An important milestone in the life of any individual is to buy or build a House of your own. However, the challenge faced by majority of the population is that no one is ever completely prepared financially to buy or building a house.
Getting a home loan is now, quite easily possible for thousands of families without having to wait for many years.The options in seeking loans are ample and the process isn’t as complicated as it is perceived. It is essential though, to analyse the home loan trends, market rates and the rate-efficiency of different banks in home-financing.
There are however, a few essential points that one must keep in mind before making this decision. The things to consider are:
• Almost all the major banks in the country offer easy home loan options with competitive rates and special schemes
• Benchmark the different schemes against your budget constraints, the value of the house you intend to purchase and of course, the applicable interest rates offered by different entities
• Banks offer customized solutions to suit the individual requirements of each buyer. You can add a co-applicant in order to club incomes and ease your home loan repayment. Make sure that the bank you choose offers home loans in a way that it offers flexibility, maximizes tax benefits and customizes EMI’s as per your repayment capacities
• It is equally important to find out in detail the Bank’s loan procedure, quality of their services offered and safe return of the title deed of the property deposited as a security against the housing loan, on completion of the tenure
• Home insurance too is a long term commitment, so it is important to safeguard yourself against uncertainties. Ensure that the bank you choose offers insurance cover
• Opting for a home loan should be a well thought out and informed decision to facilitate an easy and convenient journey ahead