Don't get tripped up! 8 common home loan myths debunked for savvy borrowers

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Key Points

To transform this dream into a reality, many individuals choose to pursue a home loan, as it allows borrowers to gradually repay the loan amount through affordable Equated Monthly Instalments (EMIs)...

Myth 1: Opting for a shorter loan term is invariably advantageous..

Fact: Although a good credit score (usually above 750 in India) greatly enhances the likelihood of securing a home loan approval, it is not the only criterion lenders evaluate..

Fact: While home loans are primarily for property financing, some lenders might permit a portion to be used for renovations or improvements..

Fact: While a larger down payment diminishes your loan amount and interest payments, certain lenders provide home loans with lower down payment options..

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