3 Tips for Finding the Perfect Lender for your Home Loan
Buying a house in India is no easy task; from the financing to the legalities, there’s a lot that needs to be taken into consideration. That’s the very reason why Home Loans are such a big hit in our country. If you’re looking to finance your dream house, then you may already be wondering how to get your hands on a suitable Home Loan.
Well, the first step is to ensure that you choose a lender for Home Loans who you can fully trust. Here are a few tips to help you find the right service provider.
Tips to Find a Best Home Loan Lender in India
1) Check the Interest Rates
As Home Loans are secured, their interest rates aren’t very high as compared to unsecured loans. While the RBI sets the base rate for Home Loans in the country, individual lenders usually give out credit at higher interest rates. It’s important that you thoroughly gauge the available interest rates before making a decision.
If you’re looking for a Home Loan with an extremely low interest rate, then your search ends with Bajaj Finserv. This trusted financial company offers Home Loans at lowest interest rate in the country.
2) Avoid Lenders Who Charge Prepayment Penalties
When you decide to close your Home Loan before its tenure is complete, your lender may charge you prepayment fees. These charges can sometimes be ridiculously high, so you need to know about them well beforehand.
If you want to avoid shelling out prepayment charges, you can opt for a Home Loan from Bajaj Finserv. Not only does this company provide the lowest Home Loan interest in India, but it also charges you nothing when you decide to foreclose your Home Loan.
3) Beware of Lenders with Strict Repayment Schedules
It’s not always possible to pay your EMIs on time when you take a Home Loan; due to the loan’s lengthy tenure, you may miss making an EMI payment at some point or the other in the future. At such times, you lender may charge you a penalty for missing your instalment. Find out more about such penalties before you apply for a loan from any particular lender.
For instance, Bajaj Finserv offers a 3-month grace period when you miss your EMI payments. This gives you the leeway to get your finances in order before you start making payments again.
Don’t Ignore the Convenience Factor
It’s not that difficult to get a Home Loan, provided you have the necessary qualifications. You don’t need to meet a lender in person in order to obtain your loan; the loan approval and sanctioning process takes place entirely over the internet. Finding the right lender for your housing loan, however, can be a little harder.
At Bajaj Finserv, your loan application is approved online within just 5 minutes and the cash is transferred to your bank in the next 72 hours. You can simply access your loan account online whenever you want information about your repayment schedule, interest certificate and so on.
Consider the attractive financing options offered by this Home Loan provider in India, and fulfil your ambition of buying your own house.