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Points to know, before applying for Property/Home Loan:

10 Jan 2020

While applying for a home loan the only thing that has an all-encompassing effect is the interest rates which are charged by banks. Though, anyone requirements would differ and one-size-fits-all theory may not apply to all property buyers and home loan seekers. Below are some important factors you should follow before applying for a home loan when buying a home or property in India:

Loan amount:

Mostly, banks and financial institutions loans offered are up to 80 percent of the total amount you pay for your selected home. It is also considered for some banks for lending up to 85 percent.Though it also depends on the financial capability of the loan seeker. Opting for the highest possible loan amount is always suggested, if you are on the low initial down payment. During the onset of your home purchase property, down payment is the amount which has to pay in cash. Sometimes property buyers mostly take personal loans or gold loans for down payment. Apart from being stressful (as this requires another lengthy paperwork), this might end up being costlier in the long-term.

Processing time:

For processing home loans the time taken differs among banks. If longer time is taken by the bank to process your loan, several visits are involved to your bank branch. Check the dignity and ability of a bank or a finance company before you apply for a loan from them. While allowing home loans, banks always suggest buyers to apply for insurance policies too. Mostly, such insurance policies are either closely affiliated with the bank or an insurer with whom they have a tie up. Despite it being a smart decision to insure your home, the best quote for insurance might not necessarily come from the bank you are taking loan from. If you are willing to go with a combination offer you need to make all the calculations, consult others, and negotiate for insurance before you consider it.

The discounts:

There are some financial institutions, specifically co-operatives and public sector banks which offer special discounts on festivals. Smaller interest rates are offered to women and senior citizens. If any loan is taken on such types of discounts, then it will result in huge net savings.

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