SBI Real Estate Carnival Just Concluded in Hyderabad For many people buying a home is the most serious financial commitment they would ever make. It would be perhaps the largest financial investment they would be making in their lifetime. Therefore it would be sensible to examine where & how you currently spend your money before going out to purchase your dream abode. You should sit down to review your finances for at least three months so as to get an idea of the amount of money you typically spend every month before thinking of buying your home. Here are some tips on what you are likely to encounter once you have made up your mind to buy a home.
Your Eligibility to Buy Home It is crucial to get a copy of your credit reports & scores before starting the home buying process. In case you are buying home with a spouse or someone else, you will have to get their credit reports & scores as well. Before you apply for mortgage you would like to get the highest score possible. Typically, any credit score below 700 is not considered to be good but score like 740 or higher is considered to be excellent credit. Nevertheless, this does not in any way mean that you cannot get a mortgage.
There is No Reason to Panic Even if you have a bad credit score there is no reason to panic. There are many different ways to improve your credit score. However, the best way to improve your credit score is to stay below 30% of your total credit limits. Effectively deal with the past due payments that you have by adding due dates to the calendar you maintain & make sure that your bills are up-to-date & paid on time. Further remember not to open new credit cards is you do not need them. Ensure that you use your credit responsibly at all times. Effective Budgeting is Key Normally, you should not be spending more than 30 percent of your monthly income on regular monthly expenses. It would be sensible to remember that utilization of credit & effective budgeting is the key! Therefore, create a budget plan which you can stick to. Easy way to achieve this is by determining all sources of income & subsequently tallying it up with the monthly expenses. While budgeting, make a couple of specific columns. One for fixed expenses like insurance, rent, mortgage, car payments & others & another for variable expenditure like food, travel, entertainment & other. However, variable expenses are easier to control, but then analyze all your expenses & see what can be cut out.
SBI Real Estate Carnival in Hyderabad Since real estate market is consistently growing, State Bank of India (SBI) has been supporting this as best as they can. They recently concluded a two-day SBI real estate carnival 2018, which was a home & auto expo event at the Hitex expo on Sunday, 2 September, 2018. It is here that SBI announced waiver of processing fee till December 31, 2018. SBI is also offering different variants of home loans as per your requirements including ‘Maxgain’ Home Loan which incorporates the overdraft facility. ‘Flexiplay’ is another option where EMI can be effectively increased alongside increase in your income. SBI also proposed customized options for salaried employees & defense personnel. During the SBI carnival 50 builders from the city showcased 200 projects. nd
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