Five hacks to save money on a home loan:
|Home loan tips for first time home buyers|
If you already have a mortgage or are planning to avail of one soon, you are obviously confident of your finances, but a few tips to save money on your home loan couldn't hurt, right? Read on to find out more!
1) Check your CIBIL score and CIBIL report -
Once you are brandishing a CIBIL score of 750 and above you can go about home loan shopping.
2) The pre-purchase drill -
Make sure that you are aware of all the home loan features and the several fees and charges such as the processing fee, switching and pre-payment costs.
3) Negotiation is a powerful tool -
A high CIBIL score gives you the power to negotiate, so make sure you make optimum use of the same.
4) Make a higher down payment -
A higher down payment will substantially reduce your EMI burden, so it is definitely worth your best shot!
5) Pay the same EMI despite a falling interest rate regime -
If you keep paying the same EMI, you shall end up saving on your interest payment component and will have saved money in the long run.
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5) Evaluate No Pre-EMI till Possession (20-80) or (10-80-10) Payment Scheme
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