Home Loan Strategies for First Time Borrowers

Assess your financial situation by analysing income and expenses before applying for a home loan

Save for a higher down payment to reduce the principal amount and save on interest charges

Maintain a good credit score for better loan eligibility and lower interest rates; consider a co-applicant if needed

Be mindful of additional costs like stamp duty and registration fees when budgeting for your new home

Explore various loan options, including government schemes, to find the best fit for your needs

Understand the impact of interest rates, whether fixed or floating, on your overall repayment expenses

Compare lenders for unique offers, terms, and fees; read the fine print to be aware of any hidden costs