Lowest Home loan Rates in India

by

Aman Jaryal

A home is the essential part of life for a person. Getting a house is not that easy for a buyer to buy. Home loans are meant to fulfill your dreams in an easy way. By each passing day, the price of property is increasing on a high scale, and it is usually beyond the approach of a common man. Whether it is your first Home loan, or you are in the process of moving house or you want to reconstruct your home, a Home loan is one of the biggest financial assurances that you can make in your entire life. A mortgage finance broker helps in getting you the best possible home loan available.

There are the types of home loan. For housing finance, it is the secured in which the borrowers have to submit his documents to the bank on behalf of loan taken. The bank possession will be returned after all the EMI s paid by the person. There is the tenure period of maximum 15 years which goes up to 20 in some cases in which the customer have to pay all the EMI. Higher will be the tenure period more will be the interest with low monthly installments. The

Home Loan Interest Rates

on home debt may be floating or fixed. Most of the people opt for fixed rates because it can t get higher with the time. Throughout the tenure period, the interest rate remains the same while in floating it varies. If you have a good credit record then, you may have the best deals available, like you can avail of higher loan amounts or you can avail of the lowest home loan rates.

While applying mortgage loan the bank take account of the customer s age, his salary, credit history, savings, profession, location of property, and other debts. For people with no credit history may face some difficulty to apply for a

home loan but it is better than to have bad credit history as it provides you the high finance rates. The documents required depends either you are salaried, self employed or self employed professionals. Different banks offering different interest rates for home loans like HDFC offering 10.50%-11.0%, AXIS offers 10.50%-11.75%, SBI offers 10.50%-11-25%.A customer can either opt for offline or online housing finance. Offline banking may lead to time consuming as no one have too much time to go and apply these days. Online banking provides the customer to have best comparison between all the banks so that a customer can avail the best deal in the market.Aman Jaryal is a Financial Service Provider from last 5 years. I work in banking Sector. I deal with Services like Home Loan, Loan against Property etc. I have good knowledge of Finance. I have done MBA in Finance from Delhi University.Article Source: ArticleRich.com