With digitization hitting the markets, you can now sell or buy property with just a few clicks here and there. One of the most famous digital platforms that evoke a sense of ease and tranquility in real estate trade is Distress Bricks. It is the first digital platform that creates a strong base to buy and sell a property within a stipulated time period.
Purchasing a house is a one-time investment that needs a proper investigation, efforts and a lot of bank notes. A majority of the population prefer to take a helping hand from the financial institutes in the form of a loan. Are you one of those who is looking forward to going in for a home loan? If yes, let me bring to your notice some of the basic questions that needs to be justified with a proper answer before you go for a home loan. Read on to find out about them.
1. What does the market have in store for you?
The market out there has lots and lots of things that need to be well introspected before you finalize your quest. Streamline the various sources that you would like to consider for a loan. Also look out for the various interest rates that the financial institutes are offering, compare and then zero in your choice.
2. Is it the best time?
A country’s economy never walks on a straight path. It has the habit of getting influenced by the external forces. This very economy affects the home loan rates and the policies that keep on changing with each and every milestone. Hence make a market study and then analyze whether it is the right time to indulge in a home loan or is it advisable to wait and then take a move.
3. How much credible is your credit score?
Your credit score plays a major role in deciding upon the amount of loan that you could be eligible for. If your credit score is meager then you might lose out on some really lucrative home loan deals. On the contrary, if your credit score is applaudable then you could bag some really good home loan deals.
4. What are the eligibility criterias?
A home loan comes with an eligibility criterion. Gain insight of the various criteria that each and every financial institute has. Also be wise enough to accept your capabilities in regards to repaying the loan amount.
5. What documents are required?
Run through the list of documents that you are required to submit at the time of availing the loan facilities. The loan form will have a detailed list of the all the things that you are mandated to provide at the time of availing the loan services. Do not forget to check that all the documents are available.
6. How do you want the EMI to be?
You know how much your fixed income will be and accordingly choose the portion of EMI that you can very well pay. This way you will never miss out on any of your future EMIs making thus avoiding future troubles.
7. What are the tax benefits?
Find out the various tax benefits that you could be entitled to by going for a home loan. Deductions under section 24, 80C and 80EE are provided if you are going for your maiden purchase. If it’s not your maiden purchase then you are eligible for tax deductions only under section 24 and 80C.
8. What if you want to prepay the amount?
Also, inquire about the prepayment policies that the financial institutes have. What if you are in a really good financial position and you want to pay off a part of the loan in advance? Find the consequences or the benefits of prepayment.
9. Do I need a home loan insurance?
A home loan insurance often safeguards a future that is often uncertain. It makes it easy for the family members if there are any unavoidable or atrocious circumstances. Nevertheless, it is not mandatory as pitched by the financial institutes. It entirely depends on your capacity and how you want to take things ahead.
Final Note
Availing a home loan is a decision that needs to be carefully taken and indulged in so that you do not regret at a later stage. Apart from the above-mentioned questions, you can also gratify your own set of thoughts before going in with your choice. Moreover, if you are willing to invest in real estate property through an online portal you can very well avail the services of Distress Bricks – the first digital platform that helps in making your wait a legal and prudent one.
