Buying own rajkot propertyis a very important decision and happiest thing in life. Taking Home loan is a loan which is taken by a borrower from the bank issued against the property or security meant to be bought on the part by the borrower, which is to be given by the banker as a conditional ownership over any house or property. Home loan is the most secured loan, offered against the security of a property or house which will be directly funded by the bank, and the property can be for a personal or commercial one. That is, if the borrower is failed to pay back the loan money then the banker can retrieve the lent money by selling the property of the borrower again.
Kolkala is also developing a lot now-a-days, you can even search for properties in this city with the help of any real estate Kolkata portals.
Now-a-days Taking house loan have become much more easier then sayings. Most of the banks accepts and lends money but while sanctioning it takes littletime. Now, a days it have become necessary to take house loans and build house. But before taking housing loan you must know each and every complete details, which you are going to get the complete details here itself. Before taking the Loan You must know each and every thing and you have rights to know the important things before taking housing loans.
- Important Things which you must remember while taking loan:
- The Loan type: As we know that there are several types of loan. But the most important loan is based on two types. i.e Fixed and floating. Fixed interest rate may be more attractive than floating in a higher interest rate. As, All the fixed nature interest is the most disadvantage for those who are looking for long-tenure loan like home loan, where every rates are bow to come down for sometime. But the borrower has to pay the same amount of money at last, even if the rate reduces low.
Floating interest loan varies according to the market condition as, fixed home loans interest doesn’t change with market fluctuation. But usually 1 to 2.5% points of fixed are higher than the floating rate loan. So, the EMIs also moves up and down according to the change in base rate.
- Rate negotiate: Whatever option you choose, you will always have to keep in mind that you can be negotiate on the interest rate. Even though if the bank always have an upper-hand, but you can haggle as well and especially if you are an old customer with a very long relationship with the bank. Then, you must be having a clean record in your credit history for payments done on time. You can use the negotiate loan amount and rate.
- Switch lenders: Taking loan from bank doesn’t mean that you are stuck forever. But if in extreme situation or if in case you get a significantly better deal with another leader then you can switch. But most of the bank doesn’t have any pre-payment penalty option anymore on folating loans. Although, processing fee is the only additional cost which you will have to bear and you must try negotiating on this situation or you atleast ask for reduction if its not a full waiver. You must remember this things.
- Tenure longer means costlier loan: When it comes to the increase of base rates it means that the banks have also been increasing there floating home loan rates and for the borrower it means higher EMI, but many cannot effort such huge and request often to bank to increase the loan tenure for bringing down the monthly outgo. As, it can be a temporary relief to a people who are in desperate situation and in the long term they can end up paying more.
This are the complete things which you must know before taking loan. Home loan can help you to get your dream house and this is the best way to build your dream house.