Buying your dream house just got easier. With
easy availability of finance schemes, purchasing property in India got a lot
more relaxed and hassle free. Earlier, arranging finance for buying residential
properties in India was not easy. Government employees did get benefits from
their organization. However, for people engaged in private organization, buying
a house was not that easy.
Now, home loans are easily available for
private employees as well as businesspersons or self-employed. As matter of
fact, there are so many types of home loans available in the India Property
market that it becomes confusing to select the one that match according to
requirement.
Most of the home loans available are for
long-term period. Usually, borrowers take home loans for 10-20 years term. Since
many take home loans for long-term period, it is very important to select the
right finance option. The real estate market of India offers home loans from
government banks as well as private finance institutions.
The home loans plans available are
classified based on repayment tenure and interest rates. The first important factor
the borrower should decide is from which financial institution avail the loan.
This is one of the important factors as it becomes difficult to change the
lender later. Home loan is long term financial commitment, so it is always
advisable to do research before applying for loan. Borrowers should ask
previous customers and follow their feedback.
While selecting home loan for
house/flat/residential property, also make enquires about interest rates.
Usually government financial institutions offer lower interest rates that
private ones. The interest rates differ from bank to bank. Also, there are
floating and fixed interest rates on home loans, so it is always advisable to
compare before applying.
Other important factors include processing
charges as well as hidden charges. Experts advise that it is better to go for
longest loan amount tenure available as it reduces the EMI burden initially and
increase the home loan eligibility.
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