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Simple Steps to Make Home Buying Easy

If you are planning to invest in a home, you must know about the various home loans options, processes and issues that could occur. Also, you would need to understand how to choose the right home loan for yourself so that you may have a great home buying experience. There are various types of home loans available. Firstly you need to evaluate which type of home loan would be more advantageous for you. You may choose from home equity loans, home purchase loans, home extension loans, home improvement loans, land purchase loans and mortgage loans.

Before you choose a home loan you may consider the following points –

  • Understand the property type for which you seek the loan.
  • Find out the loan tenures offered by different financial institutions.
  • Know your rights and tax benefits under the Income Tax Act, 1961.
  • Decide between opting for fixed or floating rate home loans.
  • Seek the advice of a professional home loan expert to understand all the clauses well.
  • Consider the no penalty option wherein you pre pay up to 25% of your loan every year.