This is the time when there is no shortage of home loan providers. There are numerous home loan providers who either belong to governmental or private banks or housing finance companies or the non-banking financial companies or the NBFCs. These people consistently try to pitch their home loan services. Sometimes, this information becomes so bulky that makes people perplexed regarding their choice of home loan. Offering numerous options of home loans to choose from can seem really fascinating but the rate of interests are the only thing that arrives as a hindrance in front of the borrowers.
It is usually suggested that opting for home loans should be based upon the interest rates and their advantages. It can be compared to the platforms of various home loan providers. Comparison of interest rates allows people to reach on a financial decision as ultimately, it’s you will have to pay the amount of money back. However, in between of the flood of housing finance providers, the one which is different from rest of them is none other than the IFL Housing Finance which offers many variants of home loans at affordable interest rates under the affordable housing scheme of government of India.
At this point of discussion, there arises one question once you have revolved all over the different home loan financial institutions and that is: “Should interest rates be the only criterion while choosing a home loan?” Home loans are quite big financial commitments that include lakhs of rupees and repayments in a long run. So, focusing just over the interest rates won’t be enough.
Here are some of the pointers that you need to keep in mind while taking a home loan:
1. Tenure Of Loans:
The loan tenure of the period of time over which you have to repay a loan varies differently throughout different institutions. A loan for a short tenure means a lower overall cost. But on the contrary, on the monthly basis, you will have to pay more EMIs. Generally, it is advised to the customers that they should choose a financial institution wisely. For an instance, IFL Housing Finance is the best irrespective of the longer home loan tenures. They offer up to 30 years of loan tenure for the repayment. A longer tenure of the loan is beneficial for the people as it helps in lowering the burden of balance between monthly expenses and repayments.
2. Fixed Rate Or Floating Rate:
The rates of home loans can either be fixed or floating. The basic difference between the fixed rate and floating rate is that a fixed rate of interest doesn’t vary over the loan tenure and it is determined before the loan is disbursed, whereas, a floating rate changes over the tenure of loan and accordingly the interest rate changes too. It is advisable that customers should tale loans from IFL Housing Finance as they offer a floating rate loan that appears cheap by the end of the period of repayments.
3. Eligibility And Loan Amount:
Believe it or not, but the maximum eligibility and the amount of home loans vary across varying home loan providers. It will be a wise decision when you pick up the right loan that meets all your needs. As a home loan can help to raise more money upfront and pick a cheaper loan than borrowing from different institutions. Even joint home loans are also a type of loan that is being provided by the IFL Housing Finance under affordable housing for all.
4. Prepayment Policies:
A prepayment policy is something that you need to consider as an utmost priority. There are various home loan providers who don’t let borrowers prepay their amount of loan. Sometimes they even charge a penalty over them if they opt for the prepayment of their home loans. This can hurt the borrowers like you if you face such an inflow of cash during the time period of the loan. When loan providers don’t allow prepayment of home loans, then it will add on the number of home loans in the form of higher interest rates. Henceforth, it is suggested to all the people like you to take housing loans from IFL Housing Finance as we allow customers to pay their loans whenever they wish during the whole tenure of the home loan.
5. Customer Friendly Features:
There are various varying features of home loans between companies and the features that they provide to their customers. With the changing scenario, there are many financial institutions who have launched their mobile apps and dedicated as well as determined representatives for customers and many more features have been added that makes a home loan customer friendly. Adding more to the current scenario, housing finance service providers are now providing doorstep services too. Apart from this, multiple physical and digital touch-prints are available for the customers for making loan processes even more transparent. Not only this, but you can now easily go through IT certification and other crucial documentation in just one click. Your relation with your home loan provider lasts longer or you can say up to years. And IFL Housing Finance is one such home loan provider that helps people at every step.
6. Product Features:
There are numerous housing financial institutions that basically focus on the salaried borrowers. This is because they consider them in the brackets of low risks. However, there are many financial institutions including IFL Housing Finance have product offerings for both salaried or the self-employed. We have developed our expertise to analyze the actual income of the self-employed people and appreciate them accordingly. Apart from this, we also offer many top-up loans facility to facilitate the living of the customers along with the existing loans in case the customers have availed the complete eligibility for the amount of loan.
7. Trust And Reliability:
A home loan is no less than a relationship that lasts long. This is all because; a loan repayment takes as many years as 30 years. Henceforth, it is suggested to get attached with the company you trust the most. And we, IFL Housing Finance is such a trustworthy and reliable housing loan provider that makes the documentation process quite hassle-free and transparent. Apart from this, customers can also get their documents back once they have paid their repayment amount.