Home Loan Calculator
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Owning a dream home is a lifetime achievement for any individual. Especially for those who belong to lower / middle-class families, it is a dream come true if they found the opportunity to be the proudest owner of their own house. A common man spends a huge amount of their savings on house rent, still, they are harassed by the landlords for small and unrealistic reasons on a regular basis. Another big reason to switch to your own house is that you have to keep changing the rented homes and there is no security at all, you do not have any permanent address, sometimes there is no option available but you have to vacant the house on a specific date and you end up shifting somewhere which is not at all suitable to you or the family, maximum household appliances damages if you are shifting frequently.
It is a good decision to move ahead and book your dream home and get rid of all the mess as mentioned above. As per experts, even if you have enough amount to make the complete payment, it is advisable to take a home loan instead of paying the complete amount on your own. You can pay a large amount in down-payment and pay off the remaining amount in monthly EMI, there are several other benefits for the same as you can invest the remaining amount in mutual funds or bonds and may get better returns than the interest amount you are going to pay on the home loan.
It is also advisable to have some cash available for financial emergencies like losing a job or medical issues which may impact your cash-in-flow. Further, there are other benefits as well like taking a loan may build or improve your credit score each time to pay back an EMI. This further works in your favor whenever you required a loan or credit card in the future.
Further, as you have decided to take a home loan, please make sure to get in touch with multiple lenders and compare all the parameters like interest rate, foreclosure charges, processing fee, loan disbursal timelines, penalties, and loan insurance and analyze all of them before making any decision.
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