Get Home loan rates impact your home loan...

Posted by Nikhil Pandey on October 8th, 2016

Owning a house or additional property is a far-fetch dream for many people. The ever rising cost of real estate has been a major contributor for being an obstacle for a customer for investing in properties. But property offered by leading banks and finances companies has been the preferred financial solution product that will help a consumer to easily fulfill their dream of buying a house. Several products are available in the market at customer’s service. But it’s important to consider factors like Home loan rates, flexible repayment options, processing fees, etc. before opting for the finances.

Getting a loan sanctioned is not the end of things but it’s the beginning of a lot of financial elements involved in it. Of these, repayment in flexible ways is the prime one. Hence you should ensure that the EMI you need to pay should be at an affordable range keeping in mind the other expenses you need to meet. Property loan interest rate plays a crucial in deciding the EMI you need to pay, the time you can repay it and flexible ways of repayment. Hence, the higher the interest rate the higher is the EMI you need to pay.

Home loan rates are calculated on fixed and floating basis. In fixed, the amount remains the same for the entire term of a loan, while in floating rate the interest applicable depends on factors related to market fluctuations and volatility. 

Banks offers for various needs with lower EMI. With online facilities,  you can get speedy approvals of a loan with flexible repayment options and easy documentation. 

Some benefit of property loan

• Interest Rates: Loans are offered at competitively low rates 
• Property Types: Both Residential and commercial property is accepted
• Income Type: Both salaried and self-employed can apply for property loan
• Flexible product offerings: You can pick from EMI based or overdraft facility suited as per your needs.
• Easy repayments: Banks and NFBCs offer flexible repayment options for loan repayment.
• You can apply individually or jointly for a property loan. All owners of the property will have to be co-applicants. However, all co-applicants need not be co-owners. Generally, co-applicants are close family members.

Some leading banks offer Home loan rates with an interest rate as low as 10 to 13 % and a processing fee of mere 1% on the loan amount. Residential property loan is offered at interest rates as low as 10.60 to 12.60% with a mere processing fee of just 1.25% on the principal amount. You can also avail for a commercial property with interest rates as low as 11.10 to 12.60%. These come up adjustable (floating) rates. In case you wish to take fixed loan interest rates there are some lucrative offers like trufixed 2 years fixed rate variant and like Trufixed loan 3 years fixed rate variant.

There are some leading private sector banks and finance companies who offer home loan balance transfer at interest rates of around 9 to 10% to transfer your outstanding home Home Loan Interest Rates availed from another bank / financial company. These loans come at attractive interest rates that make your home Loan affordable and easier on your pocket. They offer customized repayment options to suit your needs. The maximum rate for loan repayment is around 25-30 years, which means you have ample time to plan your finances well before.

Once you calculate Home loan rates applicable, EMI set, processing fees and other charges applicable, you can visit the bank or finance companies sites fill-up the loan application form without any errors. Find out about the required documents, scan and attach them along with your application form before submission. Once the lender successfully verifies the documents, it will take around a week’s time for the loan amount to get disbursed in the account. You can download forms on your smartphone, PDA, or notepad as well. At the comfort of sitting at your house or office, you can calculate the loan amount and find out the estimated/projected Home Loan Interest Rates amount. Just insert the loan requirement in the respective column and you can begin your calculations. Thus, it will save you time and valuable energy in visiting offices.