How to avail easy home loan finance online?

Food, shelter, and clothing are the basic needs of every individual and we dream to have a home someday. For this we try to save as much as possible, talk to friends or family for financial help or even approach traditional financiers. However, home is getting far too expensive these days and it’s more or less impossible to buy your house with the stipulated finance you have. For this, you will have to take a home loan that will turn your dream of owning a house into reality.

Home loans are offered to salaried as well as self-employed individuals. The property you buy will be kept mortgaged to the lenders as a security towards safe loan repayment. Bank or financial institutes hold the title or deed to the property until the money is paid back.

The competition to offer customized loan solutions is getting stiff day by day and it becomes a major dilemma amongst customers with regard to applying for housing loans from either bank or finance firms. Often customers are confused which is a better choice of the two? There are several factors that come into play whenever you apply for a home loan. It includes the overall property costs, property authenticity, and age, and existing debt, joint or personal income every year. Interest rates on a home loan would be the crux part and also the terms and conditions for repayment will play an important role. You can take the loan from private or public sector banks as well as from non-banking finance companies.

Houses are expensive, and lenders will not sanction the entire loan amount. As a borrower, you will have to pay for around 10-15% of the loan amount towards margin money costs. The remaining price would then be covered by the bank or another financial institute through the home loan. Therefore, it’s the best advice to at least ensure you have the margin money costs aside for your dream property value before you approach lenders for the loan application.

There are fixed and floating rates options on the market. Under fixed rate, your rate of interest stays constant through the entire loan tenure. In floating rates, the interest may increase or decrease depending on the market rates and also on the MCLR revisions. It’s better to have a thorough comparison of interest rates from leading banks and finance companies as it’s an integral part of your loan eligibility, monthly installment, and repayment options.

Some leading finance companies offer a third options known as a TruFixed home loan that offers partly fixed rate term and adjustable rate term. Under TruFixed Home Loan form, you can avail of a fixed rate for a maximum term of 2 / 3 / 10 years, post which the loan will automatically get converted to an adjustable rate, adding up to a total term of 20 years.

Home loan is given to purchase a flat, row house, bungalow from private developers in approved projects, properties from development authorities such as DDA, MHADA, etc. The growing competition amongst the pioneer players has given the advantage to the customers in the form of slashed interest rates. You can avail home loan with rates as low as 9 to 10% with a nominal processing fee of 1-2% on loan amount. The online application is really quick and convenient. It cuts down the hassles of visiting lenders, filling up forms, submission and wait for days to get loan status.

Visit online, compare products and apply for home loan, now!