While reaching a decision to buy your own home brings on feelings of euphoria, the process of applying for a home loan brings you back to earth with a bang. As paying the entire amount for a home out of your pocket is rarely feasible, a majority of people approach banks and finance houses for home loans. While the banks appear to be bending backwards to help you get a home loan, you need to be wary of what’s at stake and do your homework properly first.
As with all financial products, you need to get down to the nitty-gritty on how these home loans work so that there are no nasty surprises waiting after the deal is done. The good part of the story however is that home loans have become cheaper of late, making this the ideal time to enter the home-shopping arena. Here are some important tips to consider before applying for a home loan.
Even though home loans are considered the safest, banks sanction loans based on your credit history, repaying past loans as well as you annual income. You will need to know how much you can give away each month in the form of EMI, without upsetting your bandwagon. Banks usually expect you to chip in about 30% of your monthly income as EMI and offer around 80% of the value of the home as loan – although there is no rule declaring it!
Make sure that your credit bills are paid up and any other loans you may have taken are on track for repayment. If you have too many liabilities, your credit score goes down, as these effects your ability to pay off home loan EMIs.
Chose your lending bank with care and go through their terms and conditions with a magnifying glass. Most banks differ in their loan amounts, interest rates as well as tenure and customer service and rules for early termination.
These are of two types – fixed and floating; as can be deciphered, the EMI and tenure do not change in fixed interest rates while in the latter, they change with changes in interest rates over the years.
The EMI is inversely proportional to loan tenure, so weight your repaying capacity before finalizing.
Finally, find out about any extra charges, processing fees and any other terms and conditions – could save you expensive grief in the future!
Feng Shui is an ancient Chinese art and science that governs spatial arrangements in relation to the flow of Chi (energy). This 3,000-year-old science teaches you how to balance the energies in homes, offices or gardens ensuring an improvement of your fortunes. The principles of Feng Shui should be applied when designing buildings such that rooms, doors, and windows face the right direction in accordance with its laws.
Interior decoration is an art, a work in progress that keeps evolving and changing with time. Once in a while, it’s great to give the house a makeover, a change from the usual colors, arrangements, and accessories. While it’s not always feasible to change your expensive furniture every time you have a makeover, there are ways by which you can still affect a change.
Buying a property is everyone’s dream come true, but there have been cases when it has turned into a nightmare for an unfortunate few. The takeaway lesson from such unfavourable scenarios is that you have to be diligent enough while reviewing the documents of your new property deal.
Fed up with staying on rent and having to listen to your landlords ranting? Well, maybe it’s about time you start using your rent money towards buying your own home and live by your own rules. Getting home loans is very easy these days and the money that you spend on rent can be easily used for paying your EMIs for a home loan. Before shopping for an apartment, look for the best home loan available.
The coastal city of Trivandrum has been adjudged one of the best cities to live in for the past two consecutive years. There is something about the city that casts a spell on you, as it exhibits a mix of the traditional and the modern elements. Located at the southernmost tip of India, this peaceful city also has a very inviting climatic condition. Overall, the city is a great place to start your family life.
Nowadays, home buyers are not only on the lookout for a spacious home equipped with modern amenities but they also consider Vastu compliance as an important factor to fix a purchase deal. Vastu Shashtra is an ancient Indian architectural science that details specific arrangements or settings to be done in a home to ensure a harmonious life. Following the principles of this science helps to bring positive energy and eliminate negative energy from a home. Vastu describes the principles of design, layout, measurements and space arrangements that make a lot of scientific sense.
Thiruvananthapuram or Trivandrum is an evergreen city owing to the presence of abundant greenery. The city believed to be built on seven hills by the sea shore and is located at the southernmost tip of India towards the west coast. The city has many intermingling lakes and rivers that add on to the richness of the region. This coastal city is blessed with numerous golden beaches that come to life in the evenings for the views of enchanting sunsets they offer. The weather here is usually balmy and perfect throughout the year, a source of envy for those who suffer the summer heat.