Home Loans are the most confusing of the lot when it comes to getting loans since it involves huge amount or even your property at stake. Hence here are few general tips that need to be kept in mind while looking for home loans from Banks:
1. Since home loans are a long term financial commitment so think and research well before actually taking the decision.
2. Also remember there are other factors such as nature of the rate (fixed or floating, be very careful and read the documents for the floating and fixed rate before signing of the papers) prepayment charges, property eligibility(if you are staking your property for the same) loan eligibility, repayment of the loan, etc that will also determine your choice of the lender.
3. Also there was this case where the person signed in for a fixed rate amount and the bank increased the rate of interest after one year with the increase in the actual market also. Hence as I said before read the documents very carefully, especially the fine prints, before signing.
So All-in-all scout around the finance market before making your choice. For rest I am always there.
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