Affordable housing finance in India is almost an oxymoron for the most borrowers. Prices of properties, auxiliary costs and home loan interest rates make it almost impossible to get a house loan well within your means. That’s why most borrowers go to the end of the earth for the lowest interest rate. But, the housing finance is not all about online research and loan offer. There are few secrets of getting an affordable housing finance. Examine some of these secrets that can make a considerable difference in your home loan.
Housing finance company
Most borrowers snicker at this differentiating factor. There are more house loan borrowers chasing the lowest interest rates than right housing finance organization. But, a fact is that lender can make all the difference. Housing loan is a highly complex and a subjective product. So, each organization is at the liberty to customise its product accordingly. Therefore, housing finance company can lower the interest rates after negotiating with a creditworthy applicant. They can offer flexible house loan package. However, there are rules and regulations in every organization. Some companies may have a stern focus on terms and conditions while others may prioritize retaining valued customers. Choose the right one. Your loan officer can and will help you through home loan process, if you choose well.
Housing loan application
Your house loan application seems like a form that offers relevant facts to lender for further consideration. But, your loan application is more than that. It is almost like making a first impression. You don’t get a second chance to make it. You must include right documents required for home loan and meet home loan eligibility criteria. The simplest way to do it is to understand lender’s requirements. Then, you must present all needed documents to demonstrate you as an ideal house loan applicant. Repair your credit history if you have to. Prepay the credit card debt. Frankly, you must take every step necessary to meet home loan eligibility criteria. Then, you will be deemed as a responsible and a worthy applicant. That wins first half of the battle.
Your negotiation skills
It is a well known fact that you can negotiate the details of your house loan. However, it is a bit more complex than haggling in the next door shop. Home loans are not that simple. While negotiating for home loans, you will need right language and right reason. You must ensure that your housing finance company can offer you a flexible loan package. It will allow you to opt for right type of interest rate, repayment option, etc. Some companies also lower the interest rates for the right applicants. Therefore, it is necessary that you take your time to plan your house loan package well. It will be to your advantage in the long term.
Use these secrets well and you will be a brand-new owner of your dream home. All the best!
