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Tips to Choose your lender
Getting a good deal on your home
loan in India is one of the toughest tasks for
any hapless consumer. All loan providers give out glitzy advertising
campaigns to earn more and more customers. One gets more confused
because of the sheer number of options and features available.
So, what should be an ideal way to choose your lender? Discussing
the same, our article comes out with some suggestions.
Check out the home
loan eligibility with your bank. Always find
out whether your housing financing company (HFC) is ready
to fund the amount you require. You may go through the parameters
that the HFC takes into account while gauging the loan ability
of the individual. Give a through consideration on:
- the income components
- the annual components
- the loan tenure being offered
- the loan for higher tenure
Taking all the above mentioned pointers will give you a fair
idea about the bank that gives you a higher eligibility based
on your disclosed income. As far as self employed are concerned,
their income factor is spread many entities. They require looking
for a bank that would consider all the different entities and
decide on the loan eligibility based on a consolidation of all
these accounts.
Property Eligibility
Applying for a home loan before deciding on the property
may bring nasty surprises later. Also, the banks incline more
to the consumers who has finalize the property as it gives
them a scope to start their evaluation and technical process.
The amount of home loan looses its significance if valuation
of the property is different from the bank’s valuation.
However, a number of property developers have tie-ups with
banks today. So, one can get the fast home loan as the projects
are already pre-approved by HFCs.
Your checklist differs in case of the loan for second hand
homes. The pointers for the concerned will include: - Will the
property be acceptable to the lender?
- Can you show all the documents and No Objection Certificates
required by the bank in the same format?
- Will you bank agree on to evaluate before you pay the processing
fee?
- Do you accept the valuation done by the bank?
- Will an amenities agreement (if any) affect your loan eligibility?
- If the property is under construction, check if the property
developer and the stage of construction are acceptable to
your bank?
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