Applying for a Home Loan can be really tricky but it’s really important to avail one if you are planning to purchase a home of your own. So, what can be done to successfully avail a Home Loan without breaking a sweat? The answer is careful loan planning. If you plan your purchase of the house and the loan application strategically, the housing loan can turn into a blessing for you.
Here’s what you can do:-
Make Sure the Property or the Builder is Credible: To avoid fraud and get the loan approved faster, it is important to ensure the credibility of the builder. The same can be done using the RERA list. Make sure the builder is listed in the RERA list.
Check your Home Loan Eligibility in Advance: Check all the Home Loan eligibility criterions and the amount you are eligible to borrow in advance. This gives you an upper hand on your loan application.
Maintain the Balance and Pay a Higher Down Payment: Once you know your monetary eligibility for the loan, decide the down payment amount. Keep the ratio 40:60 – 40% down payment and 60% housing finance.
Devise a Repayment Strategy in Advance: Create a repayment plan and gauge its viability. Attach it with your loan application to ensure faster approval.
Acquire the Know-how of All the Tax Benefits available for Home Loan Subscribers: Housing finance scheme subscribers are entitled with tax rebates under section 80C, 24B and 80EE of the Indian Income Tax laws. Gather the know-how of how to claim it.
Gather All the Documents Before Applying: Last but not least, gather all the documents in advance.
Bottom line: All this would make sense only if you choose the right scheme. So, first and the foremost prerequisite is to find and apply for the right housing loan scheme.