Do you dream of purchasing your own home? Are you looking for some kind of financial support to achieve this goal? This is where a Home Loan comes to the rescue. With a bit of planning, why not plan to buy your home during Ganesh Chaturthi, which is an auspicious time for new beginnings?
Your savings may help you with a small part of the cost of your dream abode. But with a Home Loan, you can buy your dream abode now and repay as per your convenience, while enjoying the long-term benefits of this investment.
From rented homes to your forever home
No matter how cosy you make your rented home, it will never be the same as owning a home. A rental space has an expiry date. After this date, you should look for another home or renew the contract at a higher value.
Finding new rented spaces can be a challenging experience. You need to find a space aligning with your financial and lifestyle needs. Also, these decisions need to be made regularly.
No matter how courteous your landlord seems, the truth is that they will always have the upper hand in decision-making concerning your rental space. The rent you pay does not convert to any long-term gains.
Instead, if you replace rental payments with Equated Monthly Installments (EMIs), the home will be yours forever, once the Home Loan tenure ends.
Factors to consider before availing of a Home Loan
- Evaluate your living needs - how much space you require, the locality and the type of neighbourhood, among other aspects.
- Simultaneously, evaluate your budget for your new home. Understand how much you can put down as a downpayment from your savings, and how much you need to borrow.
- Your EMI must align with your income so that you can pay the committed amount each month.
Planning for your Home Loan
Today, planning your Home Loan is much easier with technology. Your Home Loan involves three variables - the principal amount, the interest rate, and the tenure for repayment.
By leveraging a Home Loan EMI Calculator, easily available online, you can experiment with various values of the key variables to arrive at an affordable EMI and tenure that aligns with your needs. You can experiment with any number of combinations. A Home Loan EMI Calculator can be used free of cost.
Renegotiate existing Home Loan terms
In case you have already taken a Home Loan and are unhappy with your service provider, you can consider shifting to a new one. You can renegotiate the terms by availing of the Home Loan balance transfer facility with a credible bank. For instance, you can opt for a lower interest rate and/or tenure or a higher loan amount as per your needs.
Also Read: [Home Loan and Mortgage Loans - What's the difference?]
The takeaway
Axis Bank offers a wide range of affordable and flexible Home Loans to suit individual needs. These products come with highly competitive Home Loan interest rates, variable tenures, and benefits like EMI waivers.
Make the right choice, and prepare to celebrate a new journey in your new home as early as Ganesh Chaturthi this year!
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
