Things you must have to know before availing of a home loan
It is very common to feel nervous or confused before taking a home loan first time. If you are also going to take home a loan then you must have to learn about it properly. You will get hundreds of sites that provide home loans very easily. But make sure you have chosen a good and trustable site. You can also use the helping first time home buyers in Perth as they will provide you professionals advice.
Almost every person have to try helping first time home buyer in Perth like services as it clear all your doubts. These are few things that you must have to know before availing of a home loan:
- Eligibility criteria
The very first thing you have to do is to know whether you are eligible or not for the housing loan. The lender will check your eligibility criteria through the income and repayment capacity. You must have the proper age, financial position, qualification, job stability, and a lot more.
- Home first or loan first
We highly advise you to go for the pre-approved loan before home selection. It will help you in fixing your budget and then you can purely focus on the house selection. It will also help you in getting the best deals faster. The dealer will try his best to provide you best house as you have paid for it.
- Loan amount
Let us tell you that lenders provide housing loans from 75 to 90% of the cost. For example, if you want to have the property of 50 lack then you can get a loan of about 40 lakh that is 80% of the total property amount. You also have to provide a co-application and it may include your elder child, parent, or spouse. You have to use the loan eligibility calculator to calculate your eligibility for the home loan.