02 October 2011
Basic Facts for Home Loan Applicants
Home loans have been and will be discussed many times and we often hear about people purchasing their dream home by taking a loan. Loan repayment is a long term financial decision which needs decisive planning and implementation within the time period. Very often we go out and enquire about loans and with the time taken and travelling here and there for home loan quotes makes us disheartened and lose hope. Let us discuss a few facts that you need to know before beginning your journey of enquiry, application and approval along with repayment of your home loan.
Understand that a home loan is a very long term decision. Here we are not talking about a month or year, we are referring to many years.. say about 15 to 20 years ahead of today. This is a very loan time and one has to be prepared to take the jump and plan accordingly. It is a wise decision to think and enquire for many price quotes and also search for the best property according to your budget.
Think about all the long term expenses you will have to commit to like family expenses may increase, children , their studies, marriages of children , further studies of children or sending them abroad for higher studies...other needs of family members like parents may be old...their medical needs or hospitalisation expenses ..out door trips and vacations may also increase and also entertainment needs of your family which may increase, home renovations may come up after a few years and so on and so forthe. By stating a few examples I just mean to draw your attention to the long term changes that happen in any family over the years. A home loan is a commitment for a long period and you need to be careful in financial planning regarding the same.
That does not mean you become disheartened and lose the motivation to take the plunge, go ahead have faith and take an informed decision. Apply for a home loan and purchase the flat of your dreams.