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Housing Loan & Loan Against Property

Man’s basic needs are food, clothing and shelter. Everybody desires to have a home of their own and a few are fortunate to have it. Today, buying your own home is not just a basic need but also brings along a sense of pride, achievement, freedom and security. Deciding to buy a home is one of the biggest steps one can take in life and for most of us it’ll be the one of the biggest investment decisions. So it’s imperative to make sure it is done wisely as there are so many things to take into account when you buy a home.

Prioritize your requirements. The most important thing is deciding what you want.

This includes the kind of home you are looking for, its location, amenities, and surroundings among others…

Type of Residence : This could range from an Apartment, Flat, Duplex, Pent house, Row House to a Bungalow.

Size of Residence: Depending on your family’s requirements & preferences like the no. of rooms, balconies, etc. the ideal size of your home will be defined.

Location: Proximity & convenience of access to work place, public transport facilities, market places, places of worship, schools, hospitals, etc should be taken into account while selection.

Surrounding: The surrounding social and natural environment impacts the moods, behavior and general living conditions of the people. It also plays a vital role in upbringing of kids. When selecting a location for your home, safety against theft and anti-social elements, pleasant surroundings, the neighborhood etc should be taken into account.

Budget: There is no point in searching for the house of your dreams if you cannot afford to live there - you must also think about whether you have enough cash flow to support your lifestyle, after you have paid for the property.

If you decided to take a home loan, then do not stretch yourself and take a personal loan to fund the down payment towards the property. This will only increase your risk exposure. Rather, you should ensure that you can naturally afford the down payment through your savings.

Additionally, don’t stretch your budget to get a more expensive home because that will mean stretching your EMI payments. Remember to keep your EMI manageable so that you can continue to afford the lifestyle that you are accustomed to and to pay other bills that you will incur.

Arranging Home Finance ( Home Loan): This factor needs a special attention, as ultimately you have to arrange to pay for the cost of the property. You may have a big pocket to fund that purchase, however if not then you can go for options as mentioned below

1. Joint Ownership :

  • Joint Ownership means purchasing the property with somebody else. This process can make the buying process easier, for example buying with parents or brother can actually ease the financial pressure.
    But remember relationships can change and circumstances alter, so you might want to get legal advice before deciding which type of ownership is right for you.
  • If you do decide to buy with someone else you might want to get a contract drawn up saying who has contributed what, what you will do if someone wants to move out or sell up, etc.

2. Mortgage Loan ( Home Loan):
What is a mortgage? Well, simply, it means a loan. It’s an agreement to borrow money in order to buy a property, with the property belonging to the lender until the borrower has repaid all the money.

  • The Home Loan is repaid over an agreed time period, together with added interest. Once the Home loan is fully repaid, the property then belongs to the borrower.
  • There are many things you need to consider when working out what you can really afford on a monthly basis. This includes your income ‘in’ such as your salary, gifts, interest from savings and any other income, and your costs `out`.
  • Costs include your personal costs such as food and drink, travel, insurance, toiletries, entertainment or credit card payments; as well as your home costs such as your mortgage (or rent), Taxes, buildings and contents insurance and utility bills.
  • If you add up your personal and home costs and take the total away from your income, then you should know if you can manage, have a shortfall or have any funds left over.
  • Remember a good budget allows for saving, some luxuries and an amount for emergencies or repairs and maintenance.

Once it has been decided what exactly do you want then you can approach a banker who provides home loans. As many banks provide home loans and the interest rates/EMI Calculation and hidden fees are a complex process, we at ProBro can step in and make the buying process pleasure to you. We will make the assessment and can help you in getting a pre approved home loan so that it will help us both find the property within the budget.

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Call Us at 1800 420 4200
SMS PROBRO <space> HOME to 5667701
Email to homeloans@probro.in 


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