Choosing The Best Home Loan- Rubique

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Choosing the Best Home Loan
Rubique
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Owning a home is a dream that all of us nurture
in our lifetime. As increasingly most of us are
shifting to opt for a loan to make this dream
possible, it's important that we keep the
following points in mind as we set out to have
our name plate on the wall.
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Choose the Home Before the Loan
Some banks give preference to finance a furnished
home while others a self-constructed property or
under construction. So, choosing your property
first would help you to save a lot of time and
zeroing in quickly on the best offers pertaining
to your requirement.
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Decide Your Down Payment Wisely
Remember to choose your down payment wisely as
your EMIs for the next few years will depend on
them. Though a higher down payment would get
you a good deal with the Banks, it should not eat
into your emergency fund. Likewise, your EMIs
should allow you to save money for emergencies
and future expenditure from your monthly earnings.
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Choosing Between a Floating Fixed Rate of
Interest for Your Loan
Though the name might lead you to believe that it
cannot be changed, sometimes banks do offer to
increase the EMI or the tenure in a fixed
interest rate loan after a certain period. So
it's better to get clarity on this at the time of
agreement. In case of a floating interest rate,
evaluate the economy growth rate and see how it
would impact in future as the reductions in
floating interest rates are directly dependent on
it.
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Ensure What You See is What You Pay, Know Your
Banker
Go through all the charges levied by the banks
such as miscellaneous, hidden, service related,
recurring or one-time. This will allow you to
understand your financial commitments to the bank
for the next few years and plan your financials
accordingly. Remember, when you take a Bank
Loan, you are associating with the Bank for the
next few years and it's good to know the
experiences of the other customers with the bank.
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Your Processing Fee is Non-Refundable
Banks always charge a fee in order to apply for a
Loan with them. This is a processing fee and is
non-refundable. Generally, it varies from 0.50
to 1 of your total loan amount. The same
doesn't guarantee that the loan will be
sanctioned, hence it is advisable to have a
written agreement with the lender. Switching
fee is also charged if you plan to switch from
floating rate to a fixed rate.
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With those tips mind, visit Rubique to Compare
interest rates and deals, and apply for a Home
Loan Online to see your dream home take shape.
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Thank You