The new trend noticed is that many couples are opting for home loans even before the marriage. This is a great way as single individuals have less commitments and can also save maximum capacity of their income by cutting down on expenses before marriage.
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| Home Loans Simplified Facts |
Marriage is an important decision in ones life. As the couple are on cloud nine and enjoying happy euphoric moments of newly married life many are faced with the decision of buying a dream home. Joint family home may be small or the new couple may be staying in a rented house and this decision of purchasing a home takes priority in the wish list.
Finances may be limited and the best option available to fulfill the dream of a new home is by taking a home loan. With so many facilities available today many couples also opt for getting a home loan approval before marriage.
Home loans are very easily available and nowadays the procedure has become quite simple. Financial position of the couple is the deciding factor before taking this step as this will indicate the repayment capacity of the individual. A good and thorough survey of availability of home loans must be done. Advertisements in news papers , television as well as the internet can give a clear picture about the different companies that offer home loans. Selection criteria is based upon the interest rates applied by each company as well as the down payment required. There is a minimum amount of money required to be given as down payment before getting the loan approved. The total amount of house value only a certain percentage of amounts can be got as loan hence the amount required for booking the flat has to be arranged beforehand.
Having a thorough discussion between all the family members , especially your would be spouse, the newly married couple is very important for the understanding and support required during the repayment tenure of the home loan. Getting a loan may seem easy for the salaried couple than the one that is self employed. Certain documents are required according to individual loan givers rules and only those who fit into these criteria are given loan. So it is advisable to have a good survey regarding all aspects before going in for a home loan especially for the new couple as they are at the most important stage of life where dining out, movies, new clothes and travel may be the priority and one may have to let go of some of these aspects in order to achieve the most cherished dream…the one of owning a dream home.
One can also save and start with repayments early even before marriage so that the financial repayments amount some what reduces at the time of marriage and you may have already paid some of the EMIs even before tying the knot!
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