Planning to buy a home this year? Prepare yourself to get overwhelmed! Today, the Indian financial sector has more than a thousand different institutions offering house financing scheme with easy to fulfill Home Loan eligibility. Plus, each one of them offers almost the same advantages along with a couple of other additional lender-specific facilities. For example, Bajaj Finserv; one of the largest NBFC in India, offers applicant’s with a choice between flexi hybrid loan and the generic Home Loan. These three housing finance schemes have the same purpose, but the process of obtaining them and some other features vary.
Coming back to the point, with a plethora of options, it can be difficult for a possible Home Loan subscribers to choose one particular scheme. Having said that, you can avoid the dilemma by evaluating your options – the housing loan lenders using the following factors.
- Home Loan Amount: The first and the foremost, check the maximum and minimum borrowing limit. This is to ensure you can avail the required amount from the lender without much bargaining.
- Loan to Value Ratio: Loan to value ratio is the ratio between how much your property is worth, and how much can you borrow as a loan against the property. Make sure it’s the highest in the scheme you choose.
- Interest Rate and Eligibility Criteria: Last but not the least, check the interest rate and the eligibility criteria. The interest rate should be the lowest and the eligibility criterions should be feasible in nature.
Lastly, don’t forget to check the reviews about the lender before applying for the Home Loan.