Here are some tips to shortlist the best home loan available in the market!
It is hard to deny the importance of a thorough product comparison when you’re planning to borrow such large amounts of funds! Hence many loan aspirants invest their time and efforts to scan all available home loan to find the best offerings that meet their requirements. Applicants often use loan aggregating websites, which suggests loan product as per your financial capability. But it would be more ideal if you go through product description and evaluate loan products on your own. And to make this task easy, you can follow below tips to shortlist the ideal housing loan products & ultimately make the right decision.
Know your eligibility!
The choice of EMI, tenure, and rate of interest of home loan are defined as per your financial eligibility. Hence it is wise to know your eligibility before you apply for a housing loan. Besides the collateral, your eligibility will be judged on the basis of your credit score and overall economic condition. Such factors not only reflect your loan repayment capability but also make you qualified for some added benefits. These benefits include a reduction in the rate of interest and ability to stretch the borrowing limits.
Although lenders keep the rate of interest reasonable, each home loan provider follows their own norms to allow such benefit. You can compare the difference in the interest rate on the loan amount you are hoping to get.
Finding the right loan quotes
It is good to have multiple options as far as EMI, the rate of interest and tenure choices are concerned. It is of utmost importance that you choose loan quotes as quotes that do not match your needs can put you under stress. And to make the right decision you use home loan EMI calculator, which suggest you ideal loan quote based on your financial withstanding.
Everything beyond the rate of interest
It is easy to get blinded and start shortlisting home loan based on which loan product is availed at lowest interest rates. But there are other factors that matter while applying for loan and negligence could make you choose a wrong home loan option. Other factors like processing fees, prepayment options and many other expenses related to the documentation process are also very important. The aim should be to find a housing loan that costs less when you calculate other factors too. Know this, there are many ways you can reduce the rate of interest but the processing fee remains almost similar to some degree of changes.
Important of choosing right loan lender
Since there are so many financial institutions offering just as many Apnapaisa home loan, you have plenty of options to choose from. So it makes sense to evaluate home loan lenders and their processes to get the best product options from them. Public banks mostly offer a lower rate of interest but applicants are still reluctant to apply as the quality of service is most questionable. Whereas private banks and NBFCs are more efficient in loan processing and deliver better service terms before and after applying for home loan. Each ending entity has their own norms to allow benefits of credibility to the applicants. You can refer online forums to skim through customer feedback about the lenders you’ve shortlisted.
Once you are done shortlisting home loan, you can pay a visit to the loan lender to discuss loan terms and apply for a housing loan. Most loan lenders keep online customer support and you can even call helpline number if you have any queries regarding the loan process.
