Build your dream house

Your monthly rent can build you your dream home. All you need is a home loan !Home Loan ! A dream of owning a house can be easily realised as financial institutions are offering a range of home loan services at doorstep. “As home for each one has been shifted to the priority sector. For housing financial institutions, the customer remains the king. Reasonable rate of interest along with good customer services is a customer’s prerogative. Moreover, income rebate on the amount of interest you pay is another advantage that may even reduce your tax slab.”To turn your castle in air in to a reality you need to be smart enough to strike a wise deal by carefully analysing certain parameters that a financial institution has to offer. It is certainly difficult to get the best in each of the following parameters and therefore some sort of compromise will need to be done on the basis of your priorities...
Our comparator will demystify home loan schemes offered by few financial institutions, explaining and simplifying the procedures and the necessary paperwork as we go along, so that you can make an informed choice about which home loan is best suited for you. Foreclosure chargesYou must always compare the effective interest rate after taking into account all upfront fees and the manner of interest calculation. i.e. daily, monthly or annual reducing. “Even if two financial institutions offer same rate of interest, the one with the daily reducing interest calculation will be a better option,” informs O B Sharma, a city based bank employee. Pre-Payment Charges - certain housing financial institutions charge prepayment charges when you decide to prepay your loan either in part or in full.Processing Fees - You will need to pay the processing fee at the time of submission of application. Administrative Fees on the loan amount approved is charged. This varies from one HFI to another.Credit Documents that HFIs insist before approving your loan would differ from one HFI to another. Max age of property at the time of application - If you are buying a property on resale, this parameter would be an important one as HFIs may have a limit on the age of the property at the time of disbursing the loan.Some HFIs charge certain prepayment charges when you decide to prepay your loan either in part or in full.
Foreclosure charges Rate of Interest EMI Service at your doorstep Simple documentation and speedy processing No charges on partial prepayments No guarantors required