Skip to main content

Ranking Home Loans

How do you prioritize home loans? What criteria would the common man go in for ranking home loans? Here we discuss a few pointers in selecting your best home loans. With every financial loan lending institution having different rules for landing along with different  interest rates  with which they offer loans it is the borrower who has to gain right information and come up to the best home loan for him.
The housing finance company that needs less documents and you fall into their eligibility criteria. That is the documents that you can provide are what the company requires as proof to approve your home loan. Here we know that every financial loan lending institution has different eligibility criteria and if you do not fall into this category there are fewer chances of you getting your home loan approved. Apply where only you fit to avoid rejection of your loan application. Point given here, for the institution where you are eligible for a loan.
Interest rate with which home loan is offered is the most important but not the only criteria for ranking a home loan. Get the lowest interest rate for your loan amount. Point given here for lowest interest rate on home loan offered.
Higher loan repayment tenure will give you more time for repayment and in case you have increased finances you can always repay your loan sooner. This longer repayment tenure will increase your monthly EMI amount to what you can manage easily.
No prepayment charges and penalty for early closing of your home loan many finance companies do have a 2% charge on closing of your home loan before the loan tenure.
Transparency in service offered by the housing finance company is one of the most important criteria for selection and ranking a home loan.
Finally an important note to look at other people’s experience by talking to your friends, relatives and colleagues regarding their experiences with the lending institution and also their responses in case of default or failure to repay the home loan on time. This is the most important criteria for ranking a home loan best is by their after service or customer help services offered by financial loan lending institution. .
Sit down and jot all your income and expenditure in a realistic manner and then begin with your individual case. Every aspect will differ for different people and what finance company and home loan is first rank for you may not be first for another. So go in a realistic manner and rank your home loan housing company and then select your first home loan.
Labels:

Comments

Post a Comment

Popular posts from this blog

Used car loans tips

It is really a tough deal for loans of buying a used car (second hand) comparing to other types of loan in case of purchasing a new car. But if we look forward, it will make some possibilities also. The procedure is almost same like any other car loan facilities. The main difference in this kind of loan is that you can save cost, which you cannot do in other car loans. That is the biggest benefit you can have while getting used car loans. However, the problem is always there, so while you want to have used car loan facility you have to be aware of making your every step. Every step is vital otherwise you may be in bad credit reputation and big chances to be ripped off. Be positive in getting the source of used car financing and do shop around the whole market. Try to do the credit check to be assured that the given information is correct in your credit statement. After choosing the car you are going to purchase, look into the whole payment procedure of the purchase money. Always...
Post a Comment
Read more

Washington Home Loans

An interest-only loan has become a very popular choice of the many Washington home loans that are available.  What is making this type of loan so popular?  What other options are available to potential Washington home buyers. If you have a desire for a lower initial monthly payment, lower payments over shorter period of time, the possibility that if rates improve your rates could go down giving you lower payments, the fact you may qualify for even an even higher loan amount which would allow you to purchase a larger house than originally you thought this may be an option you should investigate.  There are a couple of other things you may need to consider.  Your payments may change over time.  There is also the potential for higher payments if the rates go up.  These interest-only loans normally interest only for a specific period of time.  The normal time is 4 to 11 years then the payment is raised to a normal level.  This type of an option c...
1 comment
Read more

Get Easy Tax Concessions Bonus on Home Loans

Easy tax concessions are a added bonus with your home  loan. Purchasing a home has become the most sought   after   dream today. Our major salary can go in terms of repaying home loans. With property rates increasing day by day it is becoming more and more difficult to purchase a home even on loan. The principle amount is increasing and also the interest rate added puts a tight crunch on our monthly salary. Tax concessions and rebates come as a boon to lighten this burden a little bit. Is it possible to get tax rebate on the loan amount? Many of us are not aware that this is taxable income money and one can avail rebate on a certain amount. If all returns are filed regularly and all criteria for applying for a home a loan fulfilled then one can avail on tax rebate for a certain amount of the money taken as loan. The main criteria would be the loan has to be taken in the prior financial year and the project has to have a fixed date for completion. The possession of th...
Post a Comment
Read more