Home Loans and Tips for Home Buyer

Home Loans and Tips for Home Buyer • Make regular part pre-payments. This will get adjusted with the outstanding principal resulting in a lower interest payout. Most banks do not charge any penalty for part pre-payment. • If you really have to, increase your EMI amount and not the loan tenure. The more time you take to pay back, the more the interest accumulates. • Avoid ‘teaser’ loans that involve a lock-in period with fixed interest rates. Rate hike cycle is nearing its peak; floating rates loans will be more viable. • Avoid multiple borrowings. • Try to book a property jointly with your spouse or other family members. • Be insured. The balance payment of the loan would be paid by the insurer in case of death of the borrower. • Always get legal advice while buying property to know what you are paying for, your rights and restrictions. • Double-check for provisions on lock-in periods and delay in project delivery. • The Competition Commission of India is not a forum to address a property owner’s grievances. DLF was fined because, being a market leader, it set a bad example. Consumer courts are the only platform to address such issues. • Instead of judging a project by the builder’s brand name, analyse whether the area is liveable and compare the prices.

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