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Home Loans with Ideal Interest Rates

Home Loans with Ideal Interest Rates

If you were living in a Utopian society, then it would very well mean that everybody had the resources to do everything and acquire anything. However, considering reality never tends to be as generous, loans are an indispensable part of modern society and economy. This especially holds true when it comes to larger investments such as building or buying a house for  yourself. There are various tools which allow you to anticipate and calculate the amount of money that you need to borrow in order to fund your project.

These may include the house loan calculator or home loan EMI calculator. In addition, not everyone will be able to borrow the same amount of money. Your home loan eligibility is calculated basis multiple factors which include your monthly income, fixed monthly obligation, current age, retirement age etc. Your home loan eligibility can also be considered an indicator of your home loan affordability. While opting for a home loan, ensure that the amount of monthly mortgage payment does not eat into your monthly sustenance monies. Having said that, it is also important to ensure that the tenure for your home loan is kept as short as possible.

It is tempting to go for longer tenures as the amount of EMI due per month reduces with long term loans. However, the interest outgo is too high for such loans making them financially inviable. Something else to keep in mind while taking a home loan would be to take an insurance cover as well along with it. By buying a term plan along with your insurance, you can ensure that your family will not be burdened by the pending loan payments to be made, in case anything unfortunate was to happen to you. Banks have also introduced a reducing cover term plan, which offers insurance according to the outstanding amount payable.

A long term loan is never a sign-and-forget exercise. Considering banks have none or limited influence on the home loan interest rates, it would be helpful to keep an eye out for changes in rules and regulations that are being dictated by the Reserve Bank of India. Things like changes in the REPO rate and Base Rate Formula could cause fluctuations in the interest rates in the Indian market that you could capitalise on to better your Home Loan deals. Home loans are an important aspect of making your dream home ambitions come to fruition. Hence, spend some time planning your home loans, as they will affect your finances in the long run.

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