Mistakes to Avoid When Taking a Home Loan.
1 Taking On More Home Loan Than You Can Manage.
- How to Check the Right Home Loan Amount for You?
a. Calculate Your Home Loan Eligibility
b. Calculate Approximate Home Loan EMI
c. Make Sure Your Debt is Less Than 40% of Your Income
d. Create a 6 Month Emergency Fund
2 Not Doing Enough Market Research Before Finalizing Home Loan
- Things to Look for When Doing Market Research.
a. Housing Loan Interest Rates
b. Additional Charges & Fees
c. Tenure
3 Forgetting to Insure Your Home Loan
- What Happens if You Forget Home Loan Insurance?
a. Your Family could Lose the House in case of Your Death, Disease or Disability
b. You won't be covered in case of Building Fire, Theft, etc.
4 Not Taking an Official Acknowledgement of All the Original Documents You Submit to Your Home Loan Lender.
5 Signing the Home Loan Documents Without Reading Through the Fine Print.
- How to Go Through the Home Loan Agreement?
a. Always Go Through the T&C Very Carefully Before Signing
b. Do Not Hesitate to Ask Your Home Loan Lender in Case of Any Doubts
c. Reconfirm Everything Written Inside the Agreement
If you have any Queries, please leave a comment below.
You can also reach out to us on our website: https://www.hdfcsales.com
Here are the links to our Home Loan Calculators:
- Home Loan Eligibility Calculator: https://www.hdfcsales.com/home-loan-eligibility-calculator
- Home Loan EMI Calculator: https://www.hdfcsales.com/home-loan-emi-calculator
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