Loans For Homes
Article by Steven Mark
The last two decades has been a success story of revolutions for India. Unlike the term associated with the Marxists terminology ours is story of the success of the Green revolution, the White revolution, and now perhaps the Land revolution. Roti, Kapda (bread, Clothes) have been taken care of, its now time for Makaan (shelter) to find its place in the story of successes.
The construction boom which has gripped the country is only a proof of the importance been given to shelter and the role of the financial institutions and banks cannot be undermined. The Indian government is playing its part with aplomb in making access to home loans easy and encouraging people to procure loans for construction or purchase of houses. Interest rates in India are clearly heading lower with the RBI announcing repo rate and bank savings rate cuts. In keeping with this trend, all housing finance companies have dropped rates to the lowest in the last several years.
However the problem of plenty has not made it easy to choose your financier for a home loan. You need to prioritize your needs when selecting the institution that would finance your home loan. Some of the important factors one needs to consider on such loans whether home loan, mortgage loan or any other loan is the term, your capacity to repay the EMI ( equated monthly installments ) and the rate of interest ? not an easy task considering the mathematical jugglery done by the financiers. In an falling interest rate scenario you would be better of taking a Floating rate loan as the interest rate will get reset to a lower rate periodically. Even if you must take a fixed rate loan due to an attractive interest rate offer, take it from a bank that has no prepayment penalty.
Considering the competition among home loan financiers and finance company in India each one of them has something different to offer.
Standard Chartered ANZ has launched the Home Saver Account. Along with the Home Loan, your will get a FREE savings bank account into which you may deposit your monthly salary. Citibank offer loans with no guarantors. Dewan Housing Finance and LIC Housing Finance Ltd. offers consumer loans to their existing Home Loan customers at a discount to market rates. GIC Housing Finance gives a free personal accident cover along with the loan. HDFC offer Flexible (Customised) Repayment Schemes, keeping in mind the fact that each individual has a unique problem requiring unique solutions, Hudco will waive the last 2 EMI payments on the loan if the customer has a perfect repayment record with no bounced cheques. ICICI launches a 30 year tenure home loan, the longest available. SBI offers Home Loans with no start-up costs. Most banks charge as high as 2% as processing and administrative fees.
About the Author
Mark Steven is an associated editor to the website www.indianground.com. Indianground is dedicated to explain all your related queries for real estate India and India properties, with the latest news updates. Your feedback and comments will be highly appreciated at ?markigsteven@gmail.com?.
Source: http://financemanagement.w-website.com/blog/loans-for-homes/
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