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Update Date : 03-Jan-2023

Created Date : 03-Jan-2023

Category : Home Loan E-Book (Promotional_BT)

Break some of the most common home loan myths.

Most of us have a common tendency of reaching out to someone we trust before making any important financial decision and seeking their advice.

That being said, many investors often go overboard with this thought and take action by relying solely upon the advice coming from their family members or friends without performing any research on their own.

As a result, they generalize their specific situations, take decisions that have absolutely no relevance to their present circumstances and end up making wrong financial moves.

Hence, as a responsible investor, while making important financial decisions, one must avoid getting carried away by emotions or personal opinions of people they know but lack technical knowledge in the domain.

Instead, they must seek advice from the subject matter expert who has good knowledge about the domain, are competent enough to provide them with some substantial inputs and can help them make the best decision that is relevant to their specific situation.

Besides drawing clues from all of these sources, they must also perform rigorous research on their own and then make a well-informed decision that is backed by solid calculations & logic and that compliments their specific circumstances.

So, with the sole intent of setting you up on the right path, we are listing down a few words of wisdom to clear the air and break some of the most common myths that you may have about home loans.

1) Higher loan tenure and lower EMI is always an expensive affair.

2) With the lowest rate of interest and PF, I found the best home loan deal.

3) Fixed-rate loans are always better than floating rate loans.

4) Repaying the home loan faster is the best financial move.

5) I do not qualify for loans as my CIBIL score is low.

6) Transferring a loan to another lender means my interest payment cycle will start all over again.

7) High EMI obligations = No money for investments. And I can do nothing about it.