If you want to build or buy a home, a home loan is an extremely useful way of dealing with the financing aspect. There are plenty of good providers of home loans available in India, so it is worth taking the time to compare and evaluate each one. In the chart below you can compare the main features of each home loan provider. Of course each loan is available on a variety of conditions such as income, age and other important factors. If you are not sure if you will be eligible, find out in advance to avoid disappointment after you have made an application. If you want to view more information on each product, click on the Detail Information link. To make an enquiry or application, click on More Info. Please read the terms and conditions of any home loan thoroughly.
Compare Home Loans
If you want to buy a home then a home loan could make things easier
Compare home loans on Which Way to Pay
Compare lots of companies in order to find the home loan which is best for you. The variety of home loans on the market at the moment is huge and it can be very difficult to choose. In some cases a broker may be able to help you make a decision but make sure you do as much research as possible before choosing. In order to get a home loan you are likely to need a deposit for the house you want to buy and you will need a regular income which the home loan provider will deem suitable for repaying the debt.
Home loans are serious financial products
These are likely to be the biggest loans that you will ever take so they need to be considered very carefully and it is probably worth getting some independent financial advice. You need to remember that if you cannot afford your monthly repayments you risk the possibility of losing your home. There is no point taking out this sort of loan if you cannot afford it.
There are different types of home loan available
Fixed rate home loans offer a set amount over a certain length of time. This protects the borrower from interest rate rises during that time. The rates are usually higher than those on the leading variable deals because you are paying for the peace of mind. Variable rates will change depending upon the interest rates at the time so when they are low the home loan is likely to be cheaper but you run the risk of them getting more expensive when interest rates go up. Make sure you think carefully about whether you want a fixed rate or a variable rate home loan.
Home loans are secured so there is a risk involved
A home loan is a secured loan and the asset which you provide as security for the collateral of this loan is your home. When most people buy a house they will get a mortgage which is the loan based on the value of your home. Home loans are generally paid in instalments until eventually they are paid back to the full amount based on the value of the loan plus the interest. A home equity loan is similar to a home loan in that it releases the equity of your home. This means that you can essentially borrow money against the value of your house.
Work out what you can afford to borrow
The first thing you need to do is to work out exactly how much you can afford to borrow. The bank may offer you more than this but it is important that you do not go above the amount which you need. If you over stretch yourself you can become a slave to your home loan and if anything goes wrong you will potentially lose your home. Work out how much your repayments will be each month and try to keep costs as low as possible. Home loans are complicated and serious financial products so it is worth taking out some independent financial advice before you get into a debt situation. Read all terms and conditions thoroughly and speak to a lawyer to ensure that you understand exactly what you are getting into and the rules which surround your agreement.
10 September 2013
Which Way To Pay
ICICI, India’s largest bank for private customers makes it possible to get a step nearer to your dream home with their excellent home loan with renewable fixed rates.
26 October 2011
Which Way to Pay
For the 13th consecutive time since January 2010, the Reserve Bank of India increased key rates yesterday by 25 basis points. The increase however is thought to be the last as the central bank acknowledged the rate hike’s affect on economic growth.
10 October 2011
Which Way to Pay
An NRI loan is a loan for non-resident Indians, and therefore is only available to Indian non-residents who need to borrow money. The amount you can borrow changes from case to case, the company will assess your application and offer you a loan amount based on your capacity to pay it back.
07 September 2011
Which Way to Pay
NRI stands for “Non Resident Indians” and as such NRI loans are only open to Indian non-residents who need to borrow money for significant purchases. The monetary amount associated with NRI loans is variable because your application is individually considered and therefore your payment capacity will dictate the loan amount.