Looking for home loan? Here’s how to choose your lender

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Home Loan Rates
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Looking for home loan? Heres how to choose your
lender
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Loan amount and eligibility The quantum of loan
you are likely to get will depend on your monthly
income and the value of the property. Typically,
the loan amount would be 80-85 of the property
value. Interest rate The rate of interest on
the loan, which will influence the EMI and the
total interest paid by you, must be considered
before applying for the home loan. Shop around
for rates and choose the most competitive one. 
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Processing charges and prepayment The processing
fee is the charge banks deduct for processing the
loan, through Home Loan Rates . This can be
anywhere between 0.25-2 of the loan amount.
Lenders also set terms and conditions pertaining
to prepayment.
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• Responsiveness to change in rates Another
  important thing is to judge your lender based on
  how quickly and by how much the lender changes
  its interest rates following policy changes by
  the Reserve Bank of India. 
• Documentation Though most lenders seek the same
  documents, like proof of age, address and income,
  actual requirements may vary. 
• Source http//economictimes.indiatimes.com/wealth
  /borrow/looking-for-home-loan-heres-how-to-choose-
  your-lender/articleshow/52476600.cms

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