Chennai: Buying a home is an emotional decision, a place where you create memories that stay in your memory. But is everyone planning enough when borrowing a home loan? Are they sure the home loan program is the best in the business?
Borrowing a home loan requires analysis and planning because it is a long term and expensive commitment.
Getting a loan without proper research can be detrimental to anyone’s financial well-being. When applying for a home loan, people need to be extra vigilant so that they don’t end up with the wrong program or the wrong lender.
Neeraj Dhawan, Managing Director of Experian India, recommends some common mistakes to consider and avoid when obtaining a home loan.
According to him, the first mandatory step before applying for a loan is to have a good credit rating. A credit bureau like Experian provides people with free and unlimited credit reports which are quite easy and convenient to download.
A credit score above 700 can lead to a favorable plan. It will also give the power to apply for a loan from the best banks. Lenders will assess creditworthiness; a bad credit / repayment record will lower the score and the borrower will not be eligible for good home loan programs.