Learn the many benefits of purchasing a property

Property investments are one of the most lucrative financial assets owned by an individual. It is also the largest or the major component of financial investment in one’s entire lifetime. If you have already purchased a home loan or am planning to invest in one, then read along these basic guidelines for a clear insight into property investments and house loans specifically.

Credit Score: Banks pull a substantial amount of finance when lending loan amount to the lender. Hence, it is important for the individual to own a good credit score to claim the loan without any hassle.

Mortgage Amount: Before applying for a home loan for a specific property is to look out for home loan eligibility by checking your eligibility using a home loan emi calculator. Understand your debt-to-income ratio. It is advised to have a debt-to-income ratio below the 50% mark to have your loan approved without any delay or disapproval.

Funding your dream home in the right way: If you intend to live at your home for 5 years or more then the safest and best considered bet is to apply for a 30-year fixed rate mortgage

Second Mortgage Options: A second mortgage lets you borrow against the value of your home. It is best advised to consult a financial advisor before taking any financial decision to help save finances in a smart way.

For those with low down payment finances: It’s possible to claim mortgage without the 10-20% down payment mark. Again, seek financial advice for your home loan and get familiar with these mortgage programs that lets you take mortgage on very little down payment

It's possible to get a mortgage without a 10%-20% down payment. Even today, people get a mortgage with no money down. There are a few legitimate programs allowing you to get a mortgage with very little down. Get acquainted with some of the safer mortgage programs out there.

Apart from these, it is advised to not quit your job and have a steady income. Make sure you have enough funds to pay your monthly basic expenditures and debts as you loan them. Pay your bills on time. Keep bank accounts in handy. Before applying for a home loan, compare different banking institutes and their terms and conditions levied while applying for a home loan to get better financial benefits. Make use of a home loan emi calculator to learn about your monthly EMI for the property you wish to buy.