After a customer is done wit the identification of property, the second most important decision that he needs to take is about home loan. There are a lot of lenders and a lot of home loan schemes that are available in the market for a borrower to choose from but sometimes a borrower might find himself in dilemma about which scheme and lender should he opt for.
However sticking to the basics can be really useful in such a situation. First of all before initiating the loan process a borrower must go through the terms and conditions applicable very carefully. Doing this can help a borrower a lot because through this a borrower can analyze the loan scheme well and if he disagrees with certain condition then he is always left with the option of backing out.
Different banks have their different loan calculator through which the lender decides the EMI that a borrower as to pay. So a borrower should always check the EMI calculator used by the lender.
There are a lot of factors that governs the loan amount that a bank sanctions tat includes the age of the applicant, his fund inflows, number ,of dependents etc. so a applicant must always keep these things ,in mind while applying for the loan. The other most important thing is the loan repayment period as it decides the amount of EMI for the borrower. It generally depends on the age of the applicant.
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