A Useful Tip For All Home Loan Seekers
Posted by rupee on Monday, August 27, 2012 Under: Home Loans
The availability of varied home loan options in the market, such as HSBC Bank Home Loan , SBI home loan, HDFC home loan, etc., have made it possible to possible to buy your own house. Mr. Avinash Kumar, an engineer employed with a multinational company, decided to take home loan of Rs 50 lakh for buying a flat, which made his EMI as Rs 30,000. He was confident that he will get a good salary hike in its annual review.
However, things did not work out in the desired way for Avinash as his company delayed salary hike. As a result, Avinash decided to choose EMI flexibility option, hoping that he will get some relive. In such an option, the person is required to make a payment of low EMI in the initial years, which then get increased on later stage. You can also increase the EMI when you notice a rise in your disposable income.
In certain cases, when the person avail loan for under construction property then lenders permit to make payment of only the interest component till it got ready for final possession.
However, experts warn people against choosing such schemes. They of the opinion that lenders make their attempt to sell step-up loan for selling high loan amount. It is not a right way as it would take away your future salary and you will face difficulty in wealth creation. In such a situation, you should try to extend the loan tenure in such a manner that you can easily manage the entire EMI outgo. You should curtail your monthly expenditure by making some changes in your lifestyle.
However, things did not work out in the desired way for Avinash as his company delayed salary hike. As a result, Avinash decided to choose EMI flexibility option, hoping that he will get some relive. In such an option, the person is required to make a payment of low EMI in the initial years, which then get increased on later stage. You can also increase the EMI when you notice a rise in your disposable income.
In certain cases, when the person avail loan for under construction property then lenders permit to make payment of only the interest component till it got ready for final possession.
However, experts warn people against choosing such schemes. They of the opinion that lenders make their attempt to sell step-up loan for selling high loan amount. It is not a right way as it would take away your future salary and you will face difficulty in wealth creation. In such a situation, you should try to extend the loan tenure in such a manner that you can easily manage the entire EMI outgo. You should curtail your monthly expenditure by making some changes in your lifestyle.
In : Home Loans
Tags: home loan home loan seekers
