Keep these things in mind, before taking loans in festivals
The festive time has started. In such a situation, people found buying new homes, cars, jewelry and other supplies. If you too have made up this kind of mind and are thinking of taking a loan for this, then for this you will have to take care of many things. So that you get less loan EMI loan.
How will the EMI of the loan be reduced?
Whenever a person thinks of taking a home loan or if that person is already running a loan, he always thinks that his loan EMI will be low. These include the loan processing charge and the closure charge in addition to the interest, which is quite dissimilar in each bank.
Decide interest rate
Study all type of offers before loan. In this, see how the company or bank will give you the interest rate on the loan. Commonly banks and companies pay interest on loans to customers. One linked to MCLR and the other to repo rate. The repo rate link based home loan rate has come into force by the Reserve Bank of India (RBI). Choose the repo linked lending rate will make the EMI of the customers dependent on the financial policies of the central bank, which will decrease their monthly installment.
Apart from net income, it must also be
Anyone gets a loan based on his income and aptitude to pay back the loan. Home loan lenders give loans equal to 80% of the value of most property as loan amount. While checking the income, they do not look at your net income which is written on the pay slip; rather they see the income which will be used to repay the loan.
Loan will not be available if CIBIL score is low
The loan is available on the basis of credit ability of a person. Credit Information Bureau India Limited (CIBIL) offers you a score between 300 and 900 marks. It is decisive on the base of how much your previous credit card usage is, how do you keep your bank account, no check has bounced, existing loan, existing loan without insurance, loan refund and how many times you have loaned Or have applied for a credit card. People who have more than 700 CIBIL scores get the loan easily.
Loan period
EMI is determined based on the loan amount, interest rate and its total period. EMI is inversely related to the loan term. As the longer the loan term, the lower the EMI and the shorter the loan term, the more costly the EMI will be. Equally, the whole interest rate is also decided on the basis of the term of the loan. The longer the loan term, the higher the interest rate and the shorter the loan term, the lower the interest rate. Transfer of balance loan to another bank can also reduce your EMI.
New loan customers should approve these methods
It is very important for new loan customers to know from where they can get a loan cheaper. First of all, know that taking a loan is always a dangerous step. Therefore, if you want to take a loan, do not take your eyes closed. By doing this you can get into difficulty later. You should have a separate plan to pay back the loan later, so that there is no trouble in future. We are giving you some tips that you need to know before taking a loan.
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