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Gaurav Mohta | Answer |Ask -Follow

Answered on Aug 02, 2022

Question by Himanshee on Aug 02, 2022Hindi

Money

I am looking for a home loan which gives a full loan for buying a house. What advice do you have for me?

Ans: Most lenders can only pay you a maximum of 80 per cent of the property value. The remaining 20 per cent must come from your side as down payment since it gives the lender the belief that you too have a skin in the game for the purchase.

My advice to you would be to actually pay as much down payment as you can from your side to get a better deal on rate of home loan interest and thereby lower interest payments.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Gaurav Mohta | Answer |Ask -Follow

Answered on Aug 02, 2022

Question by Rahul - Aug 02, 2022Hindi

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From where can I get a loan for home and how can I repay the loan quickly?

Ans: For anyone looking to buy a new home, there are a number of options available in the market. However, no matter where you get a home loan from, the tenure of repayment is likely to be roughly around 15-25 years.

Repaying your home loan quickly is a very smart move as you can stand to make huge amounts of savings on interest outflow. By making small regular prepayments over and above your EMI every month, you could stand to save lakh of money in interest payments and repay your home loan months in advance.

The facility to make prepayments without any extra charge should be a key criterion in selection for a lender.

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Answered on Aug 02, 2022

Question by Himanshee - Aug 02, 2022Hindi

Money

I am looking for a home loan which gives a full loan for buying a house. What advice do you have for me? Gaurav Mohta: Most lenders can only pay you a maximum of 80 per cent of the property value. The remaining 20 per cent must come from your side as down payment since it gives the lender the belief that you too have a skin in the game for the purchase. My advice to you would be to actually pay as much down payment as you can from your side to get a better deal on rate of home loan interest and thereby lower interest payments. Rahul Chakraborty: From where can I get a loan for home and how can I repay the loan quickly?

Ans: For anyone looking to buy a new home, there are a number of options available in the market. However, no matter where you get a home loan from, the tenure of repayment is likely to be roughly around 15-25 years.

Repaying your home loan quickly is a very smart move as you can stand to make huge amounts of savings on interest outflow. By making small regular prepayments over and above your EMI every month, you could stand to save lakh of money in interest payments and repay your home loan months in advance.

The facility to make prepayments without any extra charge should be a key criterion in selection for a lender.

Gaurav Mohta | Answer |Ask -Follow

Answered on Aug 02, 2022

Question by Himanshee - Aug 02, 2022Hindi

Money

I am looking for a home loan which gives a full loan for buying a house. What advice do you have for me?

Ans: Most lenders can only pay you a maximum of 80 per cent of the property value. The remaining 20 per cent must come from your side as down payment since it gives the lender the belief that you too have a skin in the game for the purchase.

My advice to you would be to actually pay as much down payment as you can from your side to get a better deal on rate of home loan interest and thereby lower interest payments.

Gaurav Mohta | Answer |Ask -Follow

Answered on Aug 02, 2022

Question by Rahul - Aug 02, 2022Hindi

Money

From where can I get a loan for home and how can I repay the loan quickly?

Ans: For anyone looking to buy a new home, there are a number of options available in the market. However, no matter where you get a home loan from, the tenure of repayment is likely to be roughly around 15-25 years.

Repaying your home loan quickly is a very smart move as you can stand to make huge amounts of savings on interest outflow. By making small regular prepayments over and above your EMI every month, you could stand to save lakh of money in interest payments and repay your home loan months in advance.

The facility to make prepayments without any extra charge should be a key criterion in selection for a lender.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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