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What to look for in a #HomeLoan?
Is it the Interest Rate?
Yes, the first thing which comes to anyone’s mind is the Interest Rate.
“I want the lowest Rate of Interest for my home loan” is the first statement I hear from almost all my clients. It is important, but I believe it’s the last question to be asked.
Why?
Let’s see…
When purchasing a property whether it is Plot/Villa/Apartment/Resale Building/going for construction there are the listed things to be looked at first
Borrower’s perspective in terms of managing the finances:
Property perspective in terms of the feasibility of property:
Bank’s perspective in terms of the facilities extended by the banks:
I would have mentioned a few of the pointers as per my knowledge basis the interactions with all my existing customers during the interaction of loan process, but there are multiple other factors which also affect the Interest Rate.
The borrowing is just a beginning of the asset relationship with a particular bank who is lending and a long standing relationship with them (at least for 5+ years) till the loan is getting completely repaid.
Even after loan repayment customers might stay with the banker for their savings account/ credit cards/ investments or any other products purchased during the journey.
So, when you approach any funding/ loan consultants/ banker in future, my personal view is to go in the order of the questions mentioned (in the banking perspective, in particular) and we (the loan consultant fraternity) will ensure our clients get the best Rate of Interest available in the market.
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