Loans for your home

By: addi vardhaman

These are provided on the basis of factors like market value of the property; which is chiefly the evaluation provided by banks or the registration price of the property.

Interestingly these are the most attractive and fastest emerging consumer loans But the procedure can turn out to be a complex one when one starts hunting for them. Adding to the complexities is the basket of rates--fixed rate, floating rate, mixed rate, and the one fixed with reset properties-which might puzzle the chooser. It gets even more difficult with various institutions having their individual offerings.

Going for such loans should not be a one-time decision; rather one must take a preview of the market before going for them. Customers have a tendency to commit mistakes while opting for the deals; which might not be in their interest. So one should carefully evaluate all the variables before finalizing a loan agreement. The various angles that one need to look from can be: eligibility, suitable interest rate, auxiliary costs involved in availing the loan, documentation, penalties etc.

The real rate-though there is the option of floating, variable and adjustable rates--at which one will get these loans is decided by the person's financial profile and the negotiating skills. However to land attractive loan deals one can compare best interest rates among the banks. Most of the premiere banks have rates between 10 and 11. Allahabad Bank with a floating rate of 10.25 offers a very lucrative deal. With its low interest rate of 9.75, Bank of India also seems in the customers' good books. However majority of the banks keep the options for a floating interest rates, with a few of them specifically mentioning fixed rates for the entire term.

As far as the best Home Loan is concerned, there is no objective criteria to fix a market leader. To be fair every scheme deserves an equal standing in the market as per its own individual characteristics. If ever there was indeed a 'best scheme', all other schemes would have no takers at all! Different banks with their varied plans are excellent in different spheres depending on the categories of clients with them, the type of property they usually take up as a collateral and other particular loan requirements. It is thus at the individual's discretion to find out the best institution with such scheme which might cater to his/her individual needs properly.

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