ALL >> Investing---Finance >> View Article
How To Ensure You Get The Most Affordable Home Loan In India
Total Articles: 291
Home loan can be defined as a type of loan granted to person to aid him in buying a flat or house. In India, currently there are more than 50 lenders who offer home loan to people. So, it is obviously difficult to decide whom to prefer or how to decide which loan will match your requirements as well as be affordable at the same time. Given below are some points which you may consider to get an affordable home loan in India.
• Looking for affordability does not mean that you have to opt for a loan with the cheapest rate of interest. The affordability of the loan can only be finalised after considering the other aspects of the loan and viewing it as a complete package.
• Given a choice between a floating or fixed rate of interest, always prefer the former as usually the latter comes with a foreclosure penalty. Moreover, if you get lured by an attractive rate offer and opt for a fixed rate you will notice that after the completion of the fixed term the rate changes.
• To ensure that you get the best home loan in India it is always advised to prefer a lender offering daily reducing balance over monthly. While making a partial repayment, the case with a monthly reducing balance plan is that if an amount is partially closed between two EMI dates, the repayment is considered only from the next EMI date. This means that you end up paying interest even on the repaid sum for those days.
• Make sure that you ask for advice from your bank relationship manager, chartered accountant, wealth manager, tax planner and finance controller before finalising your mortgage broker.
• Ask your mortgage adviser to provide you with a comparative analysis of the products of at least 6 major lenders. Instead of just considering the home loan interest rate also focus on the base rate, margin offered, the number of times the lender has reduced rate in past two years, maximum tenure offered, factors depending on calculation of eligibility and whether the lender has funded a property similar to yours earlier.
• The best home loan in India must make its facilities available in all Tier 2 and 3 cities across the country. This also reflects it affordability and is an important point to consider when looking for an affordable home loan.
• Quick and easy documentation process, disbursement process and verification are also something you should look out for when planning to apply for a home loan as a hassle-free smooth process always saves your time and money.
• Rather than preferring age-old clichéd products try your hand on new-age products. They often tend to offer better deals in comparison to traditional home loan products.
Author Bio :
The author is a seasonal writer on topics of finance and the best home loan in India sector. Through her writing, she articulates aspects that are important to people availing facility such as home loan interest rate, documents, home loan eligibility criteria that help to make the best decision.
Investing / Finance Articles1. How To Claim Unclaimed Fixed Deposits From Banks
Author: Arwind Sharma
2. 12 Month Payday Loans Direct Lenders
Author: Carol Adams
3. Where To Look For Ongoing Projects In Mumbai In 2017?
4. Benefits Of Hiring A Tax Accountant
Author: Karen Lee
5. Impact Of Gst On Manufacturers And Their Distribution Networks
Author: Rahul Sutraj
6. Quickly Find Ideal Program For Commercial Lending In Atlanta
Author: John Bairstow
7. Why Emv Credit Card Terminals Are Necessary For Business?
Author: Satya Nadella
8. Get Set For A Great Retirement Life
Author: Deepesh Reddy
9. Payday Loan In India, Payday Loan India, Payday Loans India
Author: Mayank Aswal
10. Mashreqpay Program To Ease Your Personal & Business Life
Author: Jeff Usman
11. Maximize Your Profitability With Trade12 Trading Services
12. The Best Stock Market Advisory Services Discerns The Best Time To Invest The Indian Stock Market
Author: Dharmesh Patel
13. Opt For Sebi Approved Stock Option Advisory Services For Better Investment Security
Author: Dharmesh Patel
14. How To Find Best Mortgage Loan Software
Author: sapana rathod
15. Unravel Your Taxation With The Accomplished Cpa In Memphis Tn!
Author: Garrett A. Surles