As life takes its course, you find the recurring need to manage several things, especially on the financial front, lest you burden yourself with the inability to cope up with it in future. Likewise, managing your Home Loan too is very essential as it calls for years of uninterrupted commitment.

When you find the need to go for a Home Loan, it is important to start early so that you get ample number of years to repay the loan amount and own a home, free from liabilities at a prime age. Once you are clear on how to get a Home Loan and decide on applying for a Home Loan, your skills are at play, right from the time of choosing your lender. You need to scout the market, study the various offers, go through the terms and conditions and negotiate to waive out certain fees. It is only after arriving at a diligent decision should you choose the lending organization and sign the documents that bond you with it.

Once your Home Loan gets approved and the capital amount starts getting disbursed to your builder, you begin to get your EMI alerts and here begins your real task to start managing your Home Loan.

Here are a few tips that will help you to manage your Home Loan;

  • Choose your Home Loan amount wisely after knowing your eligibility through the Home Loan eligibility calculator.
  • Gauge your repayment capacity and decide your EMI amount. There are Home Loan plans which charge only the interest rate till the time you get the possession of your house (i.e. if you are opting for a house under construction) and the one which permits you to pay the interest plus a part amount of the capital
  • Take the right decision to opt for an EMI amount without having the need to compromise on your regular expenses
  • Keep room for unavoidable expenses that you need to meet with
  • Reserve a sufficient amount for expenses that you will incur after your house is ready (building maintenance charges, buying furniture etc.)
  • Keep adequate amount in your Bank to pay your EMI. If your EMI demand bounces due to insufficient funds, there will be a penalty imposed on you and could drag your credit score down as well.
     

When you manage your Home Loan wisely, you will be relieved of major and minor issues beforehand, as you fulfill your dream of owning your home.

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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.