Home loan interest rates are at an all-time low. The interest rates of many banks and housing finance companies are now starting at 6.75%.
The coronavirus pandemic kept buyers away from the real estate market and pent-up demand is visible in this sector.
So, are you also thinking of buying a new house? Then, take note of these five factors:
— EMI you can afford
If you are taking a home loan, the bigger down payment amount you can give, the lesser loan amount you will need. The EMI amount will take away a large chunk of your salary. So, do not forget to evaluate all the expenses.
Don’t just see the location of the house on the map. Go and visit the location of the property or apartment and nearby areas. It should not be in a far-flung area and commuting to your workplace should not be a hassle.
— Visit the location in evening
This question may seem strange but is important. Obviously, you will visit during the day. But to know how a location is in terms of safety and commuting, it is important to check it in evening to get an idea about its proximity to public transport options and shops.
— Bank balance
When the loan will be given, your bank statement is checked as it reveals your ability to repay the loan.
— CIBIL score
This score gives information about all your loans and contains information about about your credit card payments, old loans or any old default. If you do not have a CIBIL score, then your bank statement will be considered.
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