“Home loan is available at the lowest mark-up rate!” Do these headlines and loan plans also tempt you? Do you intend to buy your home after reading these persuasive lines? Be hold!
Getting a home loan is not as easy as you imagine. You will have to do your homework before applying for mortgage such as know about your credit score, credit score requirements and different home loan options available in the market. Do you know which home loan product is suitable for you?
Whether you are buying your first home in Pakistan or already a pro investor – buying a home for sale in Pakistan requires prior check. Have a look at the following list before you plan to evaluate different home loan options.
Start with your Credit Score
The first thing most of the banks and financial institutions check before giving you loan is your credit history and credit score, so you must also do this. This is the most essential pointer and the most crucial time to check your credit score in order to prove that you are eligible for home loan. Make your credit report as accurate as possible so you can get the best possible loan mark up rates.
Do your Homework
Doing your homework means getting everything aligned and keeping regular check on credit report, as only then you will be able to see how well you are doing everything. If your debt to credit ratio is too high, start monitoring your credit score from time to time and clear other inaccuracies as well before applying for home loan. It is because you are going to make the biggest financial commitment that will continue for years so you must strive to get the best deal in town. Search for different home loan options available in Pakistan with different mark up rates before you finalize any option. Finalize the one that comes with better rates and terms.
Don’t Expect to Get Accepted by Every Lender
Lenders (including banks and financial institutions) have their own criteria to judge people and decide whether they should lend you or not. They have their ideals against which they will rate you and tick every box. If you appear to be reasonable and a suitable option for them, you will be quickly accepted. On the contrary, if you are not ideal for them, you will likely to be rejected. Let’s have a look at general pointers against which, they will judge you:
- Amount of loan you want to take
- Your debt to credit ratio
- Your credit score
- Your saving deposit
- Your employment status and salary
- Your outgoings
- Current Loan (If Any)
Do your homework keeping the above mentioned pointers in view and you will most likely be accepted.
Not Now does not Mean “Never”
If you are not accepted for home loan option in the first go, do not despair. It does not mean you will never get home loan. Remember, when it comes to major purchases, timing plays a crucial role. Work on the above-mentioned pointers and apply again.
Now you know all about how to prepare for home loan, so start working now and be hopeful.
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