Owning a premium home is a dream for many, but the availability of home loans at cheap rates let people make his dream happen. Dreaming of buying a new home, flats in Calicut and plan to finance the payment through a home loan. Consider the following factors before applying for a home loan to ensure that it doesn’t become a financial liability in the future.
1. EMI Affordability – EMI is one of the important factors that determine the amount of home loan one plans to avail. It is advised to avail the amount that one can easily repay within the payment tenure while also ensuring that the EMI does not surpass 40 to 45% of the monthly income. 2. Interest types – Home loans are available either with floating or fixed interest rate. Interest rates are volatile in floating interests, while interest rate stays constant for a period of time throughout the loan tenure. 3. Loan tenure – Deciding between the EMI tenure and interest rate is another important decision. With longer EMI tenure, the interest rate will also be higher. Similarly lesser interest rates come with shorter EMI tenure. 4. Down payment – After finalising in the affordable EMI, one should check how much he can pay initially as down payment. It is considered that the buyer has to pay 20 to 25% of the property value. Ladder Kerala, the top trusted builders of luxury apartments in Calicut presents premium living spaces equipping most modern amenities and facilities at 4.99% home loan. Own your dream home at Ladder Mankav Greens, new apartment projects in Calicut by the leading builder Ladder Kerala. To Know More http://ladderkerala.com/ladder-mankav-greens/ Read More http://ladderkerala.com/blog/
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