A Home Loan can bring Discipline into your Life - Home Loan Stories - Kotak Bank

A home loan helps you to have a prized possession called ‘home’ which is cherished by everyone. A home loan establishes the fact that by opting for it, you build an asset in a disciplined manner. There are various housing loan benefits. Mentioned below are a few of them that are intended to justify the aforesaid statement.

It helps you to think logically

A home loan helps you to develop logical thinking. It is at an age when you think is right (the younger, the better) and are able to meet financial commitments, that you go for a home loan. You consider the tax benefits that you get. You consider a home loan to be better than borrowing money from a friend or a relative to avoid personal obligation. You learn to analyse intensely and deeply.

You are inclined to choose a lender in a disciplined manner

When you decide to go for a housing loan, you study the home loan market, make thorough enquiries, sift lenders and shortlist the one who can give you a loan that suits your interests, the best. Thus you develop a flexible yet disciplined mindset and learn to explore possibilities in a strategic manner.

A home loan helps you to be organised

After you choose an apt lender, there is a series of mandatory procedures and documentations right from arranging for your income proof, tax papers etc. Once your loan gets approved after your eligibility is calculated through the home loan eligibility calculator, you need to manage your EMI payments on time and monitor the disbursal of payments to your builder. Thus you will realise the need to be punctual and organised.

It helps you to control your expenses

This is one of the most important areas where you tend to be disciplined and strict. There is EMI which includes the home loan interest rate that you need to pay without defaulting. For this you will have to arrest impulsive buying and control unwanted expenses in your day to day life. You get to realise the importance of saving money.

A home loan helps you to maintain a good CIBIL score

A CIBIL score is a summary of your credit payment history. When you apply for a home loan your CIBIL score gauges your repayment capacity and credibility. Since a home loan involves a huge sum, a good CIBIL score is essential. Thus, when you opt for a home loan, you have to develop financial discipline that is adequate enough to maintain a good CIBIL score. Thus, a home loan inculcates the habit of discipline in more ways than one. Go for a home loan, fulfill your dream of owning a home and be looked up to.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.