Home Loan: Get a Home Without a Hole in the Pocket

By: addi vardhaman
A home loan is considered to be a wise decision for every prospective loan aspirant since the amount of home loan can be used to claim deductions while calculating income tax on the overall earnings. As per the recent positive statements by YV Reddy, the present RBI governor, the banks must take immediate steps to pass on enough benefits to the home loan aspirants. In this context, the RBI has even taken concrete steps to ensure that the same is actually realized.

A prospective home loan aspirant must consider important factors such as interest rate, repayment tenure, early payment penalty and processing fee.

Fixed interest rate means that you, as a home loan borrower, needs to make repayments of a fixed amount. The floating interest rates, on the other needs, are in direct proportion to the changing market rates. This means that a fall in the home loan rates will mean a lower loan repayment amount and vice-versa. The selection of the type of interest rate must be taken with due care and if possible must be done only after a sound advice by a legal advisor or professional consultant. The present home loan rates in India tend to vary from 9.5 to 12 percent in context of the floating rate loans. The reluctance of the loan aspirants was a defying factor in the past but the trend has been reversed for the better in the recent times.

The information for the same can be easily obtained from the Internet. Internet is considered to be one of the biggest and reliable sources of such information. However, you must be ready to cross-check the authenticity of the provided facts to safeguard the transactions.

You may also seek the advice of your friends, relatives and colleagues who have prior experience in the world of home loans. This will help you to fetch the best available deal.

In order to get the home loans in the context of the Indian loan market, you are required to submit an application, traditional or online form. The submission of form is followed by the submission of income, residence, age and bank statements. After all the legal formalities have been completed from the prospective borrower's end, the Bank then proceeds to acceptance or rejection of the home loan application.

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