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How to Choose the Best Home Loan Company
You are all set to buy a new home. Now the next step is to find out the best home loan lender. There are the avalanche of financial institutions and home loan companies in India that are constantly coaxing you into taking loans from them, but opting for the best lender is a heck of a daunting task. Home loans are going to lock you in mortgage payments for almost 15-20 years, so before clinching a deal with any home loan company you should research well. Here are the tips that can help you choose the best home loan company.
Interest Rates
It is vital to consider an interest rate as it influences EMI and the total amount of interest. You shouldn’t finalise the deal just because the lender is offering low-interest rates. Instead, you should look for the most competitive interest rates. You should also find out whether it is a fixed rate or flexible rate. Fixed interest rates are benign for short-term loans. However, you should choose flexible interest rates in case of long-term home loans.
Terms and Conditions
Read all terms and conditions before nailing down a home loan agreement. Don’t skip over any condition, otherwise you will rue the day. If you are not clear with terminologies and conditions about settlement, outstanding balance, transfer, legal fees etc, you can ask the lender.
Lender’s Prestige
Research effectively before finalising the home loan company that will grant you a loan. You should ask for clients details so that you can contact a few of them and ask for their experience. You should also browse the website of the company to read reviews from clients.
Turnaround Time
The sanction and disburse time varies from bank to bank. Financial institutions usually sanction home loans within five to seven days if all documents are ready. While fixing your deal with a lender, you should check after-sales service. There are a number of services that are offered to clients. Try to consider all factors before confirming the agreement.
Compare
The best way to shortlist the best lender is a comparison between a few home loan companies. Tell your requirements and ponder over their proposals. This will help you decipher which one best suits your requirements. Don’t get carried away just because you think that the company is offering you the best deal. It’s their job to rush you into taking home loans. Enquire everything; whatever your doubts are, just clear them. If their inability rings alarm bells in your mind, you should switch to another company.
Bear these points in mind when it comes to picking out the best lender from home loan companies in India.
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Reputable Housing finance companies in India
With the income of middle-class Indian people being average, purchasing a new home has always been a financial distress. Hence, people rely upon the financial institutions to avail the home loan and buy suitable properties. In our country, banks and public-sector housing financing companies are the primary source of home loans. Majority of the house finance companies sanction up to 80-85 percent of the home cost borrower is required to deposit a certain percentage of the loan in the form of down payment. And the rest of the loan repayment is made through installments that include interest. The borrowers further need to prepare the collateral securities to the lender for the housing loan. This kind of securities encompasses guarantee from people or life insurance policies assignments. Potential home buyers also need to be aware of the home loan interest rates. In India, financial institutions usually offer both fixed and floating interest rates to the borrowers.
Here are the reputable housing finance companies in India, from where prospective home buyers can opt to get the loan:
Bank of India- The banking institution of India offers housing loans to buy a plot for construction of a house, purchase a home or flat, renovation or repair of house/flat, construct a house or flat, or for the takeover of customers housing loan extended by other banks at flexible and liberal terms and conditions.
State Bank Of India- Being the most significant public sector bank in India it is also a trusted institution to provide housing loans for the Indian residents as well as for the NRIs. They have several housing loan schemes, and people can choose the particular scheme as per their specific requisitions.
Punjab National Bank- Another reputed bank in India which also provides housing loan. Their home loans can be availed in a friendly and convenient manner. PNB offers housing loan to purchase a new property, construct a house or for carrying out renovations or repairs or additions to the existing house/flat.
HSBC- Their housing loan scheme makes it easier for you to get the sanction and buy the new property in a time-savvy manner. The financial firm offers home loans ranging from 5 lakhs to 3 crores.
Apart from these, there are some other Indian banks to offer housing finance schemes like Citibank standard home loan, Dena Niwas housing finance scheme and much more.
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ARTHFC provides its clients with home loans to fulfill their dreams of having a home of their own. It gives long-term housing loans to customers in urban areas and rural areas.
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