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Home Loan Overview

Home Loans - Find easy loan for your housing needs from HDFC - A Housing Loan Finance Company. Get lowest interest rates & instant e-approval on home Loans<br>

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Home Loan Overview

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  1. Home Loans

  2. Home Loan Overview

  3. Whether it is your first step towards owning that dream home for your family or transferring your existing home loan from another lender for better terms or buying a property for investment, it is very essential to get the right loan that is best suited to your requirement at the right cost. • A little knowledge about home loan and what is being currently offered in the market will go a long way in getting that best deal on your home loan. • But before you proceed to meet the lender, it is beneficial to have some knowledge about the product, even though you may have an earlier experience of availing the home loan.

  4. You can periodically review your house loan account to ensure that whenever there is a reduction in Base Rate / PLR, corresponding changes happen in your home loans interest rate. • The lender tends to provide the benefit of lower rates selectively to new borrower by changing the spread rather than by decreasing the Base Rate / PLR. • Therefore, you should ideally consider the spread (preferably lowest or nil in case of banks and highest in case of housing finance companies) along with the BR / PLR, if you want to get the benefit of lower interest rate on par with new customers.

  5. Every loan has a costs attached to it like Processing Fees or Administrative fees which are non refundable, Legal fees payable to the lender or to the legal consultants of the lender, Stamp duty on creation of mortgage, etc. • Foreclosure charges are applicable only on fixed rate loans taken from bank, whereas housing finance companies levy prepayment penalty only on fixed rate loan if prepaid from other than own sources. • It is very important that you as a prospective borrower do your own research or take help of online price and feature comparison like Apna loan to compare the latest interest rates, features, fees, etc. and shortlist the lenders that will offer you right loan at right cost. • [Source: http://www.apnapaisa.com/home-loan-overview/]

  6. Click to know more on Home Loans: https://www.hdfc.com/ Thank You…

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