If you have decided to buy a flat in Cochin, you have taken a major decision in your life. Whether it is your first or second or third time, you may have opted for a home mortgage loan for this purpose. However, it is common for roadblocks to occur during such a process. Here are a few leads on how you can minimize/avoid them to make the process a smooth and happy one.
#1: Complicated Documentation and Verification
There is a lot of documentation that needs to be done for procuring a home loan. Then this documentation has to be verified by the lender. This is a complicated affair as a number of documents have to be attached and different forms have to be filled. This is easier done with the help of an experienced agent so that you are able to avoid any mistakes that may happen. It is a good idea to submit all the paperwork at the earliest when you apply for a home loan.
#2: Repairs in the home
Ensure to check for any repairs in the home to be purchased before any inspection takes place. The best way to handle this is to come to a mutual agreement with the seller on the price of the home so that all the costs are covered. This removes any doubt when the inspection takes place.
If you are ready to take a loan, it is important to have an underwriter for the loan. These underwriters would check your employment status, your income, repayment capacity, and existing loans. This would work out the loan amount that you will be eligible for. This would also give you an idea about the repayment amount that you would be required to give to the lender every month. Ensure that you have a pre-approved loan in your hands before you start hunting or a house.
#4: First-time Buyers
If you are looking out for flats for sale in Kochi, and it is your first time, (you can check out Hebron Silver Shores) it is important to be aware of the changing trends in the market and the changes in prices as well. Any upward trend should not come as a shock to you at the time of purchase. Start the search only when you are ready to buy the house.
Knowing what the roadblocks are before you actually encounter them helps you to save money, time and heartaches during your loan application process and thereafter.