“Home is the place where the heart is” to live a happy and satisfying life one should have a home as per their wish and desire. Home buying is not an instantaneous decision, it involves lots and lots of research and monetary investments. One should be extra careful while deciding the place of investment. Metropolitan cities offers a wide range of projects and hence needs detailed evaluation in choosing the right one. The legal documents, quality of the building, trusted developer, loan approvals, amenities, locality, price worth, connectivity and infrastructure. It is advisable to be aware of many aspects before making the significant of life – “home buying”.
Be Clear With The Type of Investment
Decide on whether you are purchasing a land/site to construct home or purchasing the flat/apartment. Be clear with your choice so that it is easy to explore the need.
Decide Your Budget
Decide your budget in which you are looking to buy the home. Have an idea of the loan which you need to apply and what is your saving in hand. Understand the capacity of the loan that you can avail do that to buy the property.
Check Your Credit Score
It is the score dependent on the spending and credit history of the person. Agencies like CIBIL prepare credit score report of the individuals. To get your CIBIL score – apply through an online form. Credit score of 700 + is preferred for applying for home loan.
Monitor Your Credit Card Usage
Outstanding credit card usage also affects the CIBIL score of the person. Do not opt for new credit cards and manage the purchases with the existing card.
Finish Other Loans
Make sure you complete other loans taken by you before you get into the home loan. Completing the loans in your hand gives a raise to your CIBIL score. Higher the CIBIL score more easy to get the home loan approved.
Keep the documents handy
Banks usually need many documents while processing the loans for understanding your repaying capacity and loan sanctioning limits. The documents are:
- IT returns that are filed for the past 3 years
- Salary statements of the past 3 months
- Bank statements of the past 6 months
- Photographs – passport size
- Government-issued document as address proof and Photo ID
Be ready for the extra expenses
Small purchases like makeovers, interiors, furnishing and all needs spending from your pocket. So be aware of the expenses that come in your way after the loan is sanctioned. Keep reserve funds ready always.
Finally, after finalizing the lifetime asset and loan approvals, make sure that the property you have invested is as per your needs with all amenities and necessary infrastructure. Wishing you a happy and worthy investment.