Top ten tips for getting best home loan offer without the hassle

Are you confused which lender should you consider while choosing a Home Loan? If,yes, then you should consider asking these top 10 tips from your home loan lender?

1.Home loan low interest rates are important, but make sure you don’t go behind the cheapest rate of interest.You need to focus on broader aspects of home loan and thus look out for a more competitive price. Running behind the lowest rate of interest is not a wise idea.

2. Do a proper homework before taking a home loan. Don’t get influenced by your relative,friends or colleagues or even from your past experiences.

3. Make sure you choose a lender that will offer you daily reducing balance instead of a monthly reducing payment.One of the biggest demerits of monthly reducing payment is, for instance, you close an amount in between the date of two EMI; then they choose the repayment plan only from the due EMI date.You might be unaware of this, but this can cause you to pay a lot extra.

4. Go through the reviews that are available online about a particular lender.Make sure you go through each of the reviews as most of them are fake and are being created using ID’s like lisahayden, bigboy, kingpin and greatguns to name a few.So,before believing on the reviews make sure you cross check the ID from which the reviews are being generated.

5. DO consult with your mortgage advisor and ask him to provide detailed information for at least six major lenders and if they could provide loan against property.Don’t get biased by choosing the lenderwith the lowest rate of interest.Look out for various factors such as the margin offered,the no of times the lender has brought down the rate of interest,the Tenure period that is allowed and if he has financed a property which is similar to what you are buying.

6. Home Loan process can account into a lot of time. It is considered very important as the builder of your dream home can send you delay penalty notices as well as withdraw himself from the deals or even in few cases might increase the rate of the value of the home that you were considering buying. There would be no use to choose a lender who can only offer and cannot execute.

7. Consider the service perspective as the priority as you would be indulged in a long term relation.Don’t rush in or choose a lender that offers a lesser rate of interest. Taking advice from your friend and family is fine, but make sure you don’t trust them blindly without doing your calculation. Also keep a hawk eye on post sales aspects such as provisional amortization,part closure services,tax certificates to name a few.

8. Chose the people that are best in this industry, which could be your bank relationship manager Chartered Accountant,or perhaps a CFO in your office.They can best help you to reach the best mortgage, broker.

9. Consider choosing a floating rate of interest as compared to a fixed rate of interest.The primary reason is simple:A lot of twists can happen in fixed rate of interest.Moreover, it enforces Foreclosure penalty which applies to the fixed rate of interest.

10. Try considering new age products that can help you save a lot of bucks as borrowers these days have a lot of requirement ratherthan just borrowing for the sake of money.

There are a lot of websites that offer Home loan transfer, but the best I consider is BrickLoans simply because of it’s hassle free process.In addition, it has a support team that serves you 24/7 in the case of any problem or queries. You can apply for home loan after going through the above pointers in case you want to buy your dream house.

BrickLoans is a FinTech company focused on only Home Loans. We make fresh loans/existing loan transfer easier for you. All you have to do is contact us and we will take care of the entire process. Founded by Ex IITians and professionals with corporate experience and pedigree. We operate in following cities Mumbai, Pune, Chennai, Gurgaon, Noida, Bangalore and Hyderabad

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