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7 Myths That Have Fastened Itself For Home Buyers

By SiliconIndia   |   Tuesday, April 28, 2015
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BANGALORE: The ownership of a house is a significant achievement in anyone’s wish-list, if it guarantees a good home loan to score out an accomplished goal from one’s to-do list.

Although, home loans are a major financial decision that carries excess baggage of interest rates, one can effectively override these issues by consulting with professional advisers. On deliberating the matter with peers and friends, it could baffle one’s plan with the wide in intake of opinions; thereby this would lead to misconceptions, and myths, reports ItsAllAboutMoney.

Hence, it is important to be familiar with the policies before taking up major financial deals. From an elementary point of view, here are several myths that have latched itself with home loans in which potential home loan seekers often find themselves caught in. 

Smaller tenure with higher EMI is better

The amount of EMI‘s (Equated Monthly Installment) should be based on ones repayment capacity and the finances one holds. Great EMI’s to pay is more likely to create an unbalance and hinder one’s spending privileges. Moreover, in the case of interest rates, the rises in interest with only make the equation more difficult. For this reason, it is important to go for a repayment tenure through which one can distribute finances without the repercussion seizing one’s spending ability. 

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