How to go for the best housing finance company-_713

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How to go for the best housing finance company?
Summary: This Union Budget has increased the tax benefit amount related to housing finance. The borrower should choose an ideal lender after assessing aspects like rate of interest,You are not allowed to view links. Register or Login, post sale services, loan amount and reach of the HFC.   
  This financial years union budget has many things to offer to the common man. The massive tax waiver, increase in the tax benefit limit, and liberalised investment option will definitely lead to make the growth tempo more inclusive. Apart from these, in the leather bag of the finance minister there was also a great respite for the home loan seekers. From the prospective of potential home loan seekers the tax sops are at an all time high.   
  It is the perfect time for the the prospective home buyers for zeroing in on the right lender for the home loan. This article focuses on how to choose a bank for a profitable loan deal and how to maximise your benefit from that deal. The underlying factors are the vital aspects to make any loan plan cheap or costly. They may vary from lender to lender or borrower to borrower. However, more or less the parameters remain as a light house to make the loan search easier and affordable.   
   Housing loan interest rate   
  Your search for an affordable housing finance deal should begin from the comparison of Housing loan interest rate of different lenders. The rate of interest offered by the major HFCs is more or less the same on paper due to the increased competition. However, some degree of bargaining in most of the cases definitely leads to a lowering of rates by as much as 0.25 to 0.50 percentage. You can bargain to a comparatively higher degree if your profile happens to match the requirement of the HFC. The lowering of interest rate has a positive impact over the long term as it will save a lot of your hard earned money. For example,You are not allowed to view links. Register or Login, a 0.50% interest rate ‘concession’ due to bargain on a Rs 1,You are not allowed to view links. Register or Login,000, 000 loan over a 20-year tenure have the potential to decrease your liability by up to Rs 72,000. However,proper and cautious care needs to be taken to ensure that the difference is not being offset elsewhere by the HFC under the guise of other ‘charges’, hidden costs etc.   
  After sales costs associated with the loan plan   
  The after-sales service is not synonymous only with consumer durables only. After sales service plays an important role while choosing an housing finance company to make your home dream a reality. Many of the HFCs differentiate them with excellent after sales services through lucrative advertisements. But in real practice they deliver much lesser than they promise. For example take the case of post-dated cheques (PDCs).After that 36 months, the after-sales will play a role. You should go for that housing finance company which is diligent in its follow-ups,You are not allowed to view links. Register or Login, prompt and reminding in that period. After the end of the financial year,You are not allowed to view links. Register or Login, the HFC should be punctual enough to offer the borrower income tax statements so that he can file the necessary documents for availing tax benefits associated with the home loans.   
   Penetration and presence of the hosing finance company     
  The HFC should have branches across the country or at least should have presence in all major metros and towns. When the borrower is having a transferable job, the wide reach of the HFC helps a lot. The borrower shouldn’t be put through the hassle to courier his cheques to the exact branch every time or contacting the resident branch each time when he has a difficulty or a query regarding the loan plan. The greater is the penetration of the HFC, more convenient it is for the borrower.   
  Calculation of the exact amount you are borrowing under housing finance   
  The HFCs differ in a significant manner when the calculation of the loan amount to be disbursed is concerned. Some lenders calculate the disbursed amount on the basis of the gross salary while some HFCs calculate it on the net salary of the borrower. This disparity may make a difference the loan amount and the EMI will vary across HFCs. The borrower needs to look into this and make a comparative analysis.   
   Proper research   
  Brand addiction matters the least when picking a suitable loan deal is concerned. Many heve the tendency to go for the brand names of the loan market. But, the ideal procedure to pick a lender is to assess the benefits provided by him not the name and fame in the loan market.   
  For more information about loans against property and home loans interest rates. Please visit our website: You are not allowed to view links. Register or Login

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