Luxury apartments in Kochi sometimes take some messing up attitudes, perhaps most of the time, it is associated with finance. The mess is usually due to the lack of the right information at the right time. Home has a beautiful and so affirming connection with human beings and a home of your own is a dream not everyone can pursue. Getting closer to the dream means, it should be in a better form than what you have wished for. Our dreams are always taking a reverse gear and we tend to step back due to lack of money. As money is taking an important role in today’s world, even buying daily essentials has been a tough task playing a wild crucial game with us. The ease of financial concerns is always ending up on bank loans and credit products. The banks extend a wide range of financial assistance like Home Loans, car loans, personal loans, and credit cards, which go beneficial to us at some point in our life in achieving different milestones in our life. Besides these, the banks also put forward additional products such as Top Up, Balance Transfer, and overdraft for the users and they would be equally helpful if you know how to tap the maximum out of the available credit offers or your home dream, home loans are the popular choice as financial consideration you can opt for and the home loans provided are to tap a lower rate of interest. The banks also give a better option to transfer your to a different bank with less rate of interest which is basically opting for the Balance Transfer facility.

The home loan interests may vary from one bank to another and a wrong move can mess up your finances big time.

However, one must take care of certain important factors before opting for a home loan and here we share the list of the top 5 mistakes you must avoid while applying for a home loan.

Depending On DSA

Do you really how the home process is being carried out? Every bank owns a DSA or Direct Sales Agent who takes the responsibility to bring in more clients in a month and each such agent will be provided with a target number to achieve as well. It becomes mandatory if it is a private bank and the route to the approval of a loan is through such agents. All employees are intended to help each other and any client approaching the bank will be directed to the DSAs and who will help you in getting the loan approved. Taking ahead the procedure, you need to write down the transparent picture of your dream home and after the DSA will forward the loan application to the higher authority and so it goes. Here, have got done a better study of the terms and conditions involved? Thus the first mistake happens even without your notice. DSA does not give you the full picture, so ask them, to understand it well before signing any concerns.

No Self Assessment

A healthy credit score is the main criterion to get a home loan processed under normal conditions. Unlimited credit reports are easy and convenient to download and the credit score to go favourable is something above 700 and the same will give you the power to apply for a loan through the best banks. Your creditworthiness will be evaluated by the banks and poor credit history will drop your score and make you ineligible for the loan.

Not comparing different Options

From a client’s point of view, all loans look similar, but when you are intended to opt for one and go deep with its fine print, there you get to understand the difference and know the means it gets to affect us. Various low-interest loan schemes may also be available than the one you are on and to get to know the thing you need to check the points such as

  • the reputation of the bank together with that of builders in Ernakulam 
  • Annual Percentage Rate (APR)
  • Processing and late payment charges
  • Prepayment and foreclosure penalties
  • Flexibility in repayment

Paying More

Those, who have ended up with the maximum effort for the loan and their needs are getting ready to be executed but kept pending in the wait for the loan to get approved. What is the need for a hurry if things are going smoothly and without hassle, will speeding up will benefit you to get the approval fast? DSA may take your hurry factor for granted and may exploit you in terms of that by either adding additional processing fees

without mentioning it explicitly or may ask for extra money for faster approval of the application. You are the consumer, the consumer is the king in a bank and you have the right to get the information you need. You need to get better proof of documentation for whatever payment you are making and the reason why you should be paid extra has to be mentioned explicitly.

Taking a higher amount than necessary

The bank officials may make you fall for a higher amount of money to buy an apartment for sale in Kochi and you may also feel it beneficial at that moment, but be careful not to get carried away in their attempt to convince you and choose a higher loan amount than what is absolutely necessary. What are the challenges you will have to face ahead in the journey? The interest value may differ with the difference in the loan amount and you may end up with a net loss, it will be a loss-making affair in terms of prepayment penalties, and may tend to jump onto unnecessary spending and many other associated issues, more money means more EMI which you may not be possible to afford on and in turn also hurt your credit score.

Get in touch

8th Floor, Nucleus Mall & Office,
N.H.85 (Kundannoor – Petta Road),
Maradu. P.O, Kochi – 682 304.
Ph: +91 0484-4105000,
GSM: +91 9072349966





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ABAD Builders, set up in 1995, is Kerala’s first CRISIL-rated builder and has also acquired ISO 9001. The ABAD group, with a legacy that goes back to 1931, also has interests in seafood processing, hospitality services, facility & project management services and retail.


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