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Tips for smart financial planning to prepare for a home loan

Smart financial planning is crucial when preparing for a home loan with HeroHousing. This involves assessing your financial situation, setting a budget, saving for a down payment, improving your credit score, reducing your debt-to-income ratio, researching loan options, maintaining an emergency fund, getting pre-approved, and seeking professional advice.

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Tips for smart financial planning to prepare for a home loan

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  1. Best Practices for Handling Your Finances Before Home Loan Application

  2. 1 • 2 • Reduce DTI Ratio This ratio indicates how much of your income goes towards debt repayment. Reduce this ratio by paying off existing loans.

  3. Use Credit Cards Wisely Avoid Extravagant Usage of Credit Cards Keep the utilisation rate below 30%.

  4. Work on credit score • Make an effort to increase your creditworthiness. 2. Maintain loan repayment discipline and look out for inconsistencies in your credit record.

  5. Keep Emergency Funds Set aside some of your savings for emergencies. It will assist you in managing EMIs amid a financial crisis.

  6. Look For Passive Income Try to supplement your income by taking on freelance work or renting out your spare house/flat.

  7. Sell Unused Assets Assets you no longer use can help you arrange funds for a down payment.

  8. Avoid Overspending on Furnishings Avoid spending money on furnishings that are not necessary.

  9. 1 • 2 • Invest In Insurance Get a loan or term insurance. It will assist you in making EMI payments during times of financial uncertainty.

  10. Keeping the above tips in mind and conducting research on lenders will assist you in better managing your money before applying for a home loan.

  11. Thanks. Would Love to hear from you. Hero Housing Finance Ltd. 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel: 18001024145 Email: customer.care@herohfl.com Website: https://www.herohousingfinance.com/ Visit here: Tips for smart financial planning to prepare for a home loan.

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