Compare Home Loan Interest Rates To Find The Best One

  • Added:
    Mar 31, 2014
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    1057
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    407
Compare Home Loan Interest Rates To Find The Best One Photo by Aishwarya Mahurkar

Several banks and housing finance companies offer different home loan rates. If it was as simple as visiting a third party website and entering your details to compare the home loan interest rates, there was no need for this article. Yet, you know, there is certainly much more to it. So, how do you evaluate the best home loan rates in India ?

Put your best foot forward.

Clear your credit card debts and personal loans and get the best possible CIBIL credit score. You should revise your credit history without any damaging elements. Calculate the required down payment, since it will affect the banks and housing finance companies that approve your loan, interest rates offered, repayment strategy allowed and more.

You would need to start saving up to 20% of the principal amount. So, you should plan for it in advance as you will need all the necessary documents to demonstrate your assets, liabilities, investments and earnings. Your good position and salary in a reputed organization comes in handy too. Now, you are ready to compare the available home loan interest rates in India .

Apply, apply, and apply.

Most banks and housing finance companies have online eligibility calculators and loan application systems, which allow you to apply for home loan within a few minutes. When you apply for a loan, you receive realistic interest rates based on your repayment ability, income and potential to earn. As you receive approvals, you will get realistic interest rates and EMI projections as well. This is a great place to compare the loans as well as finance companies. As these rates are open for negotiations, though banks don’t encourage that practice, you can contact your loan officer and use this time to draft the best possible deal.

Compare the specifics too.

After comparing the home loan rates, you must compare minor details too as they help you to negotiate and customize the loan as per your convenience. Lenders with the best possible proposal would include the right repayment strategy, prepayment clauses etc. All comparisons will not help you to select the best deal. Yet, you must look into boring fine print documents such as terms and conditions that would shape your EMIs and financial life ahead.

No wonder the right foundation for a successful comparison and loan approval is thorough research. So, explore the details of the EMIs, documents, terms and conditions, repayment options and interest rates to finalize the home loan that suits you the best.

Author's Profile

The author is a seasonal writer on topics of finance and the home loan sector. Through her writing, she articulates aspects that are important to people availing best home loan rates in India facility such as available home loan interest rates in India, documents, eligibility criteria that help to make the best decision.


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