Talk to your builder about home finance<br />

APPROVED<br />

Many builders have tie-ups with loan providers<br />

Such lenders are more likely to approve your loan<br />

Check if the interest rates and other terms are competitive<br />

See if other lenders have pre-approved this project<br />

Find out your loan eligibility<br />

CIBIL<br />

Your loan eligibility depends on your income and liabilities<br />

Use an online calculator to find out your eligibility or check with the lender<br />

If your loan requirement is higher than your eligibility, rope in a coapplicant<br />

Maintain a healthy CIBIL score to improve your loan eligibility<br />

Determine your EMI<br />

AshortloantenurecouldmeanahugeEMI<br />

Keep in mind that you will be paying these EMIs for quite a few years<br />

Ensure that your EMI is not more than half of your net monthly income<br />

Otherwise, it could be a huge financial strain<br />

Fixed vs. Floating Interest Rate<br />

With a fixed rate, you do not have to worry about rate fluctuation<br />

Fixed Interest Rate<br />

Floating Interest Rate<br />

But a floating rate lets you take advantage of falling interest<br />

Go for a fixed rate if interest rates have been rising. Otherwise, opt for a<br />

floating rate<br />

Note the inherent risk in floating interest, though. Despite all predictions,<br />

the interest rate could rise<br />

Taking a <strong>Home</strong> <strong>Loan</strong> is not stressful if you plan ahead. Follow these steps and you will soon<br />

have your dream home.<br />

Click here to know more about Bajaj Finserv <strong>Home</strong> <strong>Loan</strong>s<br />

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