Getting a house of your own is a big challenge. While you have many choices in front of you, the houses that you can afford are a far cry from what you would bank on. So how do you find the best property, which you can get, a home loan on and fulfill your dreams without much compromise? It is best to determine your Home Loan quotient depending on the following factors.

➤ Is It The Right Time To Buy - Time and money are the two most important factors while looking to buy a house. The stock market sees the rise and fall of stocks everyday and while inflation plays a key role too, the right time to buy a house depends not only on the current economic situation but also an individual’s capability.

➤ Down payment–The first step to determine whether you are ready to buy a house is to know whether you have the 20% of the total home value. Banks cover the property cost for about 70-80% in general and you need to arrange the rest, which will be paid directly to the borrower. So, it is crucial to determine whether you can afford to pay the 20% down payment and also have the remaining for your other household expenses.

➤ Home Loan Eligibility – Your home loan eligibility is determined by many factors and one of the reasons is also the amount of money you could pay upfront. So the higher down payment you can pay, the more flexible your home loan interest rates will be. So it is crucial that you have a solid down payment ready that will not only help in getting a better home loan deal but also reduce your dependency on a higher loan amount approval.

➤ Determine your Home Loan EMI – Do your research and find out the best home loan EMI that will fit your budget. There are numerous home loan EMI calculators such as the Letzbank one, which you can use to determine your monthly home loan EMI.

➤ Ascertain Your Monthly Budget –Once you have determined the home loan EMI, the next step is to find out whether you can easily manage your other expenses. If you are looking for a property that is still under construction, keep in mind that you will not only be paying the EMI towards the home loan but also your monthly rent till the time you receive the possession of the house.

All these factors are critical in determining your home loan budget and will help you during your initial home loan research. Letzbank offers a variety of home loan offerings by different banks all under one roof. You can visit the website for all kinds of loans, insurances and other services and also avail the benefit of getting the service charge waived off in cases where the loan applications are submitted directly at Letzbank.

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