When you
decide to take the services of a Home Loan Financial Institution to fulfils particular
need, some parameters have to be borne in mind at the time of selection. It is very hard to obtain the ideal financier
in each of the parameters. You are most
likely to make a compromise according to your priorities.
Some of most
significant parameters are as follows:
1.You may
have to decide on the type of product the financier has to offer, whether it is
a loan product to meet your needs, such as for buying land and so on.
2.You have
to see if the financier offers the tenure of loan, you want.
3.Whether
the rate of interest type is the type you want, i.e., fixed, variable, or
floating rate of interest.
4.It is
important to know the quantum of maximum loan amount offered by a financier so
as to know whether the financier can finance the amount you require.
5.It is also
important for you to decide the actual rate of interest value. You should always compare the effective
interest rate after considering all upfront fees etc. You should also consider the manner of
interest calculation i.e., monthly reducing, annual reducing etc.
6.Home Loan
Financial Institutions may have some schemes that suit customers of certain
professions. You have to check whether you fall into any of those schemes, if
so, whether the said scheme suit your requirements.
7.Home Loan
Financial Institutions also may have
separate schemes for some projects also.
8.Most of
the Home Loan Financial Institutions have an upper limit on the amount they are
willing to finance. If you want a very
large amount, you have to consider such factor.
9.You will
have to take into account the factor of minimum age of customer to know, if you
are suited to the age standards laid down by the Home Loan Financial
Institutions.
10.The
maximum loan that you would get as regards the value of your house has to be
considered.
11.The
income norms of the Home Loan Financial Institutions or minimum income will be
a parameter to influence your decision.
12.Certain
Home Loan Financial Institutions insist on a personal guarantor and you should
check this out if you have any doubts regarding providing a guarantor.
13.If you
want to buy a house with a co-owner you have to find out whether the Home Loan
Financial Institutions accepts the relationship between you and the co-owner.
14.The Home
Loan Financial Institutions may insist on only some relationships when joining
your application as a co-applicant and you need to check this out.
15.Certain
Home Loan Financial Institutions charges some prepayment charges, when you
decide to prepay your loan either in par or in full.
16.Home Loan
Financial Institutions charge some fees as processing fees which h you needs to
pay when you submit your loan application.
17.Home Loan
Financial Institutions also charge administrative fees/charges, documentation
fee etc., according to the loan amount approved by them and this is different
from one Home Loan Financial Institutions to another.
18.Different
types of documents are insisted upon by different Home Loan Financial
Institutions before approving your loan application, and this would vary from
one Home Loan Financial Institutions to another.
19.Should
you be purchasing a property on resale, the parameter of maximum age of
property at the time of application would be important, as Home Loan Financial
Institutions may have a limit on the age of the property when they sanction and
disburse the loan.
20.Majority
of Home Loan Financial Institutions have a pre-approved list of properties
available for which there would be simpler documentation.
21.Home Loan
Financial Institutions may have a special rate for the employee of one of its
preferred list of employers.
22.Above all
and apart from all these, there may also be some other different norms or
documentation procedure, for the Home Loan Financial Institutions if you are
purchasing a property from any of their builders who are already on their
pre-approved list.
The above
aspects are only some of the parameters, and you will have to look into prior
to your decision on finalizing the Home Loan Financial Institutions from where
to avail the Home loan finance.
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