Thursday, March 6, 2014

Comparing Home Loans: Who Offers the Best Deal?

Today, owing to the increasing demand for home loans, the housing finance companies in India offer different home loan schemes to suit the needs of the individuals. If you have no prior experience dealing with housing finance company, it is vital that you compare the different loan deals before making your final decision. While comparing the deals it is  important that you do a fair comparison

One of the major mistakes that most people commit while comparing home loan deals is that they compare the deals of different tenure; however, this would not give a clear picture. Also, if you compare fixed interest rate home loan with floating interest rate home loan schemes, you would not get a realistic picture. While comparing different home loans schemes, you need to remember the thumb rule, i.e. compare the loans with similar interest rate and duration.

Another important tip to remember before you sign up for any home loan deal is to look at the total cost of the loan. You must carefully consider the various fees and charges. The housing finance companies have different fees with different labels. One housing financing company may charge a higher processing fee but provide some subsidy.
While deciding on the best home loan scheme it is important that you don’t make your decision based solely on the lower interest rate. A low rate of interest doesn’t necessarily mean that you get the best deal; you need to compare the terms and conditions of the deal. The interest rate may be low for the first few years but the interest may be much higher after that. Make sure that you get full information about the loan before you sign the papers.

If you are a first time buyer, make sure that you consult a financial expert to know about the various technical terms. Also, consulting your friends and relatives who have availed home loan before can help you get some valuable advice and information about getting home loan. Being informed and updated about the latest trends and market structure is the key to get the best deal. Since home loan is one of the most important decisions you would take in your life make sure that you take your time and take a wise decision so that you don’t regret it later.

If you are availing home loan from Indiabulls Housing Finance Ltd. you can get all the necessary information you would need on our website. You can use our loan tools to check your eligibility; the EMI calculator would give you accurate information on how much you would need to pay every month. Not to mention we have the best advisors who would help guide you through the entire process.

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