Home loan is a responsibility, which stays with you for a long time, so before taking a home loan, understand some things clearly, so that you do not have to face any kind of problems in future.
Everyone needs a house, but buying a house is not a trivial matter. Nowadays, even to buy a simple flat one has to pay an amount of lakhs. It is not difficult for everyone to raise this much amount in lump sum. In such a situation, the option of home loan comes in handy. Home loan fulfills your financial needs and you also get the option to repay the loan amount in installments. But loan is a responsibility, which stays with you for a long time, so before taking a home loan, understand some things clearly, so that you do not have to face any kind of problems in future.
Choose EMI date wisely
Be it home loan or any other loan, you repay it all by giving monthly EMI. It is necessary to pay EMI on the stipulated date. If your EMI bounces, it may be difficult for you. Therefore, choose the EMI date wisely. There are two options for paying EMI, which are not told to you. The loan installment date is usually at the beginning of the month, this is called advance EMI. If you feel that you are unable to repay the amount at the beginning of the month, then you can take the option of Arrear EMI from the bank. In this you pay the installment at the end of the month.
This option is available when EMI bounces
If your EMI bounces and you have a valid reason, don’t panic. You will get a notice from the bank, which is a reminder notice. After receiving the notice, you have 60 days to repay the loan. When you do not repay the loan even within this period, the bank will send you a final notice, the period of which will be 30 days. Even after this, if you do not repay the loan, the bank can start the process of auctioning your property under the SARFAESI Act.
If you have signed a house deal with a builder
Check your signature on the check given to the bank. The penalty for non-signature, non-receipt and return of the check is also borne by the holder. If you have made a house deal with a builder, then before taking the loan, definitely check the land documents of the builder. Later, in case of any problem, the bank can stop the loan amount midway and you will have to pay the amount given by the bank.
This is how to finish your loan quickly
Since the liability of the loan is for a long time, it is important to repay it on time. For this you can make loan prepayment. If you get extra income from anywhere, you can arrange that amount as prepayment. With this you can reduce the loan tenure or reduce the EMI.
This option may be useful if interest rates increase further
It is not true that the interest rate at which the home loan was given to you will remain the same in future also. Bank interest rates keep changing from time to time. But if you feel that your bank is charging too much interest and you are getting a loan at lower interest in another bank, then you can choose the option of loan refinancing.
