Things to keep in mind While Choosing Home Loan Offers
Planning to buy your dream home or that deluxe apartment but unsure if your salary is sufficient to match with the interest rate offered by lender? With home loan offers, and lending rates on a downward slump, is actually the time when you can plan to take a home loan. Well, there are many lenders in the market who provide offers on home loan, as can help you to save lakhs of rupees in the long term and you can get your dream home faster. According to the analysts, this home loan offers provide a conducive environment for the borrowers. The lenders usually fuel this offer during the festive season, promotional offer, etc. Today, the affordable housing segment has grown significantly and we think it drives the customers to purchase their own house. Well, here we are listing out 5 things that one should keep in mind before applying or selecting the offers:-
Affordability: – You have to figure out the monthly equated monthly installments that you can pay with ease. Your monthly EMI will depend on the loan amount, the tenure of the home loan and the margin money being paid as an initial contribution. If your initial contribution is high, the resulting EMIs will be low.
Interest Rate: If you are among the ones who used to complain about a high rate of interest on home loans, and processing charges, then you should wait for the time when lenders provide home loan offers-time for one to smile. But while picking the offers on home loans, always make sure to check the final rate of interest being offered. One can decide whether you want a home loan under a floating or fixed rate of interest.
Other Associated Charges: Any loan especially home loans always come with some associated fee and charges. Among them, the processing fee is the most common fee payable at the time of the home loan application process. We advise you to choose the lender with home loan offers who charges a reasonable processing fee.
Tenure of Home Loan: – Lenders usually get geared up to make festive season sweeter with series of home loan offers and discounts to amaze their customers. Well, one can avail a home loan for up to 20 years, as every lender has specific criteria, terms, and conditions. Some of the lenders extend the tenure of home loan for up to 30 years as it highly depends on the loan amount, your age, etc. The longer the tenure, the higher will be the interest rate pay-out.
Dealing through Aggregators: Screening every lender website individually for home loan offers can be a daunting task for anyone. In that scenario, you can directly search and connect with the aggregators, whose clear and simple booking engine can help you to lock-in the correct lender. In addition to this, the lender’s representative will get in touch with you within a few hours, to give you a clear insight into the on-going offers.
Hence, we understand that purchasing a house of your own can possibly be one of your greatest achievements, especially for a salaried working class background. Hope this information would be helpful in locking the right lender.