Aishwaryam Insignia Punawale

Important Points to Consider While Taking a Home Loan:-

1- Loan Eligibility & Financial Planning:

• * Check your CIBIL score (750+ is preferable).
• * Ensure you meet the bank’s income eligibility criteria.
• * Compare loan interest rates (floating vs. fixed rates).
• * Calculate EMI affordability using a home loan EMI calculator.
• * Assess additional charges like processing fees, foreclosure charges, etc.
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2- Loan Tenure & Interest Rates:

• * Opt for a shorter tenure if possible to save on interest.
• * Floating rates can be beneficial if interest rates are expected to decline.
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3- Down Payment & LTV (Loan-to-Value Ratio):

• * Banks usually finance 75%-90% of the property value; the rest is your down payment.
• * Higher down payments reduce loan burden.
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4- Hidden Costs & Additional Charges:

• * Stamp duty & registration charges (varies by state).
• *GST (only on under-construction properties, not resale properties).
• *Legal fees, maintenance deposits, parking charges, club membership fees, etc.
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5- Loan Pre-Approval & Disbursement Process:

• * Get pre-approved to know your eligibility and budget.
• * Check the time required for disbursement (important for under-construction projects).
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6- Builder/Developer Verification (For Under-Construction Projects):

• * Check the RERA registration of the project.
• * Verify past projects of the developer.
• * Ensure the developer has a tie-up with banks (easier loan processing).
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7- Resale Property Considerations (Buying from an Investor):

• * Ensure the property has a clear and marketable title.
• * Check for pending loans or legal disputes.
• * Verify the age of the property and structural condition.
• * Confirm society dues, property tax clearance, and utility bill payments.