Mortgage loan is also like any other loan which we take against any kind of security. That is, if we take a loan by mortgaging the house or property, then it is called mortgage loan.

Tips to Prepare for A Mortgage Loan

• Check Your Credit Scores

The first thing one needs to monitor when preparing for a mortgage loan is the CIBIL score. A high credit history with scores greater than 750 will prove your credibility. Get your scores in advance, check for their accuracy, and make your credit payments as regular as possible.

• Do Thorough Research

Research the loan interest, the amount sanctioned by lenders etc., before you apply for loans. Applying for loans with multiple lenders will affect your CIBIL score. Hence do good homework and zero down on the best lender who offers you better rates and terms. 

• Be Realistic

Use the lender’s mortgage loan EMI calculator to calculate the monthly instalments that suit your budget and the interest you will be paying for it to get a better idea and plan your finances accordingly. Choose a realistic instalment and evaluate your finances so that it doesn’t affect your credit scores for the future.

• Look For Flexible Repayment Options

A mortgage loan is a long-term loan as it involves a higher sum. There are times you want to end your 15-year mortgage loan when your finances improve. Hence look for lenders who allow prepayment without any extra charges. 

• Choose A Trustworthy Lender

The hard inquiry that lenders make will reflect on your credit report; hence, applying for several mortgage loans together will eventually affect your CIBIL score and the loan sanctions everywhere. Hence zero down on one lender using their digital platforms and go for it.

Fullerton India offers mortgage loans up to 12.5 crores based on the asset value pledged. We offer affordable lap interest rates from 9% and a flexible tenure of up to 15 years. Apply now!

Additional Read: Guide to Unlock the Best Mortgage Loan for You