Tips to get loan for residential apartment buying

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Information about Tips to get loan for residential apartment buying
Real Estate

Published on March 12, 2014

Author: realestatepropertyrealty

Source: slideshare.net

Tips To Get Loan for Residential Apartment Buying

Buying an apartment is a big individual financial investment plan. Possessing an apartment always influences an individual’s credibility and establishes the financial stability status in one’s life. However sometimes to buy the dream residential apartment for families is a big challenge financially. In terms of investment, it’s a big risk and certainly pegs back the individual’s income to a certain extent. However, one of the biggest advantages if one is investing real estate, the return is always positive and profitable, on the account of its resale value in the market. Anyways, the biggest challenge lies in investing on an apartment and to support selves financially, banks give away home loans at a certain interest rate. Bank loans provide the financial support an individual needs to buy their dream apartment for the family. However it’s very important to keep certain criteria’s in mind when applying for a home loan from the bank.  Impact of loan on personal finance: It’s very important to understand the impact loans can have on personal finance. Loans can cause significant ripples in the income of an individual and the subsequent EMI’s one has to pay from their monthly earnings. So repayment of loans with additional interest rate on a per month basis can make or break our lifetime savings and financial plans for life.

 Know your CBIL score: Credit Bureau India Ltd. (CBIL) will give a detailed account about your credit card usage and made the necessary payments earlier and give a credit score on a scale of 300 to 900. It also takes into consideration your existing loans, uninsured existing loans and loan repayments and number of times you have applied for a loan via credit card usage.  Co-Application: Banks will assess the current and past financial situation of an individual. Before giving away home loans, financial institutions will verify and see if the loan can be repaid on time as promised. However if the requirement of loan is very high, then bank will increase their limit only when a co- applicant like spouse or parents are present. Bank also sees during this time the amount of time you will take to repay the loan.

The above mentioned factors/criteria’s should be taken into account seriously before taking a decision to go for bank loans. Bank loans are a big liability in terms of interest rates and there is no escape apart from repaying back the debt. Courtesy: When it comes to buying apartments in Dwarka Delhi or one has to find residential apartments in Gurgaon for sale, loan offers make the buying process smoother.

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