One should avoid these common myths while looking for home loans options!

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One should avoid these common myths while looking
for home loans options!

• Apnapaisa

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Introductions

• It is very crucial to find a home loan product
  that meets all your requirements when you want to
  buy the dream home. And indeed most of the loan
  aspirants understand the seriousness of the
  situation and invest extensive time in evaluating
  every home loan availed in the market.
• But still, some people make a very obvious
  mistake in the decision making, which can cost
  them a lot of they carry on and apply for a home
  loan.
• Frankly stating, most of these blind myths could
  be avoided if one just read and understand the
  home loans better.

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Longer the tenure period, beneficial it would be!

• This is one of the common assumptions most loan
  aspirants have as apnapaisa home loans usually
  come with longer tenure up to 15-20 years,
  depending on the loan lender you choose. Most
  loan aspirant chooses such tenure period as the
  EMIs became more manageable for adjusting with a
  monthly budget.
• And since the rate of interest became less in
  such scenario, most people would just blindly
  choose the longest tenure. But the idea is to
  choose the right tenure so that you dont have to
  pay extra on interest payment.
• If you choose an extended tenure although shorter
  one was ideal, you have to keep paying EMIs and
  pay extra interest payment on the principal
  amount.

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Higher CIBIL score means quick approval!

• Beneficial indeed, but doesnt speed up the
  processing speed by any mean! A higher credit
  score can be beneficial for you as it can give
  you ground to negotiate your borrowing limit and
  the loan lender could even reduce the rate of
  interest on the loan product.
• A stronger credit score means the applicant is
  financially capable of any loan taken and hence
  the loan lenders can also such benefit to the
  applicant. But the approval of home loans isnt
  just dependent on a credit score only there are
  other factors too. Such factors like your age,
  income, debt to income ratio, job and employers
  profile etc.

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Pre-approved home loans mean guaranteed loan
approval!

• Indeed it is a privilege offered by the banks to
  their bright customers who have a stronger credit
  history and financial withstanding. It is also
  true that a person got considered for a
  pre-approved home loan will be asked to for
  minimal documentation as the bank would already
  have most of the documents.
• And since the rate of interest offered on such
  loans is favorable, most of those customers apply
  for a home loan even though they dont need it.
• But the fact still remains the same the approval
  of your application will be based on the
  documents you submit.

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Home loans with the lowest rate of interest are
better!

• Many loan aspirants focus and begin shortlisting
  home loans with the lowest interest rates in the
  market.
• One might feel he nailed the product search and
  found the perfect home loan product, but is as
  pointless as following a cliché of judging a
  book by its cover! there are other factors like
  credit score, terms and conditions, maximum
  tenure availed, repayment options, modes of
  payment and much other need to mind before you
  opt for a home loan.
• Visit us soon.

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• Thank You..