Get tips for strategic Bank of Baroda home loan planning

As real estate market prices are at all time high, it makes difficult for many to buy a house of their dreams. This is when Bank of Baroda home loan comes to rescue the dreams and desires of home buyers. Whether you’re looking to buy a new property or planning to renovate the existing one, housing finance can really help you get the things done. However, if you are all set to apply for a housing loan, it’s significant to start planning in advance and do a self-check of your financial standings for strategic borrowings.

• Detect net income – Well, your take-home income plus other earning sources are probably the most significant factors to plan your finances ahead. Apart from budgeting the cost of monthly installments, if you have stable earning in a stable industry, then the lenders would offer housing finances at negotiable rate of interest and flexible terms. For instance, if you don’t have any existing loan or credit, then the lender would approve higher loan quantum for EMIs up to 30-40% of the net monthly income.
• Identify your expenses – You should consider not just the income, but the expenses too. Your current and expected expenses can help you figure out your repayment capacity during the entire tenure. Your personal as well as domestic expenditures should be factored-in while calculating the Bank of Baroda home loan and dedicated EMIs. So, if you wish to play safe, make sure to count-in your expenditures to ensure that your home loan EMIs remains unaffected by the surge in expenses.
• Lifestyle – Even though most home buyers avoid considering this factor while planning for a home loan, it is significant to consider your lifestyle choices as well. Right from your fashion needs to travelling often, these petty factors can leave a huge impact at your overall financial management. This is because such expenses can take plenty of amount out of your bank accounts and thus, affecting overall finances.
• Rate of interest – Before you sign on the dotted lines of home loan agreement, make sure to check out the rate of interest and calculation method. While fixed interest rates remain the same throughout the tenure, floating interest rates could change with the market fluctuations. In addition, it is also significant to check the Bank of Baroda housing loan interest rates to plan the finances accordingly.
• Tenure – While you check the rate of interest, make sure to consider the tenure as well. Tenure and ROI have so much to do with each other. Consequently, you would be paying less interest if you opt for a shorter tenure and vice versa.

So, plan your big ticket purchase strategically and visit https://www.applykaroo.com/loans/bank-of-baroda-home-loan for any loan-related query.