04
Jan
Do your homework before opting for home loan (1)
So you have finally decided to buy your own house… With this single decision follows a chain of other decisions, ranging from choosing the property, choosing a home loan offer to deciding the furniture for the new house. However, believe me this is not as simple as it sounds… There are many important points to be looked into before signing on the dotted line… In this 2-part series, I will cover 9 important points that must be carefully considered.
- Look deep in your wallet before deciding the property Now that you have set your heart on a house that is perfect for you, have you carefully thought of whether your wallet will be able to handle the cost of your dream home? Going for a house that you can’t afford to pay for is like eating more food than you can digest. You end up with indigestion, and in this case the indigestion may cost you dearly!
- Look closely at your lifestyle and financial capabilities Plan for an unfortunate eventuality like loss of job or illnesses and ensure that your wallet will be able to take the pinch for a few months at least. Pay attention to your other debt liabilities before going in for the home loan.
- Evaluate market conditions Understand the real estate market and evaluate if the property prices are stable and not likely to fall further. Do your research on home loan interest rates, see if they are likely to decrease or increase in future depending on the existing market conditions, you may not want to lose out on a good deal because you jumped in too early.
- Higher loan amount increase burden of debts Having high credit card outstanding and a number of other loans not only brings the eligibility for higher loan amount down, it also increases the burden of paying all of these debts off.
Concluded in Part 2.
PREFERRED PARTNERS | |
 |
Want your business here? Email me now!! |
 Click Here to subscribe to the latest updates | CLICK for a special FREE offer to recharge your life | |
| Tags: Gyaan, Home loan, Legal issues, Opinion, Thought Leadership, Tips | If you liked this post, buy me a beer! |
January 7th, 2010 at 11:50 pm
I simply wanted to add a comment here to say thanks for you very nice ideas. Blogs are troublesome to run and time consuming therefore I appreciate when I see well written material. Your time isn’t going to waste with your posts. Thanks so much and carry on You’ll defintely reach your goals! have a great day!
[Reply]
Sagar Reply:
February 11th, 2010 at 7:27 pm
Hi Hipolito,
Thanks for visiting my site and for the comment. I will appreciate if you continue sharing your thoughts / ideas with all of us through this site.
[Reply]
January 12th, 2010 at 2:16 pm
[...] that. I h… »Kristopher LordenVery good article. I appreciate you posting that. … »Hipolito M. WisemanI simply wanted to add a comment here to say thank… »Hipolito M. WisemanWhat a wonderful [...]
February 4th, 2010 at 6:05 pm
It sounds like you’re creating problems yourself by trying to solve this issue instead of looking at why their is a problem in the first place
[Reply]
Sagar Reply:
February 11th, 2010 at 7:28 pm
Hi,
I did not understand what you want to point out. By the way, you may stop spamming this site.
[Reply]
February 6th, 2010 at 7:52 pm
I really liked reading your post!. Quallity content. With such a valuable blog i believe you deserve to be ranking even higher in the search engines :). Check out the link in my name. That links to a tool that really helped me rank high in google. This way even more people can enjoy your posts and nothing beats a big audiance
[Reply]
Sagar Reply:
February 11th, 2010 at 7:29 pm
Hi Ebonie,
Thanks for visiting my site and for the comment. I would check the tool out. Thanks.
[Reply]
February 9th, 2010 at 10:58 pm
In the end, the one thing that should guide your decision is to ensure that you take your loved one?s interest to heart.
[Reply]
Sagar Reply:
February 11th, 2010 at 7:29 pm
Thanks “valentine’s day gorilla” for the comment.
[Reply]