How to choose your home loan lender ?
Are you confused about whom to take the home loan from? Many conflicting advices from various sources made you think of the merits and demerits of the different lenders the rates like 7.5% p.a. tossed around but it is unable to understand why the monthly installments given by HFCS claiming to give those kind of rates are more or less equal to the monthly installments given by other HFCS/banks charging much higher rates. In between you hear about the perils of pre payment charges, EMI changes during the loan tenure, etc. Home loan lender is always be a tough decision and some of the factors to be considered for taking such a decision are:

1. HFCS/Banks calculate your loan eligibility differently. Some lenders for example are very comfortable with self-employed persons and their loan eligibility calculations reflect that drawing salaries above a certain value. in quite a few cases which the amount of loan the lender is willing to give will override cost and other considerations.

2. Familiarity of the lender with home loan procedures can be another important consideration. Having considered all the non-financial factors, the cost factors should also be given a thought… installment means. The other factors to take into account are the upfront fees payable. This adds to your total effective cost of loan. Another important factor to be kept in mind is the prepayment charges, charged by the lender. One must choose the housing finance institution who does not charge a prepayment charge.

3. Home loans are available with fixed interest rates or floating rates. In the present scenario, interest rates are not expected to increase on long term. So, floating rate loan may be preferable.

Consult the terms and conditions offered by leading HFCS and Banks. Verify any special offers given by direct selling agencies (DSA).

Contact Singh Engicon for any assistance.

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