Home Loan Rate

1
4 Important Things to Know Before Taking a Home
Loan
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• Buying a house means investing in a lifetime
  asset. Most Indians who decide to purchase a
  house usually opt for a home loan. There are
  several factors that you need to consider prior
  to going ahead with the decision of buying your
  dream house. So, if you are planning to purchase
  a home loan, here are a few important things you
  must know before signing on the dotted line

3
Interest Rate

• The rate of interest on the loan must be
  considered before applying for a home loan. You
  can shop around for rates and choose the most
  competitive one. Also, you need to find out if
  the rates are fixed or floating. When rates are
  fixed, theres no fluctuation. Rates that vary
  according to the market conditions are floating
  interest rates. Thus, if you are looking for a
  shorter loan tenure, opt for fixed rates. But,
  for a longer tenure, floating rates are the best.

4
Amount of loan and eligibility

• The loan that you are likely to get will depend
  on your monthly income and the value of the
  house. The loan amount would be 80-85 of the
  property value. Although, it could be more in
  some cases. Moreover, you are eligible to get a
  loan or not, would depend on your occupation
  (salaried or non-salaried individuals), number of
  dependents, and disposable income.

5
Processing charges

• This is basically the fees that banks deduct for
  processing the loan. This can be between 0.25-2
  of the loan amount. Lenders also set some terms
  and conditions related to prepayment. Thus,
  borrowers must clarify the terms related to
  prepaying a part or full amount of home loan,
  transferring the balance to another lenders
  account, and other things. Apart from this, there
  are also processing fees associated with the
  approval and disbursal of home loan.

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• On the whole, above mentioned are the few things
  you must consider before taking a home loan. So,
  for those who want to apply for housing loans
  online, go for Axis Bank it offers some of the
  most attractive home loan interest rates in India.