There is nothing quite as pleasurable as having a roof over one’s head that one can call his own. To make the decision to buy your own house, it is a huge one. So if you have decided to buy your first property the very first step you will take is shopping for a mortgage. While you may think that you will be spoilt for choice with so many lenders and products galore, but shopping for a mortgage is trickier than you think. However, it does not have to be a complicated process for you. Here are six steps that will help you get through the process smoothly.

1. Tips To Get The Best
Mortgage Experience

3. The first thing that any bank will look at is your Cibil score and
Cibil report to assess your home loan eligibility. It is therefore of
utmost importance for you to check out your Cibil report well in
advance to see that everything is in order and see if anything can
be done to better your Cibil score.
#1 Ensure that your Cibil
report is in shape

4. Simply put, your debt to income ratio is the amount of debt you
handle in proportion to how much money you make. Before you
apply for a mortgage you should therefore make an attempt either to
reduce your debt or increase your income.
#2
Try and improve your debt
to income ratio

5. Before you shop for a mortgage, you should have ideally saved for a
large down payment of 20% of the property value. The larger your
down payment, the cheaper it will turn out to be for you in the long
run because of a smaller EMI outgo.
#3
Plan for a big down
payment

6. Check the credentials of the prospective banks you want to
approach, and research online about the kind of mortgage
experience others have had with them. You may also consider
taking the opinion of friends or relatives who have recently taken
home loans and ask for their recommendations.
#4
Research thoroughly before
you decide on the lender

7. Make sure you submit a complete application with all the accurate
information that the bank will require to process your loan. Along
with the fully completed application form, ensure that all the papers
such as salary slips, IT returns, bank statements etc. are in order.
#5
Submit a thorough
application

8. After having discussed various implications of interest rate options
with your lender, you must make a commitment and lock in your rate
of interest. You can choose from a loan with a floating rate of
interest, a fixed rate of interest or a hybrid loan.
#6 Lock in your interest rate

10. CommonFloor.com is India's leading property search portal.
On a mission to make property search hassle-free, transparent and fruitful;
CF has best of breed property search on maps, property search mobile apps and
an extensive section for knowledge resources and advice in real estate.