Investing in a residential property is probably the biggest financial decision one makes in his/her life time. Since buying a home involves putting in plenty of your hard earned money, it is only fair that you do your research well to choose the best home loan provider. There are plenty of lending institutions in India that offers home loan schemes but it is important that you do your research well to choose the best one that suits your needs.
Considering the following rules will greatly help you to make the right choice:
Research is the key
Oftentimes, people tend to make a hasty decision in choosing the housing finance company purely based on their market reputation or through word of mouth advice. However, you must do your research well about the reputation of the lender and check if their performance in the industry. It is vital that you take your time to list down the desired qualities of a good loan provider.
Best interest rates
The rate of interest is certainly a key aspect to consider while selecting home loan lender. A good housing finance company would voluntarily offer you discount on the home loan package. Even a slight reduction in the interest rate would significantly reduce your liability.
Pledge full support
One of the important traits of a good housing finance company is that they would assure full support for all your queries relating to loan as well property purchase. Also, you can clearly distinguish a good lender from the ordinary ones based on how they follow-up with your application.
Personally visit the office
You can do all the research you want online but it is best advised to personally visit the home loan company’s office and get a firsthand experience of their services. Besides, this will help you establish a rapport with the lending officer.
Disbursement of loan
It is important that you find out with the lender about their loan amount disbursement process. You need to ask them if they would disburse the amount based on your gross salary or net salary. Also, you must ask them if the amount would be deposited in your account or forwarded in cash.
Repayment flexibility
This is another important feature that you need to consider while choosing the best home lending institution. A good lender would never force you to accept a repayment method on the borrower; instead he would lay out all the possible options in from of you and let you decide what is best for you.
Keep these rules in mind always to choose the best lender. With Indiabulls Housing Finance Limited, you can be assured of best services.
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