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Essentials before Taking a Home Loan

When you start planning to own your own home, you have to think about the financing of the home, assuming that you do not enough cash in hand to purchase the property. Now, for financing any property, you need to take mortgage loan in which you have to give the property as collateral security to the financer. This is true that if the property that you want to acquire is Symphony Suites then there would be no problem for getting the mortgage loan. However, you need to make sure that you check the following before taking the loan.

essentials before taking a home loan

Your eligibility criterion

When taking any loan, at first you need to check your own eligibility for the loan. You must be able to repay back the loan. If you are taking a lump sum amount for acquiring any unit at The Symphony Suites, then you should be aware of the EMI that you have to pay regularly and then decide whether you have the capacity to repay back the amount every month or not.

Addition of Co-applicant

It may happen that many times you may have a co-applicant for the loan. Make sure that the co-applicant also knows about the rules of the loan. However, if the co-applicant is minor then the responsibility would be yours till the date the co-applicant becomes a major.

Value of the property and down payment

While talking the loan for your own unit at Symphony Suites, you need to know the value of the property as on it would depend the amount of down payment. You should be able to make the down payment that is generally 10 to 205 of the total value of the property.

Read the agreement carefully

Finally when you are taking any loan against the property you need to read the clauses properly and then sign the agreement. You should be well-aware of the various clauses before you actually agree to go into the contract.