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12 November 2010

Attractive Home Loans Offers - All that Glitters is not Gold!

Attractive home loans offers can be noticed in the news papers as well as television and other medias. Full page advertisements are placed showing latest amenities as well as competitive lower interest rates. The customer always sees the best picture that is presented by the media and this may not always be true. Before going in for purchasing a new home and the applying for a home loan one must make a thorough survey of the market trends, area rates, and interest rates offered by private as well as government lenders.
Usually there are many loop holes in the offers that are not visible on the first sight of the offersd. The media always highlights few marketing points and cooly conceals some of the important points which may result in increased amounts for loan repayment. The customer is misleaded by the festive offers and now it is also seen that many exhibitions and property fairs end up only in bringing many buildres and lenders at one place. Where is the benefit for the customer? After calculating the total loan amount, EMI's are much larger comapred to the offered perks and goodies which are quite small. Still the lenders and house builders always unneccessarily create a hype and a false image of the offers and lure customers into the deal of procuring a home loan.
Well this doen not mean that home loans are bad. It is the best opportuinty that one can get to fulfill the dream of purchasing a new home and also at attractive interest rates. Go through all the clauses of the property as well as all the amounts to be paid as taxes, processing fees as also transfer and other administartive costs. Calculate accordingly and then consider going in for a home loan. Taking into consideration all aspects of the payments helps one to be prepared for the total down payment as well as the monthly EMI"s. It would be highly misleading to go in for an offer that publicizes only low interest rates as there may be other hidden expense and you may end up paying more than if you had considered the other offer of higher interest rates.
Property exhibitions and fairs bring many reputed builders as well as private, government and individual lenders under one roof. Pamplets are circulated and brochres are distributed. Before jumping on th decision it is better to learn which institutions are taking part and the availability of their offers. Usually there is acertain time limit given to customers for applying for a home loan at the offered rate. Maybe within a week or a month so you get the time to go through the brochures carefully and calculate the amount you end up paying for each offer. There may be benefits and losses with each offer and selection of a home and home loan lender  depends on the individual choice.

2 comments:

  1. Thanks for sharing such a useful information.

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