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11 January 2012

Club your Home Loans and Save Money

Yes it is very true. When you club your home loans with other prospective loan borrowers you will get extra benefits and all of you can benefit with lowers EMIs and lower rate of interest. Builders and home loan lenders are open to the idea of having group booking so that they get the benefit of offering larger home loan amounts and you all get the benefit of lower rate of interest which in turn reduces your every month EMI amounts.
Since home loans are of a much larger amount and also the repayment period goes on for a longer tenure you have to think carefully and plant your home loan. The most easiest and safe mode used by many borrowers of home loan is to get together and increase knowledge regarding loans. You can get lots of information from your friends and colleagues who can enquire at different places regarding availability of flats and at what rates. Regarding home loans also you all can find out different information and each can get different quotes from the lenders. Now after all the information you can mutually select the housing fiancé institution that offers you home loan at cheapest rate of interest. Also the other perks and concessions available can be divided among the group. there are many group benefits that all of your group members can avail and if the housing finance company is getting many new borrowers of this high amount like home loan they sure will bend their loan lending rates and also offer other perks for the group like free club house use for few years or reduced administrative costs for all the borrowers of your group.
friends and society members also can avail this offer and mutually decide upon the lending institution. It will also benefit you in terms of conversation and negotiations when you go in a group. The lenders have nothing to lose as they have a wider margin of profits and you as a borrower can avail many benefits and save lots of money from your home loan.

Is Your Home loan lender Passing the Burden of Inflation Over to You

When you are going through the repayment phase of your home loan you get to know the true colour of your lender. The home loan tenure is for a longer period of say 15 to 20 years and hence as there are changes taking place with finances and economy your housing finance company will also keep changing their rules.
With the Reserve bank changing their lending loan rate within short span of few months it is but obvious that all the lending institutions and banks have to bear the brunt. The rules are going haywire and even if you have selected a fixed rate of interest you may have to bear the rise in your EMI amounts due to this.
This is one of the most important factors why many borrowers are shifting their home loans to a better housing finance company or lending institution. If the lender tries to put all the  burden of this on the borrower in form of increased EMI amounts you have the option to select a new housing finance company that offers you the continuing loan amount for a lower rate of interest.
Try to find out what other lenders are offering in terms of interest rate on loans. You may enquire online or by friends and colleagues and select a housing finance company that keeps customer benefit at first. As you finalise the bank you can go about with transferring or closing your loan with the previous housing Finance Company. It is true that this will not be easy and they will persuade you and talk you out of it. Think in terms of money and if your previous finance company is offering you loan at the lower rate of interest that is being offered to you by a new company then you can continue with the same loan without all the hassles of closing and applying for a new home loan for the remaining amount. Negotiate for the best deal available in terms of saved finance and not perks.
There are many banks who guide you to close your previous home loan and offer you attractive offers and also guide you with the process. customer care of any housing finance company is most important to maintain previous home loan borrowers and bring new home loan borrowers in these times of inflation and rise of interest rates.