Going in for a home loan? Do some basic rudimentary research and try to get a loan that suits your needs perfectly. With so many new offers in the market from banks and financial institutions, you can really have your pick, because they are also competing to do business with good borrowers. Find a loan with the lowest outgo- do some research online, everything is now available at the click of a button, several websites are available where you can compare home loan policy rates, fees, etc.
Calculate the EMI, time period or the number of installments, processing fees and then compare and find a loan with the lowest outgo. Good and dependable customer service is very important, so choose an established and reputable lender, because you will be entering into a long term relationship with your lender. Find a lender who will process and disburse the loan in the shortest period and not make you run from pillar to post. Terms for foreclosure and early repayment should be made clear in case you decide to pay the amount at your earliest.
Favorable repayment terms and comfortable foreclosure are to be considered when choosing a lender. Choose a lender who follows a base rate system, so you can get a benefit on any reduction in the RBI repo rate. Banks follow the base rate system, which mandates that all customers will receive a reduction in rates when the base rate is reduced. Overdraft facility has caught the eye of the potential borrower. This service is more expensive than an ordinary home loan but very useful for people who don’t have a fixed income or have large amounts of cash as in FD’s or bank accounts.
It is always advisable to get a home loan sanctioned before you go house hunting; it gives you an upper hand while negotiating with the builder or seller, since you are ready with the sanctioned loan just waiting for disbursement. Always take a loan to suit you and your pocket, where you can pay your EMI’s on time and if need be go in for a comfortable foreclosure.
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