Many of us are taking the first available home loan offer and then stuck ourselves by paying hefty EMI’s. We all forget buying a home loan is huge financial commitment. Hence we must be careful in choosing a home loan
There are different factors we need to analyze, below are some (not limited to this… but more)
Interest Rates
http://fromrentaltoown.blogspot.com/2010/04/fixed-or-float.html
Lender Reputation
Will post later more details
Prepayment Penalty
What is the percentage of loan that the bank charges towards prepayment? Try to select the bank that charges the lowest possible penalty, as you will end up losing any possible savings that you'll get by changing the lender.
Will post later more details
Proceeding fees and Other Charges
Will post more details later
Besides the above, buying a home involves other costs like insurance, processing fees, legal fees, inspection fees etc. Try to go for the lenders that charge the lowest charges, as these fees add up to the cost of buying a home.
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