‘Laina’ sounds like a pretty name for a girl but in reality it is the Finnish term for loan, that dreaded four letter word which every working individual knows all too well! Being under a loan can be very frustrating if you don’t maintain a healthy payment routine and if you have not done your homework well regarding the various details of your loan.
Doing a market survey is not only essential while taking a loan, it is in fact imperative that you do a solid market research before taking the final plunge. Loans can become quite daunting if you are not well prepared for the loan cycle. It is also important to listen to your financial advisor and do the necessary checks before you decide on which loan suits your need the best. House loans are often life-time loans that will probably continue well into your 50’s. Car loans and education loans on the other hand can be paid off much faster depending on your rate of income. After taking a loan, it is always better to look for higher paying jobs so that you can pay off your debts as soon as possible. For couples it’s good if both the husband and wife are working to pay off the installments. Two can tango better than one. The greater your income, the better your chances of paying off your loan in the shortest possible duration.
However, it’s not always a pretty picture and life can get tough if you get laid off or something unexpected happens. Thus, it’s good to have a guarantor who can take your back when something goes wrong, probably your parents or your elders. Mortgage loans have lesser interest rates and offer greater security. If you have a property, you can use it for a mortgage loan.