Today’s every person
wants to have their own house. That is why the demand of home loan increasing
day by day. There are various home loan providers in India that provides loan
at the best rates. The home loan lenders in India are regulated by the
government, i.e. Reserve bank of India. RBI decides the interest rates on any
loans that provide by different banks and lending institutions to the person.
Person should take the home loan extremely carefully.
Today the market of
reasonable housing is rising fast. Similarly, various customers who want to buy
home have increased. Most of the youth
who are getting decent salary also want to buy their own house. Home loan today
is a boom in the market. There are few things customer should be keeps in mind
while applying for home loan.
Following are the
Sources that provide the best Home Loan:
1. The lending
institutions that offers unnecessary hikes on interest rates and do not follow
the rules of RBI are the poor source of home loan. All banks whether it is
housing finance companies, private companies, national companies or
institutions charge interest rates according to the RBI rules. The lending
institutions or banks increase the interest rates immediately at the RBI increase the
rates. Banks only decrease the interest rates when RBI decreases the rate of
interest. Person has to repay the loan in EMIs.
2. Several banks or
lending institutions provide rate of interest below the current market rate;
just to impress the new home loan seekers, while existing customers repay the
loan at the same interest rates.
3. Various lenders
provide the scheme, i.e. conversion of rate of interest.
In this plan, banks give provision to the existing customers that, they can
avail rate of interest, which is offered by RBI. People have to pay charges for
it. That is around 0.5 to 3% of the total loan amount.
4. Banks also charge
prepayment charges on the balance transfer. If a person transfers their balance
from one bank to another, person pays the charges for it.
5. Person can also face
some problems at the time when the person transfer balance from one bank to
another. Sometimes banks misplace their property documents.
Sources of Home loan:
Person can get a loan
from various banks or lending institutions such as PNB, SBI, HDFC, AXIS Bank, IDBI Home Loan ,
LIC housing finance, CANARA Bank and Standard Chartered.
There are some other
lending institutions that provide loans are: Fullerton, India Bulls, DHFL and
Reliance.
