Pharande Puneville Punawale

Important Points to Consider While Taking a Home Loan:-

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.
•  

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.

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.

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.

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).

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).

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.