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5 Ideas to Ending Up with Good Lender for Your Home LoanBy Rahul Bedi
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Are you looking for home loan? Here are the tips to keep in mind to get the loans easily without hassles and on competitive rates.
After choosing your dream home, the next step is to knock on the lender’s door to get home loan for that. But being qualified for the loans is not everyone’s cup of tea, given the strict terms and conditions, costs and fluctuated loan rates. So, it’s better to be well versed with the policies, T and C, rates, and facts before entering into a loan deal with any lender. Use these effective strategies to find the home lender meeting your needs while keeping hassles and the potential issues on the bay.
Consider your home type:
First of all, you must know the property you want to purchase before knocking at the lender’s door. It is crucial as some bank grant loan on the basis of the furnishing while other approve on the basis of the under construction and already construction. So, it is crucial to finalize the status of the property before approaching a lender for that.
Are you Qualified Enough for Their Loans?
Each bank has different criteria to grant the home loan and may depend upon your job profile, age, financial stability, credit history and other things. Ask multiple banks for their home criteria and go for the one that can approve the maximum fund based on your salary. Generally, a bank pays off up to 80% of the total home value but in some cases it can be extended to 90%, if your income meets lender’s eligibility. You can get good home loan amount if you combine your and spouse’s income.
Shop Around for Rate:
It is the aspect where your homework and patience as well work for you. So, compare the rates and put your finger on the reasonable one. Besides, you must have a good understanding between fixed and floating rates, which can leave you in dilemmatic situation. Fixed interest rate, as its name says, remains stable throughout the loan terms but can be flexible after designated period of time. On the other hand, there is a fluctuation in floated rates according to the market conditions.
As a golden rule, fixed interest rates are great for short long tenure, say 2 to 5 years, while floating rates are good for long tenures. But market scenario always is taken into consideration while choosing the latter one.
As a rule of thumb, if the loan period ranges between 2 to 5 years, going with a fixed interest rate is considered an ideal move.
Sensing Hidden Charges:
Besides interest rates, a home loan is composed of several hidden charges like valuation fees, processing fees and pre-charges. Remember, processing charges is non-refundable and is not the guarantee of the loan sanction when you pay them to the bank. Besides, you may be charged with a switching fee if you replace floating rate with fixed or vice versa. That’s why it is a nice and wise idea to check out and compare these hidden charges fixed by the lenders.
Understating Repayment Terms:
Terms and conditions vary from one bank to other when it comes to repayment criteria. Therefore, you must understand bank’s policies relating to the settlement, foreclosing the outstanding amount, balance transfer to other’s lender’s account, and advance amount With the help of these tips, you have a good chance to find the good lender for home loans. However, you must ask them upfront the loan rates and tenure and resolve your queries.
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