How to finances your housing needs?

Posted by Shreekant Rao on November 11th, 2016

Many people in India work hard in public or private sector jobs or run a business efficiently for their daily survival, fulfilling financial goals such as owning a car, dream vacation, house etc. Of these, home is the most important dream of the time. Buying your own house is one of the proudest moments of your life. Today, housing finance sector is booming due to consistently rising population opting for finances to bridge up the cost of their house property, construction, renovation & more. The sector is segregated into two primary sections such banks and housing finance companies in India.

Before purchasing your dream project, it requires a lot of research, planning about your necessities as per your family needs, job location, locality, etc. and last but not the least about huge finances. Today, there are lots private housing finances companies that offer customized form of home loans to their clients. People can approach these finance companies to get the best housing deals, interest rates & low processing fees. It is obvious that owning a house mean lots of pros and cons associated with it before finalizing the finance company.

Many times when you visit finance company or an agent they will ask you to purchase a home loan, with protection cover or other protection commodities along with housing finance. They will assure you that it will be added to your loan amount. Also, at times an individual is completely clueless on how much loan amount he or she needs on the grounds of place of living, income source, building or society requirements, the interest rate applicable, EMI to pay, etc. They feel like lost in a sea of confusion without the right form of knowledge. Relax! Online websites have really come as a boon for customers that give a complete idea what amount you can get qualified for, the interest rate applicable, processing fee, loan structure and flexible repayment options available.

You can compare quotes from various housing finance companies under a single umbrella. This helps you to take an informed decision on your home loans. Although, there are numerous house financing solutions but, they prove costly affair in terms of interest rates, repayment and time to repay them. One of the most preferred ways is opting for housing finance from leading finance companies in India.

While taking a housing loan, the monthly installment will be the crux of entire repayment strategy. You will have to finalize upon an EMI that you can afford. If you’re young & single you can afford to pay higher EMI and get cleared of the debt quickly compared to a married couple who have larger responsibilities. The borrower must also ensure that EMI is lower than 30% of active monthly income through the Housing Loan tenure. It’s extremely important that you have a good credit score rating to avail any form of a loan. Before, lending out the loan, housing finance companies have a background check of your credit history through a Credit Information Company like CIBIL (Credit Information Bureau India Ltd.) and go through your repayment track record. You can always visit the government recognized site for and get your credit report.

With internet based facilities, availing a home loan is as easy as a click of the button on your smartphone, laptop, and computer screens. You can visit comparison sites to compare loans with the best of the interest rates, low processing fees, EMIs and flexible repayment option. Most housing finance companies have taken a step ahead and have introduced mobile apps via which you can not only check your home loan eligibility but can also make EMI payments, track your outstanding balance or check the interest rate applicable on home loans.

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Shreekant Rao

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Shreekant Rao
Joined: November 3rd, 2016
Articles Posted: 41

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