Home loan interest rates

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Home loan interest rates
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Home loans Think beyond interest rates
With banks and financial institutes announcing a
slew of facilities, availing home loan has become
an easier process. But the task of choosing a
home loan lender isnt as simple. What are the
most important points and aspirant buyer should
never lose sight of when it comes to housing
finance? Owning a home is an aspiration that
pushes many. After calculating the needs and
figuring out the wants, the next step for any
home buyer is surveying for a housing finance. It
is important that the buyer factors in several
key aspects and not just rate of interest. After
all housing loans are long-term commitments and
relationships.
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Fixed or floating Liberty to choose any Touted
as the interest scheme that provides complete
peace of mind, fixed rate offers protection from
macro-economic volatilities to the loan
customers. If you wish to play it safe and
security being your foremost concern, consumers
may opt for fixed rate option. On the other
hand, most floating rates, though generally
cheaper at entry level, are prone to change many
times during the loan tenure. But if interest
rates remain static or are on a downward trend,
then consumer could save money in Home loan
interest rates. One should look at the overall
rate movement scenario in last few years to
decide upon the lender.
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In case of escalation of costs, lender should
offer options like loan enhancement on the same
property to help sail through tough times. Same
goes for extended home loan tenure. An institute
of repute should have an option to extended
tenure to 30 years. It would reduce monthly EMIs
and definitely lighten overall burden. Home loan
interest rates is about freedom, not limits.
Consumers should insist on a repayment clause
that let them repay as many times as they
want. Hallmark of an institute Need based
customization Consumer should make sure that the
bank or institution is flexible enough in working
out maximum loan eligibility, and offer
customized EMI options, choice to switch over
from Fixed Rate to Floating Rate and vice versa.
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