Home Loan Guide for First Time Home Buyers in India


Buying your own home for the first time evokes a lot of emotions. Exhaustion and excitement - you can feel it all at once, and for good reason. No matter how much we value it, you can't buy a home by adding it to your shopping cart or browsing the catalog. This requires months or even years of smart strategic planning and careful financial decisions. So when you're ready to welcome your dream retreat, here are some tips to get you started.  

Know your needs

In order to align your home to suit your needs and expectations, the first thing you need to do is to study your current lifestyle and find out what kind of environment you live in.

Suburbs, city or country? Urban and suburban areas often offer excellent social, educational and career opportunities, ideal for starting families and connecting with local communities.

However, if you want to get away from the noise of big city life, a house in the countryside will be of great help to you. Before you decide on one, make sure to visit the locales, evaluate its connectivity, and explore nearby schools, grocery stores, hospitals, and other important locations.

Choose a financier

Once you've zeroed on your desired property, it's time to get your finances in order. With real estate prices fluctuating, home loans make it easy to buy the home of your dreams. The first step in borrowing is choosing a trusted credit institution.

Take an in-depth online survey and compare different lenders. Choose one that offers a combination of easy eligibility, payment flexibility, tenure extension, faster processing, and affordable home loan interest rates.

Fulfil loan eligibility requirements

Before applying for home loan, check the eligibility criteria for your loan lender of choice. Failure to meet the requirements after applying will lower your chances of getting loan approval and may affect your credit score. Eligibility for a home loan usually includes seniority, credit score, age, monthly income, etc.

Improve your credit score

Credit score is one of the first things lenders consider. So having a good credit score, preferably 750 or higher, can help lenders determine your creditworthiness and increase your chances of getting a loan. With an excellent credit score, you can also qualify for attractive interest rates.

The best way to improve your credit score is to pay your current loan on time and pay all your credit card bills regularly. Also pay attention to your credit score. This allows you to smooth out errors or inconsistencies if and when they occur.

Calculate your EMIs beforehand

Before applying for home loan, create a payment plan by assessing your EMI skills. Currently, you can use the EMI Home Loan Calculator to calculate EMI against various interest rates, tenures, and down payments. You can also find out about interest due in advance.

Read More : 4 Things to Consider Before You Apply For A Home Loan

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