5 Secrets for Getting the Perfect Home Loan


Getting the perfect home loan is not difficult. All you need is a little patience, some knowledge, and good negotiation skills. If you throw these into the bag, you will cook up a storm when you go shopping for a home loan. Here’s the perfect recipe for your cook.



  • EMI
  • Down payment
  • Eligibility check
  • Negotiation skills
  • CIBIL score


  1. Find the right EMI

The EMI is the most important component of your home loan, as this is how you repay it. An EMI includes a part of the principal along with the interest component. You must find the right EMI or your home loan could have an adverse effect on your finances. Make sure the EMIs are not too high, or may not be able to afford them. But what should you do if they are? Speak to your lender and reduce the monthly EMIs by increasing the loan tenure.

  1. Pay a good margin

The margin is the down payment you make for your property. In other words, it is your share of the immediate payment for the house. The bank bears the other, larger share. If you make a substantial down payment, then your EMI load reduces. Paying a higher down payment, also means your loan could last for a shorter tenure. This will reduce the amount of money you pay as interest.

  1. Check your eligibility

The next step is to check your eligibility. This is a simple process that will save you a lot of time and effort while looking for the perfect home loan. All you have to do is log on to the lender’s website and enter your details. Then see if you are eligible for the home loan of your choice. It is important to know where you stand, as it will help you apply for the correct loan, which means higher chances of it getting approved.

  1. Negotiate

Your negotiation skills will come in handy when you go looking for the perfect home loan. You may have to negotiate with your home loan provider about various things such as the principal, rate of interest, loan tenure, available discounts and even various other fees. By negotiating, you can bring down the overall cost of your home loan.

  1. Know your CIBIL score

Lenders give out loans with the intention of getting the money back. So, they always check an applicant’s CIBIL score before approving the loan. Your CIBIL score reflects your credit history, and a good score can get you the loan in no time. So, run a quick check yourself and see what your score is. If it is low, wait a while before applying for the home loan. Submitting the loan with a good credit score will make a remarkable difference.

Serving suggestions

Now that you have the perfect recipe for your home loan, give it a try. Keep the checks mentioned above in mind. Then you will be able to dish out the best application for the best home loan out there.