Buying a home may seem to be an overwhelming task; however, if you have a good plan in place and execute the same in a seamless manner, then the process would become easy. One of the most important decisions you would need to make in your home buying process is to choose the best home loan finance company that would provide you the required funds. Considering the following tips would greatly help you choose the right lender for your loan:
Finalize on the property first and then choose the lender:
If you are looking to buy a home, you may like different properties that you would want to buy. Make sure that you zero down on the property that you to buy before applying for home loan. Once you choose the property, you would know exactly how much amount you would need and make your arrangements for the finance accordingly.
Reputation or Credibility of the lending institution:
If you do not have any prior experience working with any financial institutions it is advisable that you do a background check on the credibility and reputation of the lender. You can talk to your friends and family about the institution or you can even browse the internet to look for the best lender. Make sure that the housing finance company you choose to work with provides top quality customer service as your relation with them would span over a long time. Indiabulls is rated among the top 3 HFCs in India and has a reputation of providing top quality service to all loan applicants.
Quick Approval:
This is one of the most important factors to consider while choosing a home loan lender. Most of the Housing finance companies in India take about 10-12 days to process and sanction the loan application. Before approaching the lender for loan it is best advised to talk to people who have worked with them to know how long it took them to get their funds. This would help you make an informed decision. If you are looking to take loans upto 25 Lakhs at Indiabulls Housing Finance Ltd you would get your loan sanctioned within 48 hours.
Eligibility Criteria:
Every housing finance company in India has its own unique set of qualifying criteria for home loan applicants. The criteria differ from lender to lender depending on the credit history, age, income and the value of the property you wish to buy. Make sure that you do your research well about the lending institution to know if you qualify for the loan.
Every housing finance company in India has its own unique set of qualifying criteria for home loan applicants. The criteria differ from lender to lender depending on the credit history, age, income and the value of the property you wish to buy. Make sure that you do your research well about the lending institution to know if you qualify for the loan.
Type of Interest:
This is one of the most important factors to consider while choosing the housing finance company to avail home loan. There are mainly two types of interest rates – fixed rate and floating rate. If you opt for fixed interest rate loan, the interest would remain the same for the entire duration of the loan. Whereas, if you avail home loan on floating interest rate basis the interest would fluctuate depending on the rate prevailing in the market. If you are approaching Indiabulls Housing Finance Ltd for home loans, you need to know that Indiabulls does not offer fixed rate home loans
This is one of the most important factors to consider while choosing the housing finance company to avail home loan. There are mainly two types of interest rates – fixed rate and floating rate. If you opt for fixed interest rate loan, the interest would remain the same for the entire duration of the loan. Whereas, if you avail home loan on floating interest rate basis the interest would fluctuate depending on the rate prevailing in the market. If you are approaching Indiabulls Housing Finance Ltd for home loans, you need to know that Indiabulls does not offer fixed rate home loans
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