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Home Loan – Choose the lender who’ll be with you all through

Picking out a house which you can call your own is both exciting and daunting at the same time. There are innumerable avenues which need to be considered in the decision-making process before finalising your dream home. The principal among them is acquiring a suitable home loan. Today, there are several banks and financial institutions that offer housing loans equipped with different range of home loan features. However, what kind of housing loan suits you is a tough question to answer. You are the best judge of your requirements and limitations. Hence it is advisable that you consider all the options available to you before deciding on which kind of home loan suits you the best.

A prospective home buyer, when looking to buy a dream home has to consider several options and choosing the right lender to avail a home loan from is one of the significant decisions. If there are several financial institutions or banks that are offering loan applications, it is necessary to consider the best one. It is essential to evaluate more than one lender before coming to a conclusion. There are many factors to weigh in before finalising a lender. From eligibility criteria to interest rate to processing fee, there are factors which are integral to deciding a lender. But choosing one which will provide with good after-sales service is of paramount value. Following are the points which needs to be evaluated before finalising:

  • Loan amount and eligibility

  • Interest rate

  • Processing charges and prepayment

  • Responsiveness to change in rates

  • Documentation

  • Turnaround time

Any home loan typically locks you for 15-20 years or may be more. That is why it is vital to make sure that you do thorough research before finalising the best mortgage lender that meets your needs and offers you the best housing loan schemes. Home loan is a long term obligation which requires thorough research and understanding. Hence it is imperative to understand the range of services provided by the lender. Look for lenders, who along with providing low rate of interest, also provide services such as tax certificates, provisional amortisation, part closure services and reduction in the tenure / EMI after partial repayment. There are a number of post-disbursement services involved which can make an impact in availing home loan that suits you. Choose a lender based on several factors as it will assist you get the best housing finance partner.

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