A home loan is a financial arrangement in which a borrower receives a specific amount of money (the loan) from a bank, typically a bank or a financial institution, to purchase or refinance a residential property. The borrower agrees to repay the loan amount over a specified period, usually through regular monthly payments, which include both principal (the original loan amount) and interest (the cost of borrowing) View More
|Explore for the best interest rate and loan terms.
|Do not rush to apply for a loan without comparing options.
|Provide all necessary and accurate documents during the home loan application process.
|Do not provide incomplete and false documents.
|Understand all the fees associated with the loan.
|Do not overlook hidden fees or charges in the fine print.
|Save for a down payment to reduce the loan amount.
|Do not borrow more than you can comfortably afford.
|Read and understand the loan agreement before signing.
|Do not skip the fine print or rush through the paperwork.
|Create a budget that includes EMI payments.
|Do not neglect other financial goals when taking a home loan. .
|Communicate with your bankif you face financial challenges.
|Do not ignore financial difficulties; seek help early if needed.
|Keep track of your loan statements and payments.
|Don't miss payments; it can negatively affect your credit worthiness.
Home Loan is a secured loan given by a bank against the security. In the event of failure to repay by the borrower, the bank can, subject to laws of Nepal, sell the underlying property and recover the principal amount and any outstanding interest thereon.
First of all, you need to submit your application which will be evaluated on certain parameters by banks in Nepal. Then, property valuation and title check follow will be done and if the application is accepted, you need to submit all the documents requested by bank.