Smart Tips to Avoid Getting Caught in the Home Loan Trap!


how to avoid Home Loan Trap in india


The home loan is what makes many people's dream of a home possible these days. 

If we take a home loan thinking, 'That's all we can get', we will get into trouble. So, let's look at eight things to consider when taking a home loan.


1. Before taking a home loan, have a 20 percent down payment in hand. For example, if you are buying a house for Rs. 50 lakhs, prepare 20 percent of it, Rs. 10 lakhs, yourself. It is not good to take a loan for this down payment.


2. When taking a home loan, it is important to compare the interest rates of two-three banks. Even a 0.5% - 1% interest difference between banks can increase the loan amount by lakhs. So, it is better to pay attention to these small differences.


3. The EMI you pay monthly should be 30 - 40 percent of your monthly salary. Only then, no problem will arise.


4. When taking a home loan, pay off as much of your other debts as possible. At least get a large loan.


5. It is better to take out a home loan before the age of 50. If you exceed this, it will be difficult to get a loan... and it will be difficult for us to repay the loan we have received.


6. Take out insurance for your home loan. You never know when and what will happen to anyone. In this environment, if any unfortunate incident happens, our family will be affected. This insurance is to avoid this.


7. It is better to file your income tax every year. File your income tax at least two years before taking a home loan. Otherwise, there are high chances that your loan application will be rejected.


8. It is better to set the home loan tenure for 15 - 20 years. This will not only pay off the loan quickly, but will not be a long-term burden.


If you do all this, you can get a home loan and escape without hesitation.

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