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Friday, 28 July 2017

Points to Remember Before Applying For a Home Loan in Mumbai


Considering the skyrocketing property prices and the average earnings in Mumbai, Home Loans are the best solution for those who wish to own a home there. Home Loans, offered by banks and housing finance companies don’t affect a borrower’s liquidity while providing tax benefits.home-loan .jpg
To find the best Home Loan scheme in Mumbai, these are the points you need to keep in mind:

Interest Rate Comparison
A major portion of EMIs go in servicing the interest which differs for every bank/NBFC. Borrowers should compare the fixed/floating interest rates of different lenders and choose wisely. Floating rates promise more savings in the long run and with RBI’s mandate regarding the lending rate being based on the MCLR, Home Loans got even cheaper.

Co-Borrower
Buying a home in Mumbai will require a principal which is proportionate to the steep property prices there. With a co-borrower (your spouse, parent or earning child), you can increase the Home Loan amount you are eligible for by increasing your collective income and repayment capacity.

Good Credit Score
How you honor previous loan commitments gets saved in CIBIL’s extensive creditworthiness records. Banks will check this record to decide the lending terms of your Home Loan. If you have been servicing previous loans and liabilities on time, you will have a high credit score that entitles you for a loan with more favorable terms.

To know more about Home Loan, read at:

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