How To Find The Perfect Home Loan For You?

Based on your monthly income and the value of the property that you select, finding the best home loan can be a daunting task. Yet it is the most significant decision that would have an impact on your financial future for the next few years. There are three reasons why a perfect housing loan is essential for you:

• A perfect house loan is designed with a suitable understanding of your financial strength and challenges. Is your earning consistent or variable? What kind of home insurance would you need? How much processing fees are they charging? What kind of EMIs and interest rates would fit in your cash flow system? An ideal home loan has an accurate balance of features and services to support your financial state.

• Most of the housing finance companies in India offer home loans for a tenure of 20 to 30 years. The EMIs get deducted regularly from your salary or any other form of income for the specified tenure and hence housing finance becomes a crucial part of your monthly expenses.

• A rushed home loan without the required attention to your personal finance could land you in serious trouble, since the failure to pay the EMIs on time could be disastrous to your financial life and family life.

Hence, you must invest time to completely understand the process of finding the perfect home loan. This process could be long, tedious and exhausting. However, it helps to stick to the sound financial advice of reputed housing finance companies.

• Identify: Before looking for a home loan, most of us need to take a detailed look at our finances. It is a comprehensive process that involves understanding our income, monthly expenses, taxes, emergency and leisure expenses. If you are not easily setting aside an amount that could be roughly equivalent to your potential EMIs, you would need strict financial discipline for your entire loan tenure to effectively pay your loan.

• Search: Reputed housing finance organizations in India offer similar interest rates along with different services and facilities. However, nationalised financial organizations such as banks take significantly longer and impose stringent eligibility criteria as compared to private organizations. Therefore, your search for a perfect home loan could include some rejections, some financial adjustments and a detailed evaluation of your financial health.

• Evaluate and compare: The comparison of existing home loans is imperative in order to understand the features, applicable fees, services that you want to include, and the elements that you must exclude. In the long run, the flexibility of the housing loan and the support of the concerned organization would play a big role in ensuring a comfortable life.

Think well and think comprehensively before making the final decision and signing on the dotted line.

What Should An Ideal Housing Finance Company Do For You?

Finding the right housing finance company is perhaps one of the most important aspects during the selection of your home loan. Any individual, who has been trying to get a housing loan, would agree that there are innumerable companies today that provide housing finance in India. Be it nationalised and private banks, finance institutions or home loan brokers – all these offer home loans in this day and age. It could be very challenging to understand the appropriate selection criteria of a reputable and dependable housing finance company in India. Here are some of the benefits that will help you to identify a suitable organization for your home loan:

• Customer friendly: Most of the housing finance institutions in India are driven by rules and regulations. Some of the biggest organizations in India are nationalised banks. They adhere to very strict standards of criteria, processes and documentation. However, a customer friendly organization would reduce the processing and services fees, provide a customized house loan and support the customer during the repayment process.

• Services & features: There are several services and features of home loans that can support the customer requirements well. For example, some organizations offer excellent home insurance products along with their loans. There are other organizations that offer credit cards, loyalty discounts and excellent services as well.

• Faster loan processing units: Some housing finance companies are known for their efficiency while others are known for their delays in the home loan process. This is a very important factor while selecting an organization. A faster loan processing unit would be important for home buyers, who have an urgent deadline. A nationalized bank may or may not be the best choice at this point if the process for the loan hasn’t already begun.

• Negotiable interest rates: The best home loans in India are not the ones with the non-negotiable interest rates. A right home loan candidate would receive an optimized interest rate, choice of floating, fixed or hybrid loan structure, easily accessible documents and the apt tenure. Most loans calculate interest rates on the basis of a customer and his repayment ability. If a strong process is in place, it would help one receive a home loan much faster than usual.

In other words, the organization you choose is the most powerful factor with respect to your home loan. Borrowers should conduct extensive research about the best companies, ask a lot of questions and read the fine print carefully before agreeing to the loan. Speak to the existing customers – the best resource to understand flexibility, repayment structure and the level of support the lender provides.

Avail Housing Finance Today For Your Dream Home Tomorrow

To own your dream home is a privilege that everyone desires in their life. Home loans in India provide almost 80 to 85% of the market value of the home that you decide to purchase. In other words, if you can arrange 15 to 20% of the total cost of the property and qualify for the home loan, you will get the remaining finance required to possess your own property.

Whether you have a government job or a private job or have your own business, the option of housing finance is available to you. A housing finance company in India would provide you with the required funds once you duly complete the loan process and provide all the essential documents. Though the process to secure home loans is perceived as tedious and exhausting, it isn’t so anymore due to the online housing finance facilities that most banks/financial institutions offer today. From filling a loan application to securing the house loan, several processes can be completed from the comfort of your own home or office. Housing finance in India has been simplified with several easy-to-follow online steps, making it easier than ever before.

The housing finance company of your choice strives to offer a home loan that would optimize the core value by minimizing the delay, increasing the ease of availing the facility and providing you with just the right interest rate. Though it may not be as easy for nationalized banks, private companies try their best to provide customers with unmatched facility and service.

With simplified online tools such as the EMI calculator, the eligibility calculator, the stamp duty calculator and other detailed information about eligibility, repayment and processing fees, most home loan borrowers can make a well thought out decision and proceed to finalize their home loan.

You can also visit the nearest branch of a reputed housing finance company and submit your documents or have the their representative come and pick it up from your house, instead of visiting a location far away from your home or office. The convenience of making the repayment via electronic clearing service, which is known as ECS, is also available along with traditional post dated cheques on your salary or saving account.

The advent of technology has enabled housing finance companies to reduce our efforts and speed up the housing finance approval process. Hence, it is the best time to avail a loan and buy your dream home in a hassle-free and tech-savvy manner.