Having a home of your own is a cherished dream and the right home loan helps in making that dream come true. However, the process of loan application, the repayment and other complications related to various stages of home loan can be painful and exhausting. Here are a few tips which can help you deal with complications in home loan:
- Written communication- When you apply for home loan, make sure to have all conversation between yourself and the lender in written format. Verbal assurances and promises can be worthless if any dispute occurs.
- Awareness of details- Be aware of all necessary documents required for home loan and avoid errors in filling out forms in detail to avoid a long waiting period for closer of loan. Details like pre-payment charges, lock-in period, payment plan should be carefully studied and evaluated.
- Property inspection- This can be a long process and there can be rejection of application if the lender finds that value of property to be less than the requested loan amount. To avoid this, apply for loan from banks which have pre-approved the project. This will also reduce the documents required for home loan.
- Request for restructure– In case you are not able to pay the promised monthly instalment on your home loan, contact your financial institution to inform them about the reasons and ask them to restructure your instalments to smaller amount by extending your loan tenure.
Change of Lender & Banks– This is another tedious process when you apply for home loan and be very time consuming. Be sure of choosing the right bank for your home loan and avoid change of lender as it is not a formal process.