25 June 2018
When it comes to home loan offers in the market, the choices abound.Housing finance companies in Mumbai, Pune, and Ahmedabad, India are rich with a variety of home loan offers tailored to different needs. However, it’s important to proceed with caution and to identify a home loan that is best suited to your requirements.
You may be trying to minimize your expenses, but it’s important to remember that an unusually low rate of interest might come with certain hidden costs. Make sure to read the fine print carefully and make enough comparisons before choosing a home loan.
In certain situations, a variable rate of interest can work out to be more economical than a fixed rate of interest. Consult your financial advisor to assess which type will work better for your needs.
Apply for a loan to a lending company that specializes in home loans. These firms understand the real estate sector, and are likely to offer you the best deals.
Here’s one place where you might want to save a little. The processing fee for a home loan can vary from 0.25%-2% of the loan amount. Unless all the other factors are favourable, you should opt for a lower processing fee.
Make sure to read enough online reviews to get an idea of the post-disbursement services offered by the lender. Regular account statements, interest certificates and other practices to accommodate your changing requirements can indicate good post-disbursement services.
Be mindful of the tax deductions and other deals and concessions that you can avail of against the home loan. In the long run, these can ease the loan repayment burden to a large extent.
Your wealth manager, chartered account and bank relationship manager can help you make an informed decision about a good home loan offer, as they have detailed insights on your income and financial situation.
Dravya Financial is a premier financial services firm that offers retail fundraising and financial advisory services in Pune and Mumbai, India.