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.

Which Factors To Consider When Choosing Housing Finance?

Largely, borrowers obtain a home loan for a duration of 20 to 30 years. For most of the working class as well as the SME businessmen, this constitutes a major part of their life. Therefore, it is absolutely essential to evaluate all the relevant factors while choosing the best housing loan in India . There are several features that affect this decision. Here are the most important aspects that one needs to bear in mind when making a choice:

• Interest rate: This is by far the most important factor while opting for housing finance. Whether you choose a floating rate, fixed rate or hybrid structure, it affects your EMIs considerably. This is the most important decision for a borrower. Hence, you must remember to negotiate the interest rate and ensure that all the agreed factors are written down in the loan application.

• Purpose: Though most people obtain a home loan for a house that they wish to buy and live in, businessmen or investors take home loans for properties that they want to invest in. The reason for purchasing property greatly affects the time available, the interest rate, the home loan tenure, the flexibility of payments and the speed of the housing loan application process.

• Home Loan Process: From the minute you enter a housing finance company with your application or to submit the documents required for your loan, or visit their website to check the home loan eligibility, it could affect the several dimensions of your home loan process including the interest rate, processing charges, repayment support, and a lot more.

• Housing finance companies in India: There are several housing finance organizations that provide home loans. However, opting for the right organization and the right product is extremely important. The interest rate, home loan process, repayment support and other services, vary considerably from company to company. In other words, the key factors of a home loan are dependent on the bank/financial institution where you choose to avail the facility from. Feel free to study more about the organization, research on the potential value and the service standards provided by them to their borrowers before making your choice.

It is imperative to anticipate your financial life well enough to understand the real challenges in the repayment structure and monthly cash flow. The fine print has a set of clauses that could prohibit a borrower from a lot of financial choices. Hence, it is important to read the document carefully, ask for the necessary changes and seek advice from home loan experts that you trust.

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.