You need to bear in mind certain parameters
while selecting your financier for purchase of house. The parameters mentioned below are worth
considering.:
1) Type of product –
Whether the financier is offering loan product to suit your requirements.
2) Tenure - Whether
the financier is offering the tenure of loan that you are look for.
3) Rate of interest -
This would depend on the type of rate of interest that you are looking for i.e.
fixed floating or partly fixed and partly floating. You must always compare the effective rate of
interest after taking in to account all upfront fees etc., and the manner of
interest calculation i.e. monthly reducing, annual reducing etc.
4) Minimum loan
amount- the minimum loan amount offered by a financier is important to find out
if the financier can finance the amount you are looking for.
5) Maximum loan
amount- Most HFIs have an upper limits on the amount that they would finance
you. If you are looking for very huge
amount, this could be a factor that needs to be considered.
6) Minimum age of
customer - you will have to consider this factor to see if your fit in to the
age norms laid down by the HFI .
7) Maximum age of
customer - This would also form a parameter in your decision in deciding a HFI
to finance the purchase of your house.
8) A minimum
income- The income norms of the HFI will
be a relevant parameter that would affect your decision.
9) Requirement of
personal guarantors -Some HFI is insisted on a personal guarantor. You need to check this out if you have any
reservations about providing a guarantor.
10)
Requirementof co-owner - if you intended to buy your house along with a co owner you will
have to check up whether the HFI accepts the relationship between you and the
co owner.
11)
Requirementof co-applicant - as mentioned for co-owners, the HIF may also insist on
certain relationship as co
applicant. This needs to be checked up
while deciding your financier.
12)
Prepaymentcharges- some HFIs charges certain prepayment charges when you decide to prepay
your loan either in part or in full.
13)
Processingfees – HFIS charges certain fees as processing fees that you will need to pay
at the time of submission of application.
Kindly check this out before selecting your financier.
14)
Administrative
fees- HFI s also charge administrative
fees on the loan amount that has been approved by the HFI. This would vary from one HFI to another.
15)
Credit
documents - the type of credit documents that HFI s insist before approving
your loan would differ from one HFI to another.
16)
Maximumage of property at the time of application – If you are buying a property on
resale, this parameter would be an important factor as HFIs may have a limit on
the age of the property at the time of disbursing the loan.
17)
Preapproved property list – Most HIFs have a pre-approved list of properties
available for which the documentation would be simpler.
18)
Preapproved list of employees HFI s may have
special rate, if you are an employee of one of its preferred list of employees.
19)
Preapproved builder list – HIFs may also have different norms or documentation if
you are buying a property is any of their preapproved list.
20)
pre
approved project list – HFIs as mentioned above for builders, may have separatescheme for certain projects.
21)
Pre
approved profession list HFIs may have certain scheme to suit customers of
certain professions.
The above mentioned
are some of the parameters that you will need to look into before deciding your
financier. Getting a financier who would
offer you the best in all of the above parameters is virtually impossible. You would, therefore, need to identify your
priorities and the check out as to which financial would give you the best
option.
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