We all dream of owning a house and reside peacefully in it. Hence most of us opt for housing loans to turn our dream into reality. But not everyone is well-versed with the pros and cons of the housing loan segment, the tedious documentation, and way how to negotiate for better interest rate deal. Home loan is an intricate product and has a possibility of getting disapproved easily if you don’t meet the eligibility factors of a particular loan lender.
Before you apply for a home loan it would be great if you invest your time and effort to scan through the housing loan deals offered by reputed players in the market. Applicants can visit some of the leading aggregating sites, which would suggest customized loan products as per the financial capability. It would also be ideal if you go through the terms and conditions, evaluate loan product on your own. And to make this task easy, follow these 4 essential tips that would help you shortlist the ideal home loan deal for you:
Finding the right quotes online
Usually, the tenure options availed on home loans are for a longer period, which makes it comfortable to repay the loan amount. It is good to try multiple options in EMI, the rate of interest rate and tenure choices to pick that would prove affordable on your wallet. It is of utmost importance to choose the right home loan quote else it would put you under the stress of loan burden and the installment value. To make the right decision, you can use home loan EMI calculator that would suggest ideal EMI quote, and let you know your interest outgo. You can pick the loan as per your financial withstanding.
Look beyond the interest rates
The attractive interest rate deals on advertisement campaign can easily lay a trap for you. However, there are other factors that matter while applying for a home loan and neglecting them would make the wrong choice for you. These are processing fees, prepayment charges, late charges, cheque bounce charges, stamp duty and other expenses related to your loan process. You should aim to find a housing loan deal that would reduce the overall costs. There are many ways to reduce the interest rate such as good credit score, additional income source, higher down payments and more.
Check your loan eligibility
It is wise to check your Apnapaisa home loan eligibility and then approach any lender. Your eligibility is judged based on your age, income details, company profile or nature of the business, additional income source, existing debt, financial commitments, property value and lastly your credit score. These factors will determine your repaying capability and place trust on your behalf in the lenders.
The right loan lender
There are many financial institutions that offer home loans; however, choosing the right loan lender would make your journey go smooth and happy. It makes sense to evaluate the lenders in terms of pre and post-sale service, reviews from other customers, market reputation and the turnaround time for documentation, evaluation, sanctioning and disbursals. Private Banks and NBFCs are rather efficient in loan processing and offering customized loan solutions. For better understanding about a particular loan lending firm, you can refer to online forums to know the customer's feedback and then take an informed decision.