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20 October 2011

Special Targeted Home Loans

With rates of property going in crores one has no choice but to go in for a loan to purchase your first home. It is better when both the spouses are working as this gives additional income to the household and one income can be totally kept aside for repayment of the home loan. There is a vast range of difference between rates for area per square foot and also rates in every locality, which gives us a wide choice of houses according to our budget. It would be so nice to have home loans also in such a manner. Wouldn’t it save precious time and money going about searching for the right lender and then realizing that you do not fit their eligibility criteria?
The need of the hour is to have special targeted home loans. This would save so many hassles both for the lenders as well as the borrowers. You need not feel embarrassed when you enquire about a loan amount to an individual. I have seen people from the middle class segment still hesitate to enquire about home loans for a one bedroom hall kitchen flat! Many times online home loan calculators help to give you a first hand information regarding your eligibility criteria and also on filling some details you may get the total amount offered as home loan. Many housing finance institutions have separate sections for handling loans of different types. Each locality has moulded their rules according to public in that particular area and if they need the borrowers they do have to flaunt some rules and twist and turn them to make the customer fit into their eligibility criteria.
Each borrower is special and even if they are applying for a small amount of loan they are the people who add finance to the housing company in terms of interest. It would be good to have special targeted home loans that will advertise only the targeted segment of people. Now recently with the festival offers coming up the developers and housing finance companies are offering big bonuses on loans. They must advertise within a budget or a sector of public like loans for budget range of 25 lakhs or even less and they are sure to get a handful more of borrowers who are still hesitating to make the first move. I have seen many people still having that lost look when we discuss loans and finance with them but they do have the dream of owning a house.
With special targeted home loans people will be more receptive to the concept on loans and also since they will get to own a house of own they are sure to make quick decisions regarding purchasing a home within their budget and repayment capacity. Homes for middle class and home loans for middle class! Here is also a chunk of our society that still needs loans and of course they are the majority people who work hard and make both ends meet and they do have the repayment capacity but hesitate to make the decision. Challenging some one to buy a tyre and they get a caaaaar,  same with homes! if anyone question them if they can afford a room and they will buy a flat. Which leads me to my next post.

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