Home Loans: The Most Significant Debts

1
Home Loans The Most Significant Debts
2

• House is the most expensive one will have to
  afford in their life.
• Whilst there are other types of loans, ie car
  loans, renovation loans etc, yet home loans are
  yet the most burdensome since the repayment
  period takes up to years.
• There are several reasons to why home loans are
  generally significant.

3

• Out of the many reasons, one of it is the burden
  of repaying all the debts, and there must be a
  financial commitment of certain sum of month to
  be paid on a monthly basis.
• Additionally, the interest rates which is high
  and that the overall sum paid back to the bank is
  higher than amount borrowed.

4

• Furthermore, home loans are a long term
  commitment. Here, it is important to take note of
  their lock in period. The shorter the lock in
  period, the better.
• Another significance of home loans is the concern
  on interest rates. The lower the interest rates,
  the cheaper the payment.

5

• Make sure you have chosen the best package and
  take note of the hidden costs.
• It will be great to discuss with the bank
  representatives on who should be the one to bear
  the legal fees for loan documentations.

6

• Also, take note of the types of loans you will be
  taking. In Malaysia, it can either be a
  conventional one (Hong Leong Bank) or an Islamic
  financing (Kuwait Financing).
• For further reading, hesitate not to read this
  http//ellychen4.bravesites.com/entries/general/ho
  me-loans-the-most-significant-debts-