All About Home Loan provider
Initially buying your own house was never easy but it has become very easy. More and more people are opting to buy their dream house at a young age. This all has been made possible due to the availability of the Home Loan. Number of banks like State Bank of India, Punjab National Bank, Standard Chartered bank, are providing various Housing loan options at affordable Home Loan Rates. This loan option is best available for a person who is dreaming to own the best house.
With the availability of such finance options, one can get confused while deciding which loan provider you should go. Before considering the best loan provider, you must check the following parameters:
Different loan providers provide different ways to determine the home loan amount. In case you are not getting your Loan amount from one lender, you can approach another lender. However, the loan amount is limited to 80 % of the value of being acquired.
Most of the borrowers tend to choose a loan option with low tenure period and with high EMI’s. However if you are a young borrower, it is recommended to go for a longer tenure period. Longer is the tenure period, lower are the monthly installments.
Loan interest rates, fees and charges:
If you are willing to buy Housing Loan, you must consider various points like the interest payable on the loan amount, processing fee, documentation, stamping fee and the prepayment fee.
Interest rates prevailing in the economy:
The Reserve bank of India continues to make changes in policy rates. Hence at the time of availing the loan, you must prepare yourself for the possibility that interest rates can grow up further.
Insure your home loan:
To protect your dream home from any unnatural event, you can opt for Home Insurance. Go for a loan provider which is offering insurance side by side which you can pay along with your monthly installments.
Under Income Tax Act, tax benefits are available on the interest rate, and the principal repaid on the Home Loan. These tax benefits are allowed on rented as well as self occupied property. Above all, factors, you should analyze whether you are financially fit to pay the loan amount that you will commit to pay.
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