Rubique

Choosing the Best Home Loan

Owning a home is a dream that all of us nurture in our lifetime.

As increasingly most of us are shifting to opt for a loan to make this dream possible, it's important that we keep the following points in mind as we set out to have our

name plate on the wall.

Some banks give preference to finance a furnished home while others a self-constructed property or under

construction.

So, choosing your property first would help you to save a lot of time and zeroing in quickly on the best offers pertaining to

your requirement.

Choose the Home Before the Loan

Remember to choose your down payment wisely as your EMIs for the next few years will depend on them.

Though a higher down payment would get you a good deal with the Banks, it should not eat into your emergency fund.

Likewise, your EMIs should allow you to save money for emergencies and future expenditure from your monthly

earnings.

Decide Your Down Payment Wisely

Though the name might lead you to believe that it cannot be changed, sometimes banks do offer to increase the EMI or the

tenure in a fixed interest rate loan after a certain period. So it's better to get clarity on this at the time of agreement.

In case of a floating interest rate, evaluate the economy growth rate and see how it would impact in future as the

reductions in floating interest rates are directly dependent on it.

Choosing Between a Floating & Fixed Rate of Interest for Your Loan

Go through all the charges levied by the banks such as miscellaneous, hidden, service related, recurring or one-time.

This will allow you to understand your financial commitments to the bank for the next few years and plan your financials

accordingly.

Remember, when you take a Bank Loan, you are associating with the Bank for the next few years and it's good to know the

experiences of the other customers with the bank.

Ensure What You See is What You Pay, Know Your Banker

Banks always charge a fee in order to apply for a Loan with them. This is a processing fee and is non-refundable.

Generally, it varies from 0.50% to 1% of your total loan amount.

The same doesn't guarantee that the loan will be sanctioned, hence it is advisable to have a written agreement with the

lender.

Switching fee is also charged if you plan to switch from floating rate to a fixed rate.

Your Processing Fee is Non-Refundable

With those tips mind, visit Rubique to Compare interest rates and deals, and apply for a Home Loan Online to see your

dream home take shape.

Thank You