Imagine you want to a buy new or resale property in India. You can’t even think of dealing in full cash to buy the dream property as you’re already occupied with prior financial commitments and other family responsibilities.
So, either you have to borrow from friends/family or take a housing loan to finance it. The later would be the best option as you will get loan at low interest rates and flexible repayment options.
In prior days, finding a reputed bank or finance company to finance your house was a tussle task of visiting them, collecting leaflets, comparing their interest rates, visiting government offices to check company ratings and finally going through the tedious application process. Besides, time and energy it would definitely prove costlier to your pockets for visiting places on your expenses.
But thanks to internet facilities you can now conduct the entire process of loan comparison and application for home loans without even stepping into the lender’s office. At the comfort of sitting at your homes or offices you can compare interest rates, check loan eligibility and finally apply for a suitable home loan product.
Of the various offers given by banks and finance companies, e-home loans are the most cost-effective products and many salaried or stable business individual can go for this option with round the clock discounts and offers on interest rates so that you always stay on the winning side!
Since, the competition is quite stiff many leading Banks and finance companies offer attractive and low interest rates on housing finance. You can choose between floating and fixed interest rates. Some leading private finance companies give partial fixed interest rates that gets transferred to floating rates after a couple of years. It helps an individual to manage his or her finance to good extent in the initial years of loan repayments.
They offer loans on annual, monthly and daily rest. Annual rest means your interest will be calculated on yearly basis. While on daily rest, when you pay money it is accounted for and interest would only be calculated for the balance amount of your loan.
Experts say when you have a stable income you can opt for servicing larger EMI options because with time your income is bound to increase. But make sure that your EMI’s don’t affect your monthly household, and investment tools. It’s because housing finance firms consider 40 to 45% of your income when deciding on your EMI payments.
Your age makes more influence on your loan’s interest rates. In your early 30s you can afford to pay higher EMIs. And later in life when you have more responsibilities, your EMIs would feel less burdensome.
The salary increment you get and the perks and incentives can be utilized for investments. However, this will not work if you start your loan in late 30s. If you start home loans later, then you’ll have to balance it well in your spending too.
In this increasingly digitalized world, consumers are used to perform all their transactions online. Right from ordering their favourite shirt to equity stocks, booking tickets to travel to insurance policies, investment everything could be done online.
A similar shift has taken place in the financial services segment as well; customers can now compare products, apply for it online, and make EMIs payment online on the digital platforms. Another great advantage of e-loans is that all documentation would be done online. The process of online application is much faster compared to physically applying for it.
Once you send application online, you don’t have to wait too long to know the status of your loan application. Your digitalized home loan packages are usually made available to you in a speedy and convenient process.