Feb 25, 2017 04:59 PM
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Hello friend.Again your fiends Dharmendra is here to give useful Tips. Today I will share my experience, advice & tips about the taking home loan. Present time everyone do not have sufficient about to purchase a house hence to full fill their dream there are more than 50 lenders in India who are ready to pay home loan on various terms & conditions. But the question is whom should you choose. Please find below some tips which should be asked from the lender to ensure that you get the best home loan offer:
A. Do not take loan more than as per your paying limit: Take only that amount which can easily pay. Your home loan amount should not be more than 50% your monthly income.
B. Analysis of market & research: Before taking loan from the bank do not go as per the loan agents. So do analysis & research of the best terms & conditions available in the market.
C.: Rate of interest: Do not chase the cheapest rate of interest. You should compare all the lenders offers. Cheapest interest is not best deal so look beyond it.
D. Keep Tenure as short as possible: The maximum home loan offered bu all major lenders in 0 years . The longer the tenure, the lower is the EMI, which makes it very tempting to go for 25-30 years loan. So always try to take home loan for short period because in long term the interest rate will go high.
E. Knowledge about Floating & fixed interest: There is two types on interest that many bank offer. First is floating interest which is linked with market. It moves in tandem with a base rate . Second is fixed interest remains fixed for few months defined in the loan agreement.
So dear friends, you should keep in your mind while taking home loan from the various banks.
So best of luck to buy your dream home by taking home loan.
