Buying a home is probably one of the single biggest investments a person makes in his lifetime. So this investment definitely needs to be made after a thorough homework. You have got to take extra precaution and evaluate the options available in the market before finalising the deal.
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In the current market, with turnaround time for the transactions like buying/selling decreasing everyday, buyers are susceptible to making `mistakes' while entering into deals. The most common one is the buyer getting into the mindset of now or never and entering into a deal not so beneficial for him. You need to take your own time and evaluate a few important aspects in property buying process.
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The current housing finance market is skewed in the favor of the buyers and many homebuyers are rushing to take a housing loan without fully exploring the options available. This is because more often than not, individuals with pre-approval letters for a loan have more bargaining power while purchasing a property.
- It's always advisable to chose the financer with care, compare the loan options available and always go with the financer who has a good track record. After all you are entering in a relationship with him for 10 to 15 years (home loans are typically of long term in nature) so the HFC has to be of repute and offer quality service.
- While going for a home loan, one should remember that loans of a shorter tenure (say 5 years) require higher payout from your side every month (EMI) since you are paying off your loan in a shorter time frame. The monthly outgo reduces considerably if the tenure is increased to 30 years. For example, the EMI for a 15-year loan is 20% higher than the EMI for a 30-year loan.
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