1. Having an earning co-applicant increases chances of eligibility.
2. Make sure you have a consistent and regular source of income. Having substantial amount of savings and investments also helps in arranging the down-payment.
4. Maintain a clean credit or CIBIL score.
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You have to start saving for the down-payment well in advance, in order to construct or purchase a house. Banks usually give loans ranging from 75 - 90% of the total value of the property. You have to arrange the remaining amount called down-payment. Following are some tips for down-payment:
SEE ALSO: Prepayment Of Home Loan
An Equated Monthly Installment (EMI) is a fixed amount to be paid by a borrower (you) to a lender (bank) at a specified date each month. An EMI is a combination of interest and principal. The entire loan amount and interest is added and then divided into EMIs. EMI makes the budgeting process easy as you precisely know the amount of money needed to be paid each month.
See also: No Cost EMI
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