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:

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Eligibility Criteria

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.

#1

Documentation

To prove your eligibility for a Home Loan, you need to submit a list of documents. This includes your ID, address and income proof.

#2

Type of Interest Rate

First Time Home Loan borrowers might not be aware of the types of interest rates. There are two types basically - Fixed - Remains the same Floating - Change with market fluctuations

#3

Loan Tenure

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.

#4

Home Loan Agreement

Read the Home Loan agreement carefully while borrowing a loan, as it remains effective throughout the repayment period.

#5