Even though taking a home loan has become normal in today's time, but home loan is not a small loan. A home loan is a very expensive loan. Therefore, a person should know about some important things related to it before taking a home loan (Home loan planning). If the loan holders do not take care of these important things, then later a big problem can arise for them. Let's know about these important things.

Assess savings -

First of all, you should assess your savings before taking a home loan (rules for a home loan), because this shows your preparation to take a home loan (home loan kaise le). If you make a habit of regular and disciplined savings in the right way, then it ensures that you have the necessary amount to meet the loan and related expenses without putting pressure on your finances. But if you do not save regularly, then you should postpone your home loan application (home loan application process), because it will not increase the financial burden on you.

Preparation for down payment-

While taking a home loan, you have to pay some amount as a down payment (home loan downpayment) and this down payment is one percent of the property price. Generally speaking, you have to pay at least 10 to 20 percent of the amount in advance. The more you pay as a down payment, the lesser will be your loan amount.

Make a home loan plan in this way-

However, the amount depends on the property rate, so whenever you are taking a home loan, first calculate it. If you do not have enough savings for a home loan, then you should postpone your decision. For example, we explain to you, like the property you are buying, the price of that property is Rs 80 lakh, then if you choose the option of a 15 percent down payment (home loan downpayment option), you will need an advance amount of about Rs 12 lakh excluding additional costs like interest and processing fees. If you plan, the loan process becomes a little easier.

Calculation of long-term budget-

If you take a home loan, then the EMI (home loan EMI) should not be more than 40 percent of your monthly income, so that you can also meet other financial needs. As you repay the principal, your EMI decreases. Through the home loan EMI calculator, you can check whether the repayment amount fits in your long-term budget or not. If your essential expenses are affected by the EMI, then wait till the income increases. At such a time, choosing a smaller loan or increasing the loan tenure can be the best option.

Choosing EMI according to income-

If a person's income is stable or increasing, then it makes long-term repayment manageable. If you have regular salary increments or career growth then there is no problem in taking a home loan, but if your income is uncertain or irregular, then taking a home loan can cause financial stress on you, and due to this your loan eligibility (home loan ke rule) may be affected in future.

Apply for a loan with a co-borrower-

If you apply for a home loan with a co-borrower (Co-borrower kon hote hai) like a spouse or parents instead of alone, then your eligibility can increase. Before giving a home loan, lenders (Co-borrower ke sath le home loan) check the income and credit profile of both the applicants and this can increase your loan amount or you can get a loan at a lower interest rate. If you get a loan at a lower interest rate, then it can reduce the financial burden on you. Not only this, all the co-borrowers repaying the loan can also avail of the benefit of tax deduction (Co-borrower tax deduction).

Rules related to credit score-

CIBIL score is very important for loans and if the CIBIL score is the best then it is easy for you to get a loan. If your CIBIL score is 750 or more, then you get a loan at low interest rates. On the contrary, interest rates may increase due to a low score (bad CIBIL Score). Whenever you apply for a loan, check your credit score. If your CIBIL score is low, then improve it by paying bills on time, using the credit card within its limit and reducing the existing loan.

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