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Do’s and Don’ts while applying for a home loan online

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Do’s and Don’ts while applying for a home loan online

Do’s and Don’ts while applying for a home loan online: With a view to boost demand in the real estate sector, the GST Council recently slashed tax rates for under-construction flats to 5% and affordable homes to 1%, effective April 1, 2019. This is expected to give an impetus to consumers who will see a lowering on their monetary outgo for buying under-construction properties, thus generating demand for such properties leading to higher sales velocity for such projects.

While such measures will surely benefit the customer, he still needs to prepare well before going ahead with the decision to purchase a house. Buying a house is not only about the shortlisting and the buying process, it is also about making an informed decision involving financial responsibility and security. Some of the most critical decisions involve affordability, down payments and the loan that the consumer will need to take to finance one’s dream house. Let us look these conditions in detail.

Do’s and Don’ts while applying for an online home loan;

Do’s

  • The borrower should check his/her loan eligibility before starting their home loan application
  • Keep documents ready before starting the online application process. Go through the list of documents required in advance.
  • Research about the type of home loans available. The borrower should be clear about the type of loan needed – home loan, home improvement loan, home extension loan, plot loan, etc.
  • A must for first-time borrowers – read the frequently asked questions (FAQs) before starting the loan application process.
  • For any further queries, one could use the online chat facility to get direct help.
  • All the details that are needed by the loan provider to process the application need to be provided truthfully.

Don’ts

  • One should not make an application for any random or unrealistic loan amount without checking eligibility.
  • One should try to complete the loan application process in one go and not in stages. Take time and sit for the application.
  • One needs to have all their document ready – do not leave out submitting important documents.
  • A borrower’s CIBIL score has an impact on their loan application. Hence, one should not ignore the CIBIL score while making the loan application.