It is everyone’s dream to own a home. But do you think it is that easy to buy a home as buying a car or jewellery. Certainly not. Buying a home comes with sizable financial long term burden that we need to plan in advance. The cost of homes whether flats , row houses or villas has gone up very fast in the past few years and the budgets of the middle and upper middle class families is tight. In such a case we need to research the market for the best loan and loan provider without hidden costs that can fulfill all the requirements optimally.When you look for a loan the first thing comes is the interest rate of the loan. The interest rate decides your monthly instalments to be paid. In the recent time the rise in interest rate has shaken many of the household budgets. People struggle to pay their increased EMI with the fear of further rise in future. In such a case one should very carefully analyze all the options available then go for the best suited to his or her need.The home loan involves various types of charges apart from interest rates that should be understood carefully before taking loan like loan processing fees, prepayment charges, early termination fees, switching(from fixed rate of interest to floating interest rate and vice versa) fees, tenure and EMI changing fees, etc. All financial institutions have different fee structures. That is why only comparing the interest rate of various banks is not enough for the borrower.Before applying for a loan we must understand all the points included in the agreement as it should be a transparent agreement and no hidden costs or conditions should be there. The tenure of loan should be as that will not disturb your financial commitments. The EMI depends on the tenure too so if the term is long like 20 years the EMI will be less. Flexibility in the agreement should be there if you want cut down the tenure in future or pay the part of principal amount in future.You need to decide which interest rate is appropriate for you fixed interest rate or floating interest rate. People with sound financial condition can opt for any of them as per their requirement but who have a tight budget should go for fixed option as for some time there EMI won’t affect their monthly financial plans. The floating interest rate keeps changing as per the RBI norms and the BPLR (Benchmarking Prime Lending Rate).There are a number of companies which offer loans at cheap interest rates. There are many nationalised banks that offer loan for affordable housing. Here is the list of some of the top house financing banks that provide loan on low interest rates.
- ICICI Bank Home Loans
- IDBI Bank Home Loans
- HDFC Bank Home Loans
- State Bank of India
- PNB Home Loans
- LIC Housing Finance
By: Ruchi Mahajan (Contributor)займ на карту без отказов круглосуточновзять кредит онлайн