Buying a home loan can seem complex but if you go systematically, you will soon be holding the keys to your home!! The first thing towards your home loan is selecting the best housing finance company which can provide the best guidance to you through the whole procedure.
Important tips to choose the best home loan lender:
• Choose the Loan Provider After Finalizing the Property: Buying for the home loan comes after identifying the property. While most banks offer finance for ready to move in properties whereas some banks lend for a property that is being self-constructed or a property under construction. Therefore, finalize your property first and shortlist the financing options thereafter.
• Be Sure About Your Loan Eligibility: Different Banks follow different criteria to calculate your home loan eligibility. In case, loan eligibility based on your income is an issue, you should contact different banks to find out which bank can provide you with the maximum amount at lowest rates. There is also an option of clubbing your own and your spouse’s income to increase your loan eligibility.
• Be Ready to Loose Your Processing Fee: Banks charge some processing fee to get any loan application on roll. The processing fee is around 0.50% to 1.00% of the total amount. Paying the processing fee does not ensure the clearance of the loan application.
• Fixed or Floating Rate of Interests: In case of the fixed home loan interest rate, the interest rate does not remain fixed for a certain period. The lender has a right to change the rate of interest arbitrarily. In the case of the floating interest rate loan, make sure to check whether the interest rates of your chosen lender had floated down over the two years.
• A Stitch In Time Saves Nine: Cost of your home loan largely depends on how you negotiate. Home loan lenders primarily take into consideration your income and personal profile. Apart from the rate of interest, processing fee, legal charges, pre-payment charges, valuation fees, and other hidden costs are some other factors you should take into account while choosing the best finance.
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