5 Things to Keep in Mind While Applying for a First Time Home Loan
A home loan is a great form of financial assistance for first time borrowers. But before you apply, know the prerequisites:
Ensure you check the housing finance eligibility criteria for a Home Loan. Because there are specific age, income and credit score requirements that a First Time borrower.
To prove your eligibility for a Home Loan, you need to submit a list of documents. This includes your ID, address and income proof.
Type of Interest Rate
First Time Home Loan borrowers might not be aware of the types of interest rates. There are two types basically -
- Remains the same
- Change with market fluctuations
A Home Loan has a maximum tenure of 30 years. But, First Time Home Loan borrowers must know the longer the tenure, the higher will be the interest payout and vice versa.
Home Loan Agreement
Read the Home Loan agreement carefully while borrowing a loan, as it remains effective throughout the repayment period.
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