A good home loan offer is sometimes all you need to be able to turn your dream home into a reality. If you’re on the lookout for a rewarding home loan offer, then here are some things you need to know in order to make the right choice.
1. The lowest interest rate isn’t always the best: It might seem obvious to go for the home loan offer with the lowest rate of interest, but these are the home loans that might have hidden clauses. Read the offer documents carefully.
2. Pick a company that specializes in home loans: If you're applying for a loan to buy a home, then it’s best to go with a company that specializes in home loans. Such a company is likely to know the real estate sector better than others.
3. The customer reviews are all-important: Reading online customer reviews is an absolute essential. It’ll give you all the insights you won’t find elsewhere and it’ll allow you to make an informed decision.
4. The experts know best: It’s always a good idea to consult your chartered account, wealth manager or bank relationship manager for some industry-related insights into home loans.
5. Know how the process works: It's important to know how the home loan processes work, and the types of fees and documents involved
• Home loan application: In your home loan application, you will need to provide information for the purpose of income proof, age and identity proof and address proof, and bank statements, educational qualifications and employment details.
• Processing fee: A non-refundable processing fee is charged to cover all the expenses incurred upon initiating the home loan and verifying the applicant.
• Verification processes: This includes verifying the applicant, his/her ability to repay the loan (based on credit scores, financial history, income patterns, etc.) and the property for which the loan is being sought.
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