7 Myths That Have Fastened Itself For Home Buyers
Lower interest rates are better
Theoretically, considering a home loan at lower Interest rates sounds like a good deal. Nonetheless, lower interest rate can be ineffective, if the loan doesn’t get approved or even if the approved amount doesn’t suffice to cover the property purchase. One must be aware of all the charges, this includes inspection charges, processing fee others, and hence it is advisable to look into all aspect in order to receive the best loan deals.
Rise in interest rates result in increase of EMI
For loan payers this area always proves to be a major concern. In regard to certain conditions, the banks can increase loan tenure by default so all to make ones EMI amount constant, but if one doesn’t wish to extend the loan tenure, they would have to pay a higher EMI according to the bank structure of the loan.
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