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Necessary Things to Check Before Taking a Home Loan in Nashik

Posted last July 13, 2018, 3:43 am in Services report article

Nashik is one of the major cities of Maharashtra after Mumbai, Pune, and Nagpur. The importance of the city has surged after its more than 46 wine refineries put it on the world map. Hence, it’s called as the ‘Wine Capital of India.’   

If you are looking to settle in Nasik or if you live there and willing to purchase a dream home with the help of a Home Loan, you can do that. A housing loan can help you grab between Rs.20 lakh and up to Rs.10 crore.

However, before you go ahead start applying for a Home Loan in Nasik, you should consider some factors so that your loan is approved.

Home Loan in Nashik Factors to Consider

  1. Check your Credit Score

All Home Loan borrowers should note that lenders will first check if you have required creditworthiness to afford a House Loan or not. For doing that, they will pull out your CIBIL Score from the CIBIL authority and know if you are financially capable or not. Thus, having a good Credit Score as high as 750+ out of 900 is what lenders consider ideal while approving a Home Loan application at a lower interest rates. You can build your Credit Score by paying your existing loan EMIs on time including the Credit Card outstanding.

  1. Shopping Around for a Good Deal

Even if you have a healthy Credit Score that will help you get a housing loan, you should not deprive yourself a chance of availing a lower Housing Loan interest rate. You can do that by going through the best Housing Loan offers as per your needs, and budget on a third-party website. Comparing the best offers, shortlisting again, and then making a choice will help you seize a better deal.

  1. Learn about the Home Loan Interest Rate Types

Home Loans have two types of interest arrangement – fixed and floating ones. During the fixed rates, you are expected to pay a fixed EMI which mean you can manage your monthly income as you know what to keep aside. On the other hand, opting for a floating interest rate means paying fluctuating EMIs which depends on market conditions. Thus, the EMI could be low or high sometime, and you won’t be able to control it. If you don’t want to take a risk, you should not go for a floating rate.

  1. Discover Pre-payment or Foreclosure Charges Beforehand

A Home Loan in Nashik or elsewhere is a long-term commitment which means your monthly income will get affected for a long time. And you won’t be able to fulfill your other wishes. However, during the course of your House Loan, if you get some money from unknown, unexpected sources, bonuses or salary increment, you should be able to pre-pay or foreclose the loan before its tenor. When you pre-pay your Home Loan, it reduces the loan principal, and also interest-rate and EMIs. Also, foreclosing the House Loan before its scheduled tenor can help you divert your income towards fulfilling other goals in life. Also, check if your lender is asking any pre-payment or foreclosure charges because most of them do not ask these days.

  1. Read the Fine Prints

It will also be good to go through the fine prints of your Housing Loan. It is vital to note as once you are aware of the terms and conditions of your lender, you will be aware of everything. Knowing everything will not feel you cheated in case there is a breach of trust between you and your lender later.

The Bottom Line

A Home Loan in Nashik is available to avail from leading online and offline lenders only if you have the required eligibility and if you know vital factors to consider. If you want to know your eligibility beforehand, you can check it via Home Loan eligibility calculator. It is available at a lender’s website free. Happy Home Loan application in Nashik!