THINGS TO CONSIDER WHILE TAKE HOME LOAN

The price of the house we are going to buy should be 6 times of our annual income.

The EMI we have to pay monthly should be between 30% and 40% of our income/salary.

Our credit score should be above 750 then only banks give us a little less interest or we can talk to the bank to reduce the interest rate a little.

If we increase the years of our EMI, the installment amount will decrease but the amount of interest paid will high, if we reduce the year of EMI payment, the amount of interest will decrease.

If we get money through bonus or other income, we should use it to pay off the home loan, that time bank will give us an opportunity to reduce the loan installment amount or reduce the years of payment of installment , if we reduce the years and pay the same installment as before, the loan will be paid off quickly.

Monthly installments where both interest and principal are deducted if you pay an additional thousand or more, it will be deducted from the principal or if you pay an additional installment with 12 installments per year, the entire amount of that one installment will be deducted from the principal, it helps you to pay off the loan as soon as possible and own the house completely.

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