Things I Wish I Knew Before Purchasing my First House.

Tips for taking #homeloans

Buying your first dream house necessitates a great deal of thought and preparation. I am listing down the things I wish I knew before buying my first Home.

?Budget: Whether it's your first or second house, you have a spending limit that you can't exceed so make sure you're receiving the finest price and property within your budget.

Location: You should choose a house in the right neighborhood based on your daily schedule, employment location, and your children's requirement for decent schools.

?Resale value: While you're buying a house, you probably don't think about this, but you should also check if you have to sell it in near future value should be incremental and should be easy to sell.

Loan eligibility: Do check your loan eligibility from a reliable Loan Distribution company like Ruloans Distribution Services Private Limited . The eligibility conditions may differ from bank to bank. As a result, start by determining your maximum loan eligibility.?

Consider Loan-to-Value (LTV) ratio and Own Contribution Payment: In a home loan, the loan-to-value (LTV) ratio represents how much a bank or financial institution can lend to the property buyer. And the balance that is to be paid is termed as Own Contribution Payment/receipt (OCR)

There are regulatory restrictions on #ltv ratio which are defined as

• Property below 30 lakhs, Banks fund up to 90%. Your OCP/OCR will be 10%
• Property above 30 but below 75 lakhs, you get 80% of loan and rest 20% will be the OCR/OCP.
• And above 75 lakhs, you can get maximum of 75% as loan and 25% will be OCR/OCP.

Also consider Registration/Stamp Duty Cost which generally is in the range of 5% to 7% of the agreement value/property cost.

Also check the criteria for the subsidy under #PMAY.

#Homeloans are also eligible for #taxsavings under different IT sections.

For feedback and queries please DM or write email to me. email ID [email protected]