Simplified facts and practical information about home loans in a simple language while avoiding the technical jargon associated with it! I was confused with Finance in Home Loans and this Blog is an simple expression! I am a Healing Artist, and not attached with any Financial Commercial Institution and am not responsible for any financial links posted Take care and surf information before committing!
Search This Blog
15 March 2017
The Best Home Loan Lender? Take a Pencil and Paper to the Home Loan Lender
The Best Home Loan Lender! Do
your home work well. Research well. We go and buy onions that are Rs. 10 per kg
with so much care and while taking such a big decision of crores we immediately
go and apply to our nearest bank or a lender whom our friend or colleague
suggests and get the loan. Find out as many offers and institutions from which
you are eligible to get a home loan.
With easy availability of home loans the customer is spoilt for choice. With many private and government financial loan lending institutions coming up, the borrower has to choose the lender that suits their needs and is the best for getting a customized home loan. A best lender in the market is a general term and varies from individual to individual. Taking a home loan from a reputed builder will assure you that the trip of repayment tenure goes smoothly.
getting a reasonable list of lenders who can offer loans short list a few
lenders first. Try to consider all aspects that matter in the short as well as
long run regarding repayment of loans. Their administrative costs, extra
expenses, penalty charges in case of failure to repay an EMI on time, and of
course the interest rate the loan is offered and tenure of the loan, that is
for how many years the loan is offered.
online and offline. Ask friends and relatives about their experiences with
these home loans and their lenders. These experiences will give you an insight
into the experiences involved during repayment of home loans..
free loan amount quotes and find out home much money is available as loan and
for what period. Write down all offers and amounts on a paper. Always written
documents and figures are proofs and the lender cannot back out with these
offers after you actually go for a home loan. Whenever you negotiate put the
figure on paper. Let the lender note down all amounts on the paper and keep
this stored carefully for later reference. In case the lender backs off with
any offer and discount you can show them the figures quoted by them and this
will help save much time and hassles for another negotiation.
is the next step. Do not be tempted to select the home loan lender that shows
lowest rate of interest. Check other aspects also. The loan repayment tenure,
amount offered as loan, the monthly installments, facility for clubbing
installments, late payment fees and other hidden expenses.
and bargain because even if the lender reduces a small percentage you will save
a lot. Many times lender are known to offer an amount and later back off with
the offer. Even the borrower does not remember the exact amount and figures and
hence has to accept the deal form the lender. What happens here is you go for
inquiring about loan and you are offered a figure, extra charges, taxes and
transfer charges as well as the interest rate. The lender calculates in front
of you and shows you a figure you have to pay as EMI. If you have visited high
interest home loans lender before you are very happy with the quotation and
immediately begin procedures for collecting documents for applying for a home
Home Loans simplified facts
Home Loan Simplified Facts
you visit the lender for final conversation and application another figure is
offer to you. Suddenly some new additions are seen in the list of payments. How
can you question about these? and the lender reassures you that all borrowers
have to pay these and that all lenders take this amount. Since you do not have
any recorded figure and amount on paper you do not have any proof and cannot
negotiate with the lender, and also now since you have made all the
preparations you go about and accept their offer even if it is at a bigger rate
of interest. This is how the theory of lenders works but the borrower has to be
alert. While taking quotations taking a paper and pencil will help a lot. All
figures are on paper and you can carry these papers when you are going for the
final talk between the lender and the borrower and make this a peaceful and
stress free discussion and approval of home loan.