Everyone want to get his own home but in the primary stage of anyone’s career it can’t be possible to collect the huge fund for a new home, and if anyone wait for the new home 20 years than the property’s market value increases more than 40 % so mortgage is only the best tool to get the dream home at affordable price which also save your money from home rent.
Before you go for the mortgage debt search for the lowest interest rate and the longest maturity period available in the market.Also collect the information that which company provide the addition facility like insurance and refinance facility in the market.
Monthly Installment payment decided on the basis of the current income ,generally its 40% of the income but if the borrower think that its income increases with the time period than he can increase the EMI in future also ,or fix EMI on the joint income of his wife ,or family income.
Mortgage will help you to get your dream home ,but you need to clear one thing that it is secured debt .If you are unable to make mortgage debt in time you may loss your home.
No comments:
Post a Comment