There will be no difficulty in buying a house, do these things while taking home loan

There will be no difficulty in buying a house, do these things while taking home loan

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Home loan Interest Rate: Everyone dreams that they should have their own roof. A common man spends his entire life’s earnings to build a house. People add pie-pie to build a house, take a loan, then only the dream of the house is fulfilled. However, now home loan is easily available. Home loan is available with easy process and low interest rate.

Different banks have different terms and interest rates for home loans. It is much easier to take a home loan with a spouse or a close relative of the family. There are many benefits in this along with more tax savings, but any lapse in payment of installments can also become a problem for both. If husband and wife are taking home loan together, then keeping some things in mind can prove beneficial for you.

There are some basic things to keep in mind while taking a home loan. From which bank you are taking the loan, what is the interest rate, what is the EMI status and in what time the loan is to be repaid. After studying all these things, one should take a loan. If you are taking a loan jointly, then there are many advantages.

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loan tenure
When you apply for a home loan, the tenure decision should be taken very carefully. Because EMI is fixed on the basis of tenure. Banks generally provide loans for tenures ranging from 5 to 30 years. You should choose the right tenure according to your ability. If you choose a shorter tenure, the loan installments will be completed sooner, but if you choose a longer tenure, the financial stress will be less.

EMI burden
If husband and wife are taking a loan for the house together, then the biggest advantage of this is that the burden of repaying the loan on one person is reduced. You can buy a big house together. The government gives exemption on registration fee to women, which can be beneficial. If both of you are taxpayers, then both can claim separate tax exemptions so that you may be entitled to higher exemptions.

When you take a joint home loan, the credit limit of both the husband and wife gets exhausted. If this happens, in case of emergency or for education loan for your child, the bank can refuse to give the loan.

home loan insurance
Both husband and wife have taken a loan for the house. If any one of them dies, then the responsibility of repaying the entire loan falls on the living person. Home loan insurance must be done to avoid such an incident. In case of insurance, it is the responsibility of the insurance company to repay the loan.

Tags: bank loan, Home, Home loan EMI

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