A home loan will be of great help to buy your dream house. Financial institutions and banks offer housing loans at a range of interest rates. The first step to avail a home loan is to start comparing various home loans provided by different lenders or banks on the basis of interest rate. Different financial institutions and banks offer different rates of interest on housing loans. The tenure option might also vary. You have to find the right match as per your budget and requirement.
Most of you might be thinking that rate of interest is the only criteria to compare home loan. But you need to consider many other factors. Interest is not the only factor or criteria on the basis of which online home loan comparison should be done. Though it is an important factor, it is definitely not the only one to make your decision regarding the loan amount. You can compare various features of the loan products offered by few different banks; an estimated EMI can be calculated which you are eligible to pay comfortably. Make use of the EMI calculator in order to compare the loan products which are available.
Once you have selected the financial institution or bank and the loan product, you can even directly and easily apply for a home loan online by following few simple steps. Just go to the lender’s website and apply for a home loan. Fill in the necessary details, upload the required documents and you are ready to go.
Things to consider when applying for home loan:
Home loan is one of the major financial commitments. Therefore, it is imperative for you to take all factors into consideration, before you finally apply for a home loan. Here is the list of things that you should take care when applying for a home loan:
- Interest rate
Most people still believe in the misconception that the rate of interest charged by a bank is a binding and non-negotiable. However, that is not true. You can always negotiate with your bank and ask to lower the interest rate. A good credit score will help you to get a good discount in the interest rate.
- Eligibility criteria
When you apply for a home loan with a reputed bank, ensure that you are eligible for the loan. Go through the eligibility criteria of the particular bank before you apply in order to avoid any rejection. This kind of rejection of your housing loan will have a negative impact on your present credit score.
- Hidden costs
The time when you approach a bank for a housing loan or apply it online, ask for all the hidden costs like – application fees, processing fees, foreclosure charges and other various charges.
- Do not rush
Do not hurry to apply for a bank loan. Remove enough time to do online home loan comparison from different banks. This kind of comparison in the starting will help you to find a perfect bank which caters your needs.
iSelect can help you compare housing loans from more than 1000 products. Schedule a call now to get a free consultation on a home loan from a broker.