Chennai: Buying a home is an emotional decision, a place where one creates memories that stay with them lifelong. But does everyone plan enough while borrowing a home loan? Are they sure that the home loan scheme is the best in industry?
Borrowing a home loan requires analysis and planning, as it is a long-term and expensive commitment.
Getting a loan without proper research may damage anyoneâs financial well-being. While applying for a home loan people need to be very watchful so that they donât end up with an incorrect scheme or incorrect lender.
Neeraj Dhawan, managing director, Experian India recommend couple of common mistakes to take it under consideration and avoid them while taking a home loan.
According to him the first mandatory step before applying for any loan is to have a healthy credit score. A credit bureau like Experian provides free and unlimited credit reports to the people, which is quite easy and convenient to download.
A credit score above 700 may lead to a favourable scheme. This will also give the power to apply for a loan through the best banks. The lenders will evaluate creditworthiness; a poor credit / repayment history will drop the score and the borrower wonât be eligible for good home loan schemes.