The home loan is very common type of loan that is availed by the common man for the purchase of home. The home loan is offered for various home related projects like home improvement loan, home purchase loan, home extension loan, home construction loan and home conversion loan. You can also avail this loan for land purchase, balance transfer, stamp duty loan and refinance loan. The home loan can be availed by anybody who is more than 21 years of age. The applicant must be less than 65 years of age at the time of maturity of loan. The applicant must be either salaried or self employed. The rate of interest for home loans is lower but varies from bank to bank. The interest rate is offered at either floating rate or fixed rate. The fixed rate of interest will remain constant during the entire period of the loan. The fixed rate will not offer the benefit of lower interest rate even if the market lending rate is reduced.
The floating rate of interest will change as per the market lending rate. Here you have the risk of increase in interest rate if the market lending rate increases. We will help you select the best plan as per the market conditions. There are many other extra charges associated with Home Loan. These are processing charges, commitment fees, pre-payment penalties, Registration of mortgage deed and miscellaneous costs. The processing fees will be charged then you apply for the loan. The processing fees are either fixed or are charged as per the percentage of loan amount. The commitment fees are charged by certain banks if the loan is not availed in certain fixed time after sanction. The pre-payment penalties are charged by most of the banks if the loan is paid before time. All these charges may make a major overall difference and hence check these charges before availing the loan. We will help you select the loan provider that charge minimum extra charges.
We help you get the quote of all reputed banks. You can compare these quotes online to get the cheapest loan. The Loan amount can be availed maximum up to 85% of the total home cost. The rest of the amount needs to be paid as down payment. We will get you the maximum loan amount at cheapest interest rate. We will also help you apply online to avail loan from reputed banks.