Owning a house is a dream of every
person. Though, many of them cannot fulfill their dream of having their home.
Thus, home loan plays a vital role while buying a house, as it provides
immediate funds to the customer for acquiring the house. Thus, home loan is the
best option for having own home. The person can easily avail this loan, as
large numbers of loan providers are available in the market, i.e. national or
private banks, housing finance companies and financial institutions. Therefore,
the customer should first compare and then avail the home loan.
Comparison of home loan does
not mean just writing all numbers at one sheet of paper and then comparing
them. It requires a lot of calculations. Therefore, it is foolishness to decide
about the loan at one figure only. In order to reach the exact data or to
choose the right lender, the customer has to do the thorough study for applying
for the loan. The person can also take professional guidance for getting the
right dealer for the property as well as for the loan. This is so; as it
involves large investment and many persons do one time investment by purchasing
a house.
The person will find various home loan
packages, as a large number of lenders is present in the market and to attract
more customers, the lenders give these attractive offers. Therefore, it is most
significant to compare various loan providers before finalizing any dealer.
This is so; many banks or financial institutions provide low interest rate, but
charge high processing fee. The customer should take care of this, as small
mistake can change the person this dream into a nightmare of the life.
The customer should compare on the grounds of processing fee, interest
rates, additional charges, tenure, amount, guidelines and prepayment charges.
This is so; all lenders vary some or the other way. The customer should choose
that lender that gives the best deal for home finance. This means the loan
whose total cost is the lowest. The customer can check these things by doing
online comparison and even can calculate the EMI amount through
EMI calculators, as many banks provide this facility on their official
websites. The customer should remember that bank only provide 80% of the market
cost of the flat as funds.
The various factors affect the person’s loan eligibility mainly person’s
creditability, income, repaying ability and financial position affects the loan
eligibility. Based on these things only, the lender decides the loan amount,
tenure and interest rate.
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