Planning to buy a house, land or a real estate property and looking for a mortgage loan in ahmedabad. Well, then we are here to help you with it. We are going to tell you about some of the most important things that you should keep in mind while taking a mortgage loan.
Getting the mortgage loan is easy as compared to business or personal loan. But still there are some things. That you should always look for while choosing a lender for the mortgage loan.
Nowadays a lot of information is available on the internet. So make sure you do your research thoroughly about four important things – down payment, repayment tenure, interest rate and available EMI options.
These are one of the most important things that you should look for while applying for a mortgage loan. These 4 things can help you determine a lender that will be best for you.
Mortgage loans are usually larger in amount. Which is why you always need to look for affordability. By affordability we mean – you should be able to afford the loan monthly emi’s. It should not create an extra pressure where you have to compromise on your cost of living.
So always make sure you look through all the available options to see which lender is able to offer you the best amount of fixed monthly emis. That can be easily fitted into your cost of living. So that if any kind of emergency situation occurs (such as the coronavirus outbreak last year) you can deal with it and don’t feel like you made a wrong decision. Which is why getting a house at a good location is important. But what is more important is that you should be able to afford it.
Choosing a correct EMI option is very important. As everything depends on it. Every lender which in your case would be Zatpat Loans offers various EMI options for a borrower to choose from. So make sure you have a good look from all the available options and choose the one that suits you the most.
The EMI also depends on the amount of down payment you make. So make sure to ask your lender about it. As the smaller the EMI can be, the less stressful it would be for you.
4. Repayment Time
Repayment tenure is the time that you will be taking to pay back the loan. EMI and repayment tenure go with each other hand in hand. As when you increase the repayment time the amount of EMIs decreases. But it would result in an increase in the interest rate or in some cases it can double.
Which is why it is always advised that you should choose a short repayment tenure if you have a stabilized income. Even some lenders offer less interest rate when you choose short repayment tenure. So make sure to look for that as well.
5. Credit/CIBIL Score
CIBIL Score also known as Credit score is one of the essential requirements to get a mortgage loan. As it will decide as to the amount of loan will be sanctioned to you (with the property and the other factors laid by the lender).
The higher the credit score (normally it is said to be more than 750) the higher the chances of getting better interest rates and offers on your mortgage loan. Not just that even your application is processed quicker as compared to having a credit score less than 750.
6. Additional Charges
Every lender has their own policies and procedures as to how they process the application and the cost incurred in it. Such as administrative, processing or service charges. Which is why you should always ask your lender as to what all charges will be incurred for getting the mortgage loan.
Take this step very seriously as reading through the documents is very important. So that you know what all is included or are there any hidden terms and conditions. Not just that, by reading the loan documents you are sure that you have all the knowledge about the loan and its policies.