The Indian economy is booming. Salaries are increasing. Consumer spending on housing is on the rise. Much of this spending is financed through banks and other financial institutions. In 2017 more than 85 lakh Indians bought homes using loans from bankers. In 1999 the interest rate on a 15-year home loan was about 13-16%, but by 2023 this had dropped to 8-10%. Home loans are now more affordable for consumers.
Many people make a mistake by asking the bank in which they have their banking account for a loan. However, most banks charge unreasonable interest rates despite higher income and better property location and value
Did You know? You can transfer your Loan outstanding to other bank or NBFC at much lower rate, if, your existing bank is not lowering interest rate with Policy rate cut
IMPLICATIONS You need an action plan to choose a good home loan, based on your needs. If you follow the plan below, you will understand the trade-offs in each of these phases – and be able to make informed decisions.
Select the right property (land, home, apartment) based on our checklist
Estimate the amount of loan that you can afford
Estimate the amount of loan that financial institutions are willing to give you
Decide whether you can pay for the selected property, based on the amount of loan you can afford and the amount of loan
Select a home loan lender
Select the right type of loan, from among the different kinds of loans
Complete the process to get a home loan
Pay your personal contribution to the cost of the property
Complete loan disbursement processes
Make copies of all documents and put them in a safe place
Hand over the loan payment order to the seller of the property
Submit documents required by the lender after disbursement
Understand your Equated Monthly Installment (EMI), and make regular payments.
Don’t Pay a high interest rate as even a difference of 0.25% interest rate means you end up paying 1.31 lakh extra in 15 year period. If you are looking for a home loan with the best rate and without any conditions, you can connect with one of our expert today to find out the best offer. We hate marketing calls and spam so rest assured you are getting what you are looking for.
PS: Connect with us today on +91 8096282301 to ask our expert about the best deals and offers on home loans, business loan,s and loans against properties.
