pay lesser emi get higher benefits Gurgaon - Xoocal

Check with seller pay lesser emi get higher benefits

Buying a home is one of the biggest financial decisions you might ever make in your lifetime but being prepared and researching ahead of time can make the process virtually hassle free. Whether you are a first time home buyer or an experienced buyer, you need to make sure you are aware of these basic mortgage facts before obtaining a home loan so we are here to cover some basic points which can help you to make your dream true.
Firstly before going anywhere, you need to know about the types of home loans. There are two types of home loan facilities one is fixed rate and the other one is based on floating rate.

What is fixed and floating rate?
A fixed interest rate doesn’t change throughout the tenure of the loan, while a floating rate changes with market rates. In general, fixed rates are slightly higher than floating rates, but most of the loans disbursed today are floating rates and not fixed rates because these rates are adjustable according to the market structure.
The next step is determining how much money you can take up from the market.

What amount of loan can you take up?
If the house you plan to buy is over Rs. 30 lakhs, then the bank can only give you a maximum of 80% of the value as home loan. This limit goes up to 90% if the house is assessed at less than Rs. 30 lakhs, but I don’t think there are many of those around these days. This is another measure mandated by the RBI to curb speculation in the real estate market.
After this the next question that can arise is that how much would be the interest amount on the total loan taken?

What is current home loan interest?
Current home loan interest rates are hovering at about 8.35% and you should expect to pay around this much if you are in the market for a home loan today but this is subject to change according to the market structure. You should check and compare the interest rate provided by different lenders.
Well, the next question is there any prepayment penalties?

Are there any prepayment penalties?
What’s good for you as a borrower is not good for the bank as a lender and to discourage prepayment they used to levy a penalty on any such amounts. Now RBI has asked banks to stop charging prepayment penalties as well, and that’s a good thing for borrowers who can now prepay loan principal if they want to.
After these question the next can create a major issue to customer is that how to choose a loan lender who is suitable for them according to their eligibility criteria. They have two options for this one is BANK’s and the other one is NON-BANKING FINANCIAL COMPANIE’s.
The procedure might get very long and time taking if you are opting to get the home loan from the bank because they can provide you loan in that condition in which you are not a faulty any kind of poor history makes you illegible for this kind of lenders. But at the same time it may be easy and the fastest way to get the loan if you are taking it from a NBFC and they can help you if you have any poor history like poor credit history etc. These NBFC’s are the best advisors, but who gives free advice these days?

Phone: 9650041953

Contact seller Share

Published date: April 10, 2017
  • Location: Central Park 2, Gurgaon, Haryana, India

Related listings

  • Get website design company in pune
    Get website design company in pune
    Pune (Maharashtra) May 29, 2017 3000.00 Rs

    Get website design company in pune

  • Cloud Application is in trend
    Cloud Application is in trend
    Kolkata (West Bengal) May 29, 2017 Free

    If you are looking for new opportunities for your business cloud app development is your answer. Many businesses are now moving on to Cloud app development. Cloud apps are very fle...

  • Hermitage Resorts in Bekal
    Hermitage Resorts in Bekal
    bekal (Kerala) May 29, 2017 Check with seller

    Welcome sea breeze and enjoy tranquility with serene backwaters at Neeleshwar Hermitage – one of the best resorts in Bekal, Kerala. Experience the perfect blend of contemporary des...