Home loan tips:
Before applying for a home loan from a lender:
1. Check your credit score.
2. Save for a down payment.
3. Pay off your debts.
4. Get a better interest rate.
5. Be realistic about the budget.
After getting sanctioned for a home loan from any lender:
1. Always negotiate a low interest rate.
2. Always ask for an original copy of your sanction letter.
3. Always demand a copy of the signed loan agreement between you and the lender.
4. Always clarify and obtain in writing the applicable pre-closing fees.
5. Always demand a list of the original list of property documents submitted by you for this home loan. Keep in mind that the list of documents must be signed and stamped correctly by the authorized bank official.
6. Always clarify applicable processing fees.
7. Always demand a list of PDCs (post-date verifications and security checks) given by you for monthly EMI repayments to the lender.
8. Always ask for other applicable fees such as insurance fees, legal and appraisal fees, mortgage fees, credit score fees, CERSAI fees and other hidden or stated fees.
Always be a smart and educated borrower with Monei Matters, India – Your Financial Partner.
Home Loan Education series-1, for the benefit of home loan borrowers.
For more knowledge and articles like this, please visit http://www.moneimatters.com.