Here are five points first-time homebuyers should take note of

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.

— Location

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.