These days, finding a home loan is much easier because more and more people are investing on homes. However, one of the major tasks is to find the right financial institutions that can offer low interest rate on home loan. Banks who offer home loan look for various factors like financial status, tenure, home loan rate, etc.
For instance, if you are investing in a property like GKRS Palacio, Hyderabad, there are banks that are ready to offer loans.
The most important thing to consider is to choose the best bank for home loan-
The ROI:
This is the foremost thing to consider when looking for a home loan in the bank. Compare the ROI of different banks so you can apply accordingly and look for the right bank that will help in enough saving.
Sanction Period:
This refers to the total time taken by the lender in sanctioning the loan. There are situations when the bank may take weeks to sanction the loan, and you may end up missing the flat. So do check the sanction period of the same.
Floating Rate vs Fixed Rate:
When you are choosing the bank, floating rate and fixed rate do matter a lot. Floating rate varies according to the market. It may go down or my rise up. Fixed rate, is always fixed. If you have a stable job, then fixed rate is the best to go for.
