Home buying has always been a long and deep process for an individual. There are always dos & don’ts in any process especially when it is about buying a house or property; the buyer has to be more cautious. Buying a home is a once in a lifetime decision for many of us and it would be one of the biggest assets one could ever make. It is within human nature to forget about the don’ts when there are dos in a particular checklist. During the home loan availing process, pay some attention to the points listed below.


Try avoiding the following situations while considering a home loan:

Did you check your credit score?

Before you start the process of home loan application, be assure that you are well aware about the things such as an individual’s credit score or CIBIL (credit rating agency) score. It is more advisable to take out the individual score on a regular basis to be clear.

Do an offline check?

Discuss the whole process as guided by the bank with your known ones be it friends or colleagues or any relatives about the scheme as well the bank. Enquire before you go ahead. Ask them about the reasons behind their wish for that bank and loan scheme. Try to seek out various options which are fitting in your budget. Check out the offers and also about their services in order to cut down minor expenses such as legal fees, foreclosure charges and processing fee.

Don’t wait for the last minute to come

It is advisable to begin the home loan process six months prior to the property search. Do not prefer opting for personal loans and credit cards beforehand because your loan application may get rejected if your mortgage lender finds more confusion in your CIBIL credit report or in the eligibility related to credit.

Pre-approved loans

Pre-approved loans are a benefit offered by the bank to those on the basis of the relationship that one share with the bank. This is more useful in terms of saving time on processing and approvals. When you have a good and considerably long relationship with the bank, the bank is aware of your history so the processing gets easier to them.

Loan over required

Just because the bank is offering you a higher amount loan, do not go for it. Look into the fact- how is if fitting in your budget and how is it suited to your need? So, ensure if you could pay back the monthly EMIs. Do not blindly go for high EMI loans. The simple and best tip for the buyer is to look out for avenues to increase the amount of EMI and reduce the tenure of the loan in order to save interest paid.

Know Every Clause

Have you got your loan documents verified by a legal consultant? Before signing the loan papers, make sure that you are aware about each and every clause mentioned in the application form. You can get in touch with the bank executives every time if you are unable to understand the terms right.