Does home loans comparison seem a tedious task? Follow this strategy to make it easy!
Indeed everyone wants to be 100% sure of the financial decisions they make, especially when you opt for a home loan. Hence many loan aspirants spend their spare time looking for all availed options and bringing home loans comparison to find the best housing loan option for them. Given the amount of money one need to borrow to buy a new house and the number of installments it would need to repay the loan amount makes it more crucial to compare and evaluate the home loan product.
One might assume home loans comparison is one of the stressful tasks of all. But if keep your head clear and use various tools like home loan EMI or eligibility calculator to help you in evaluating the housing loan option. You can follow below tips will help you in strategizing your product search.
Know your eligibility well!
For most home loan aspirins just kick-start their home loans comparison drill by pitting rate of interest charged on the availed housing loan options in the market. But it is pointless to even begin the product searching without checking your eligibility to apply for the home loan. Your loan borrowing eligibility will be judged upon credit history, current financial withstanding and also the overall assessment to estimate how well you would repay the total loan amount. These factors would greatly influence the EMI values and the rate of interest charged on you.
Official websites or loan aggregating site!
We ask, why not both! When you actually start the apnapaisahome loans comparison, you might find yourself in this dilemma! At one corner it would be good to go through the official websites of housing loan lending institution to get the exact quote, right from the loan factory. But then, it would be a one-sided and basically a written sale pitch for the loan lender to cater new customer. Whereas, a loan aggregating sites will present all home loan products availed in the market on one web page so that you don’t have to jump from page to page to compare and get the best home loan option as per your requirements.
It is not only about the rate of interest!
Let’s get this fact across; if you are doing home loans comparison just to get the lowest interest rates possible, then you are doing it wrong! There are many other elements of a home loan product that need to be evaluated and choose as per your requirements. Product-wise factors like you should check out REPO rates, APR rates, availed tenure, and EMI options and also need to estimate how much interest amount you would pay at the end of the tenure period. You should also root for an ideal loan lender that offers proper pre-payment policies, the quality, and speed of loan approval, eligibility criteria and so on. It is important to calculate these factors as negligence to it might increase the risk of bearing loan burden!
The shortlisting stage!
It is that phase of the home loans comparison where you need to shortlist at least 3 loan options to consider to apply. Once you are done shortlisting the loan product, it would be suggested to visit each loan lenders to know more about what documents you would need to submit, what more a loan lender could offer on the loan quotes, what sort of benefits a lender offer accounting your CIBIL score and so on. By the time you will be done visiting all three lenders, you would get the fair idea as which loan product would be ideal for you.
