Five home loan problems you should be aware of

five home loan problems you should be aware of

Sumary of Five home loan problems you should be aware of:

  • A home loan allows them to purchase a property that they may not be able to afford basis their current financial capacity.
  • Do check beforehand if your own bank has a pre-approved offer for you.
  • Insurance bundles with loan Borrowers often have the misconception that they need to purchase a bundled home loan insurance along with the loan.
  • It is not compulsory to buy any insurance coverage, for the loan or the property, when taking a home loan.
  • Some lenders incentivize this coverage by offering you a lower interest rate.
  • Some may say they can’t give you the loan without the insurance cover.
  • But you are well within your right to refuse the bundled coverage.
  • You can always buy it later from your preferred insurance provider or at a cost that suits you.

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