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23 October 2010

Special Offers and Home Loans

Whenever we see advertisements regarding home loans it is widely publicized as low interest rates, cheap loans, best deals for home loans or also as best options for home loans. We also have come across certain offers that are advertised as offers for special categories and limited offer. Let us understand and discuss these terms.
During certain times of the years there are special offers for professionals like doctors, teachers, lawyers or freedom fighters. Here the financial institution offers home loans to these categories on a special low interest rate amounts and also tenure may be adjusted for a longer time of repayment hence coming to an understanding of lower EMI’s. These offers may correspond to certain festivals or certain month’s e.g. like doctors day, teacher’s day. So some institutions offer bonuses and concessions for professionals during a decided period of time corresponding to these occasions. Festival offers are also the most attractive offers where lenders may be willing to part with many factors on deciding the EMI, and give an attractive and difficult to refuse offer.  Some may do away with the administrative charges, while other may take the responsibility of transfer of property agreement on their part. Some may negotiate the rate of interest whereas some may reduce the processing fees.
One must be in look out for such offers before going in for a purchase of house and applying for a home loan. There are many advantages and though you have to pay the loan and EMI it  is always a bonus to have bargained and got a lower offer for the same loan amount. Government banks and financial institutions also give certain concessions and facilities which can be found out before applying for a home loan. It is also important to remember that the lender is willing to negotiate on the calculations and thus one must do a thorough survey of the available offers in the market and then decide the best payable amount monthly for loan repayment.

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