It is a quintessential Indian dream to own a house. Internet is a powerhouse when it comes to guiding people to buy their homes correctly and easily. Most people want to know how to get the best loan for their dream house. Especially when you are a first-time buyer be aware of RBI guidelines for home loan, getting acquainted with all the know-how may seem a little intimidating. While you will find a lot of advice online, there is hardly anything that covers all the bases related to home loans.

The current scenario makes it difficult to think of purchasing a home without a mortgage. The associated benefits of availing a home loan like a reduction in tax liability while creating an asset make Home Loans a popular option.
Start Analysing The Info
Simply analysing and delineating the details of the easiest way to avail a home loan. The most important thing you should know about home loans is that it is given out either to purchase a house/flat or the construction/renovation of your house. The price of the property and the repayment capacity of the client is a critical factor in determining the eligibility and amount of loan. Home loan tenors can go up to 30 years. Statistically, it has been noticed that people usually take approximately eight years to pay off their full loan amount.
Calculate the EMI
The first thing one should do when applying for a loan is to make an estimate of the sum of money they can pay every month as EMI. Secondly, one should check out the eligibility criteria of the company they are opting for and see whether they are eligible for the loan. Lastly and most importantly, the person has to find out the exact sum of money needed as a loan and the payment tenor. It is a common mistake that people make to opt for the maximum period of tenor to increase the loan amount eligibility and reduce home loan EMI. However, in this case, people tend to ignore that they end up paying higher interest in longer tenor. It is also essential to decide whether you want the loan at a fixed or floating rate.