When you’re looking to buy the perfect home, it only makes sense to also look for the perfect home loan offer. More often than not, you will need the aid of a home loan to purchase your dream home. But procuring a home loan isn’t the easiest process, let alone getting your hands on the best home loan offer.
Here are 7 tips to help you get the best home loan offer:
1. Read online reviews: The best way to begin is by reading genuine online reviews by homeowners. This will give you a good picture of what things are like from the homeowner’s perspective.
2. Consult the experts: Get the expert advice on matters concerning home loans. Your CA, wealth manager, bank relationship manager, etc. will give you useful industry knowledge.
3. Choose the right lender: Always apply for a home loan provided by a trustworthy bank or a lending company that specializes in home loans.
4. The lowest rate of interest isn’t always the best: Although an exceptionally low rate of interest can be tempting, you must make enough comparisons and read the clauses carefully to make sure the deal is sound.
5. Opt for a floating rate of interest: A floating rate of interest often turns out to be more cost-effective than a fixed rate of interest, especially in the long run.
6. Look out for deals and conveniences: In this day and age, a home loan should be more than just money borrowed and money repaid. Look out for additional advantages such as credit score benefit, expenditure benefits, shopping deals, etc.
7. Don’t let personal biases get in the way: Always treat every loan as a new experience. Even if you haven’t had a great experience with, say, a car loan, that doesn’t mean that the home loan will turn out the same way.
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