Skip to main content

The Best Home Loan Lender? Take a Pencil and Paper to the Home Loan Lender


The Best Home Loan Lender! Do your home work well. Research well. We go and buy onions that are Rs. 10 per kg with so much care and while taking such a big decision of crores we immediately go and apply to our nearest bank or a lender whom our friend or colleague suggests and get the loan. Find out as many offers and institutions from which you are eligible to get a home loan.
With easy availability of home loans the customer is spoilt for choice. With many private and government financial loan lending institutions coming up, the borrower has to choose the lender that suits their needs and is the best for getting a customized home loan. A best lender in the market is a general term and varies from individual to individual. Taking a home loan from a reputed builder will assure you that the trip of repayment tenure goes smoothly.
After getting a reasonable list of lenders who can offer loans short list a few lenders first. Try to consider all aspects that matter in the short as well as long run regarding repayment of loans. Their administrative costs, extra expenses, penalty charges in case of failure to repay an EMI on time, and of course the interest rate the loan is offered and tenure of the loan, that is for how many years the loan is offered.
Research online and offline. Ask friends and relatives about their experiences with these home loans and their lenders. These experiences will give you an insight into the experiences involved during repayment of home loans..
Take free loan amount quotes and find out home much money is available as loan and for what period. Write down all offers and amounts on a paper. Always written documents and figures are proofs and the lender cannot back out with these offers after you actually go for a home loan. Whenever you negotiate put the figure on paper. Let the lender note down all amounts on the paper and keep this stored carefully for later reference. In case the lender backs off with any offer and discount you can show them the figures quoted by them and this will help save much time and hassles for another negotiation.
Comparison is the next step. Do not be tempted to select the home loan lender that shows lowest rate of interest. Check other aspects also. The loan repayment tenure, amount offered as loan, the monthly installments, facility for clubbing installments, late payment fees and other hidden expenses.
Negotiate and bargain because even if the lender reduces a small percentage you will save a lot. Many times lender are known to offer an amount and later back off with the offer. Even the borrower does not remember the exact amount and figures and hence has to accept the deal form the lender. What happens here is you go for inquiring about loan and you are offered a figure, extra charges, taxes and transfer charges as well as the interest rate. The lender calculates in front of you and shows you a figure you have to pay as EMI. If you have visited high interest home loans lender before you are very happy with the quotation and immediately begin procedures for collecting documents for applying for a home loan.
Home Loans simplified facts

Home Loan Simplified Facts


When you visit the lender for final conversation and application another figure is offer to you. Suddenly some new additions are seen in the list of payments. How can you question about these? and the lender reassures you that all borrowers have to pay these and that all lenders take this amount. Since you do not have any recorded figure and amount on paper you do not have any proof and cannot negotiate with the lender, and also now since you have made all the preparations you go about and accept their offer even if it is at a bigger rate of interest. This is how the theory of lenders works but the borrower has to be alert. While taking quotations taking a paper and pencil will help a lot. All figures are on paper and you can carry these papers when you are going for the final talk between the lender and the borrower and make this a peaceful and stress free discussion and approval of home loan. 
All the Best from Rizwana!
Read more on-

Comments

Popular posts from this blog

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...

Home Loan Lenders Selling Tips Biggest Hurdle in getting Borrowers for UK Home Loans

Home loan lenders selling tips Biggest hurdle in getting borrowers for UK home loans as the market is flooded with houses and houses everywhere, people are not so keen on taking home loans   paying off in dollars.   People are hesitating to buy new homes and with few exceptions where money does not matter anyway the elite investors in property purchase flats for investment purposes, and need to divert their finance and what better way than in housing sector as this field has assured and guaranteed returns. Majority of people applying for home loans in UK are from the private sector and they may not have all the documents in place which leads them to search for those lenders who can offer them loans.   It would be better if the lenders would simplify their loan procedures and also ease out the formalities to minimum. As it is every one understands the fact that you will get a loan only when you are eligible for that, which means you have the repayment capacity. Still...

Fresh New Developments in Home Buying and Home Loan Industry

There is a gradual change and slow movement observed in the home industry and home loans market. After the long silence it is a welcome change for the builders and the home loan finance industry. As we move in any direction east, west, south or north, Mumbai or the outskirts, everywhere we see constructions going on and even though here was a lull in the market since the past few years due to Government and Reserve Bank rules and regulations there is a welcomign change being seen now. As the government too has reduced the burdens loaded on the builders so also the home loan industry is offering new low price quotations and offers for the buyers and home loan borrowers.With reduced interest rates, and many warding off totally the prepayment penalty with new latest amenities offered at the same price per square foot the customers are preparing to make their move. Still necessity, an own  place to stay,  is the only decision maker and where customers are concerned. The investment...