Planning to apply for a home loan to buy an apartment? Here’s your checklist.

Planning to buy one of the apartments for sale in Sarjapur Road? Even if you are earning in 6 digits, it can be difficult to cough up the cash when you are investing in property. So, the better option will be to go for a home loan. These days you can get home loans in less than a minute. Click on a link or simply press a button at the ATM, and you are besieged with home loan offers that are specially personalized according to your needs and preferences. All this can be extremely tempting. When you get things too easy, it’s time to take a step back and evaluate the options available.

Do your research

When you go out to check the flats for sale in Sarjapur Road, you should also enquire the builder about the banks or financial institutes they are associated with. Normally, it is easier to go with the associated banks as the builder as they can ease the loan processing. If you have an account with a bank, you can also approach them for the home loan. Check out the various terms and conditions of the home loan before you sign on the dotted line. You should also check if the apartments for sale in Sarjapur Road have the necessary authorization and certification from the relevant government departments. Else, you cannot apply for the home loan.

Calculate the EMI

You should calculate the possible monthly EMI that you can pay before you apply for the home loan. Make sure that the monthly instalments are within your budget. In case you are not able to pay the EMI on time, you may have to pay a hefty fine. Plus, the bank will charge a fine for not maintaining the requisite balance on the date when the EMI payment will be debited. So, it will mean double loss for you.

Negotiate on the interest

When you ask for the home loan, you can also negotiate on the monthly interest, provided you can justify your request with valid reasons. Though financial institutions will tell you that it is non-negotiable, you may get small discounts if you are applying for the home loan towards the end of the month. So, when you decide to buy the flats for sale in Sarjapur Road, talk to the banker to see if you can reduce the interest.