I’m a 40-year-old single girl in want of a house mortgage to purchase a 1-BHK home. At the moment, I work as a contract content material author. Ought to I strategy non-public banks, PSU (public sector unit) banks, or NBFCs (non-bank monetary firms) for the mortgage? What are the deserves and drawbacks with every possibility?
—Identify withheld on request
It is rather a lot doable to safe a house mortgage with correct planning and consideration. Right here’s how one can strategy it:
Mortgage quantity: Earlier than making use of for a house mortgage, assess your affordability for month-to-month EMI (equated month-to-month instalments) outgo primarily based in your revenue. As a freelancer, lenders could require extra paperwork, similar to revenue tax returns, financial institution statements, and shopper contracts, to judge your revenue stability. Be sure you have a set of those paperwork prepared.
Down cost: Intention to avoid wasting a considerable down cost to scale back the mortgage quantity and improve your possibilities of mortgage approval. Having a better down cost can even provide help to negotiate higher rates of interest.
Lenders: You’ve a number of choices to discover in terms of lenders. These embrace non-public banks, PSU banks, and NBFCs. There are pure-play reasonably priced gamers available in the market, who’ve personalized programmes particularly for structuring loans and assessing incomes for casual self-employed profiles. There are lots of lenders (housing finance firms), who assist first-time girls debtors with out credit score historical past or with casual incomes.
Rates of interest and phrases: Whatever the lender kind, examine rates of interest, mortgage phrases, processing charges, and different prices. Select a mortgage possibility that provides favorable phrases and aligns along with your monetary targets.
Search skilled recommendation: It could be helpful to seek the advice of a monetary advisor or mortgage skilled who can information you thru the mortgage course of and provide help to make knowledgeable choices.
Anuj Sharma is chief operations officer, India Mortgage Assure Company.
Up to date: 05 Jul 2023, 10:36 PM IST