10 October 2010
Newly Married Couple and Doubts Regarding Home Loans
As a couple steps in the institution of marriage there are already doubts and adjustments required on part of both the spouses. There is also the important decision for many to purchase a home of their own. Starting of the family there may not be enough finances and taking a home loan is the easiest option available to fulfill their dreams. Having doubts is the key to success and it is better to consider all doubts before taking a loan.
Whether they will be able to pay the loan is the most important doubt arising in the minds of the couple. Inflation and the unsure aspect of the future financial position is the seed for this doubt. It is however very true to consider the job and it may also be if help if both the spouses are earning. There is risk involved as no one knows the future but also there are certain ways to deal with the loan taken in case of calamities and unexpected circumstances. The amount to be paid as EMI are to be planned as they are to be given regularly to avoid penalty fees so it is better to accept a loan EMI that can be given leaving a certain amount as backup in case of emergencies. Finances must be planned for the newly married couple and one may consider keeping the need for starting a family at hold. Repayment schedules are calculated beforehand and one has to adhere to the plan. If this is decided it is good as they have the month before to prepare for the installment. The interest rates are too high sometimes and the home purchased goes out of budget over the years. This doubt is also very common and one can have a talk regarding the home loan, their installments every month and the interest rates and comparing various institutions and lenders of finance one can take a balanced decision. As also considering all the payments required like the processing fees and transfer fees must also be discussed prior to the agreement to get hold of the total amount required for the flat.
All doubts must be faced and information searched from financers as well as the internet. Knowledge is the only solution for this. Home loans are a boom to dream fulfillment and one can achieve any dream destination as a home using this facility.