Common mistakes to avoid while taking a Home Loan

Common mistakes to avoid while taking a Home Loan

Buying a home is a lifetime dream for most people. Home loans take care of the financial liabilities associated with it to some extent for most people. But the loan can become a nightmare, if you commit mistakes while applying for the loan and can come out costly too as the money involved is huge!  Vishraam Builders, premier builders in Guruvayur brings to you a list of some common mistakes to avoid while taking a Home Loan to safeguard you against pitfalls so that the home loan does not turn into a burden in due course. 

Mistake 1: No sufficient funds for the down payment

Depending on your CIBIL score and repayment capacity, banks provide home loans of up to 80 percent of the value of the property. When you are applying for a home loan to buy a flat in Guruvayur, you contribute the remaining 20 percent of the cost, as a down payment, after which, the bank starts disbursing the loan.  

Mistake 2: Applying for a bigger loan amount than you can repay

It’s vital that when applying for a home loan for booking a flat in Guruvayur, your EMI outflow should not be more than 30-40 percent of your income. A bigger loan with a higher EMI, can be a great burden for you. 

Mistake 3: Selecting the wrong loan product

Several types of home loan products are available in the market like floating rate home loans, fixed rate loans, semi-fixed rate loans, home loan with overdraft benefits, incremental EMI home loans and more. You can choose the most appropriate loan product & get the maximum benefit in the long term.

Mistake 4: Taking a loan for a short tenure

According to the eligibility of the borrower, banks generally provide home loans for tenure of up to 30 years. As there is no prepayment penalty on the home loan it is better to opt for a longer duration home loan.

Mistake 5: Not comparing various banks’ offers

It is possible to compare home loan products offered by different banks nowadays on the basis of interest rate, charges, penalties, etc. You  should always avail this facility, to avoid selecting the wrong loan product, which may eventually be stressful for you.

Mistake 6: Ignoring one’s credit score 

If you are one of those people who commit the mistake of spoiling their credit score, by not repaying the EMIs for small debts like credit card bill or a personal loan, your chances of getting a home loan is weak. Keep the credit score healthy, if you are planning to take a home loan.

Mistake 7: Not taking insurance 

All home loan borrowers should take the required insurance cover, to protect their families from financial distress in case any unforeseen mishaps happen that can affect the ability to pay back the outstanding dues/EMIs.

Take care to read the fine print in the loan agreement  before you sign it. As now you know some of the common mistakes to avoid while taking a Home Loan be careful how you go about it. To book flats in Guruvayur get in touch with us at Vishraam Builders.


Benefits of Property Insurance


Have you insured your property? If not, it’s time you did! With the rising costs of living increasing day by day, as a homeowner, it is your responsibility to protect your home & its contents. Your home is the biggest & most costly investment you’ll ever make in your lifetime. It is only sensible to protect your investment with insurance. 

Here are a few benefits of property insurance brought to you by Vishraam Builders, eminent builders of flats in Thrissur & apartments in Guruvayur.

Protection against Liability


It’s a lesser known benefit of property insurance policies. When you’re a careful homeowner you can prevent a lot of accidents and injuries, but when an incident happens like a fire or mechanical damage which could include your neighbor’s home, your property insurance Liability coverage can be of help. It protects against these costly incidents & will also cover the medical expenses of a guest injured in your property.

Protection against Power Outages

Protection against Power Outages

Power outages can occur from time to time in flats in Thrissur & these can cause serious damage to your devices and shorten their lifespan significantly. Property insurance can cover losses caused by power outages.

Protection against Property Damage

You get coverage against a lot of natural disasters like monsoons and floods, fires, earthquakes, theft, and other weather-related damages. Whatever be your property size, location, and other security features that you may have added there’s always the danger of fires, floods, or burglaries. 

Protection for Art and Jewelry

Protection for Art and Jewelry

Homeowners of apartments in Guruvayur who possess expensive jewelry, art pieces, or other valuable possessions in their home can think about an add on feature to your property insurance. This will pay out for any damages to your personal items. Keep in mind, though, that these add-ons only usually have a fixed amount that will be paid.

Protection for Commercial Ventures

When you rent your flat in Thrissur out to a third-party you are held responsible for any structural damages or personal injuries that they may cause during the occupancy. Your property insurance can provide protection against damage for all these. 

Points to keep in mind while insuring your home:


  • Always maintain proof of all your insured items in order to claim them.
  • No claims can be made for unauthorized construction, so make your investment wisely.
  •  Get a quote of the reconstruction cost from a contractor for extensive coverage when the time comes for policy renewal.
  • The home insurance policy only covers the building and its components. It does not cover the land.
  • Tenants can insure the contents of the house they are living in.

You can get the ultimate luxury of peace of mind by getting your home insured. Be it an apartment in Guruvayur or a villa, once you have selected your policy and paid your premium, protecting your property is no longer your responsibility but that of your insurer. Now that you know the benefits of property insurance get along & do it ASAP!

Home Automation for Smart Apartments

Home Automation for Smart Apartments

Smart technology is ruling the home automation sector nowadays! Progressing from simple timer-regulated thermostats and keypad door-locks into more innovative technologies. More and more home automation systems are designed with apartment dwellers in mind, and you can now incorporate smart technology in your apartments in Guruvayur or flats in Thrissur without breaking the bank.

Here’s a run-in on Home Automation for Smart Apartments from Vishraam Builders, eminent builders of apartments in Guruvayur or flats in Thrissur

Climate control

Climate Control

The 3rd generation Nest Learning Thermostat is a must have for high-tech homeowners of today who wish to save on heating and air conditioning costs through interactive programming and online management. It not just fulfills the function of keeping your home at a comfortable temperature, but also learns your habits and automatically adjusts itself to suit your needs. The climate control has built-in Wi-Fi that can be controlled by any device and additional sensors, & you’ll be able to change your temperature from miles away.

Lighting automation

Lighting automation

Are you a person who has the habit of leaving lights on? It can lead to wasted electricity. Home lighting automation can make it easy to activate or deactivate the lights in your apartment with the push of a single button. Lights can be easily turned on and off remotely, change their color and intensity, flash to signal incoming email messages and more.

Smart television

Smart television

Your home is your place to relax and unwind. What better way than zoning out in front of the television? With a smart TV in place, you don’t even have to rely on the Cable Network to get your favourite TV shows. The Smart TV will have internet capability and web-based features built directly into the television itself. You can access computer media files, enjoy online services, visit web pages, record videos, and play streamed games with the Smart TV.

Automated door locks

Automated door locks

Home automation can also be used to ensure the safety of your property which is very important. Your door lock can be majorly upgraded with home-automation security. A simple software interface provides a top-notch performance in a Smart lock. The lock can also be manually operated with the use of a key, in case something goes wrong. It keeps a complete record of those who enter and leave the house.

Home Surveillance

Home Surveillance

Security camera surveillance is needed if you want to know exactly what is happening in and around your home when you’re not around. You have many options in security Cameras.

Amazon Echo along with its voice-activated smart speaker, Alexa, is the perfect centerpiece in home automation, that will be the central control point for your smart home devices. Living in an apartment need not limit you in the home automation front. You can always go for affordable smart technology which is available today.

If  you have any other suggestions or tips when it comes to Home Automation for Smart Apartments? Do share them with us!