Buying residential property in any part of India is easy with a host
of finance options available. Whether you are employed in government
organization, a trader, or self-employed, relaxed policies by government makes
home loans easy. Government and private banks offers finance at different rate
of interests. Before applying for home loans, you have to do so research work
as which option is best to you.
Take home loan from a recognized bank or financial institution. Since
the repayment term of home loan is usually long and involves huge amount of
money, always borrow money from reputed lender. Home loans are available to buy
flats/ apartments, bungalows or plots.
Interest rates differ from bank to bank. You know by now that
interest rate is the most important aspect of your home loan. Broadly, there
are two types of rate of interest for home loans- Fixed Interest Rate and Floating
Interest Rates. Depending on the type, the monthly installments vary. In a
floating interest type, rate of interest depends on the market conditions. In
addition, the floating interest rates depend on central bank’s monetary policy
changes. Usually, for home loans, a bank provides options that are a mix of
floating and fixed rate of interest.
The real estate boom in India especially in cities like Gurgaon and
Noida in the Delhi-NCR region has created a number of choices for home buyers. Real estate Gurgaon come with excellent amenities. The developers of the
residential projects help the interested buyer get loans for their project. The
builders and developers have tie-ups with banks and financial
institutions. Home loans are also
customized to suit the interest of different borrowers. The borrower has to pay
EMI or equated monthly interest until the home loan tenure. In the initial
years, the EMI covers more of rate of interest and les of principle amount.
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