Purchasing Dream Home in India

Introduction

It is still a distant-dream for many to live in the house of their own, a lot of people specially in metropolitan cities still dwell in houses with rent.Years pass by and the dream to own a house fades away, to overcome this dream one definitely needs a source of income which is constant.Along with the constant provider of monetary funds there is also a need to borrow loan, in order to do so one must have a proper knowledge about quality of loan offered by banks. There are various criteria to judge the quality of loan. Here we will know such factors which play an important role.

Interest Rates

The most basic and foremost factor which usually attracts most people is the rate at which the loan is offered by the bank. One can take loan in two different ways:

Fixed interest rateThis means your interest rate on loan will always be fixed no matter what fluctuations happen in the market. Floating Interest rateIf you take loan with floating interest rate, then the rate may vary with respect to the market position.

Duration of Loan

One has to carefully choose the duration of loan because this plays an important role in deciding your every month installment.

For example:- If the duration of your loan is 20 years, so consecutively for 20 years every month you will have to pay your EMI.

This is important because one might just fail to provide their EMI on time.

Amount Of Loan

So after filling all the documents and providing the bank with necessary proofs it is on the bank to decide the amount of loan they will sanction. To get the loan sanctioned one must take care of all the factors mentioned in the previous slides and if everything is optimum no bank will be able to disapprove your loan.

Summary

A difficult task if dealt with proper instructions and steps can easily get sorted. Same is this presentation trying to explain. If one follows all the step mentioned in the slides and take special care then it is not that tough to get the loan approved. For your information some good reputed banks for home loans are HDFC, PNB Housing, SBI, etc.