by shradha mahadik
Published Wed, May 3rd 2017, 16:05 | Finance
Home is the biggest investment anyone could do these days so you will verify the property before buying it. We check the locality, the amenities that are provided. But how often do we check the home loan we are taking. Like we analyze the property before buying it we should also do thorough study of the home loan we are taking. Home loan is the best option in today’s era one can opt for while a buying a house. These home loans are specifically customized as per the needs of the individuals by the banking and the non-banking institutions.
Hence, the housing loans are better options because of the flexible home loan interest rate and the repayment tenure. You can avail for a home loan at a lower interest rate which can range between 9-10%. An individual doesn’t even need to pay huge processing fee as the processing fee is every nominal like 1-2% of the interest rate. Hence, the home loans have become affordable lately. Which has made many dreams come true?
When you avail for a housing loan the home loan interest rates and the repayment period are the two important factors. As these factors determine the Emi, which is the amount you are going to pay every month on a specified day to the lending institution. Hence, one needs to be updated about the current interest rate at which the lending institutions are sanctioning loans. Read the newspapers and magazines on a regular basis. Also you can talk to the customer care executive to stay updated with the latest interest rates charges that are applicable on the home loan. In addition for in-depth research you can also visit the website of the banks or the non-banking finance companies to get understand of what is happening in the home loan sector. There are a few lending institutions that have been offering home loan interest rate that ranges between 9.45% to 10% with nominal applicable processing taxes of around 1-2%.
Here’s a list of important points to follow before selecting the financing of your home:
Requirements:
Recognize your needs in order to apply for a suitable loan. Understand the income source, the amount of loan you are taking, the home loan interest rate which applicable and you can afford to pay, the tenure that you get to clear off the loan. You should first estimate the amount you require and then see any lending institutions.
A right bank or company:
Go for a bank that has an affordable package on the home loans. Do not go behind the huge offers and the discounts, they might fetch the other money from your pocket. Before taking final decisions you should properly check all the credentials, certificates, the term and the conditions that are mentioned in the brochure.
Compare the offers from the various lending institutions:
The website of the banks and the non-banking institutions will have a lot of information about the products they are offering. It is always better to see the website as you compare the Housing Loan Interest Rates which is offered by various lending intuitions. Also compare the processing fees, the EMI account, documentation and the penalty charges and then choose the financer accordingly.