The best time to buy your own home is now. There is no such thing as good time or bad time. Neither property prices nor interest rate should impact your home buying decision. What you can do is that, you can select the best property in your budget and compare interest rates across all lenders. In this venture of yours, you can take help of Apnaloan compare tool where you can see interest rates across all banks and HFCs along with prominent features. This will enable you to firm up your decision.  Owing to high rentals, attractive home loan rates and tempting property projects, who would not like to go in for his dream home, sooner or later. Let it be sooner, than later.

You have selected the property, now it’s time to arrange for home loan. Home loan is the best means to fund your home as rates are competitive and you get tax benefit too for the payment of principal as well as for interest.

Ideally you should take home loan for a term of 20 years and above so that you get maximum loan and also EMI comes is in the reach of your repayment capacity.

Home loan is also a DEBT and you should be very careful before taking this. Everyone knows that in the initial years interest part is more and principal part is very less. As some years pass, this configuration changes.  Taking a home loan needs disciplined working as it involves lot of paper work and for that all your documents should be in line with the ones required by your lender. Some important documents are common across all banks like your KYC documents which include your identity proof and proof of residence to be backed by documents like PAN Card, Passport, Aadhar Card or any other.  It is very important that you check your eligibility by using Apnaloan eligibility calculator which will tell you the loan amount you will be eligible for. After putting your house in order, it’s time to step out to meet your chosen home loan lender. Don’t forget to take out your CIBIL score card, as it will enhance your negotiating power if your score is above 750.

Remember your loan off take should not be more than 40-45% of your monthly income but if you are looking for a higher loan, you can club your spouse’s income as well. This will enhance your eligibility.  Bank will ask your income documents to support your claims.

Now that you have furnished all these documents, you are not far from your dream home, but remember loan is given on agreement value of property which means that stamp duty and registration charges are not included in the loan amount.

So this festive season, be a proud owner of your home!