Home loan is a term synonymous with a fulfilment of purchasing a dream home easily and quickly. Though nowadays it has become very easy to apply for a home loan with simple and easy procedures and many competitive financial institutions offering loans one has to consider their own choices and priorities while selection. Loans available for first and second homes are offered by many private lenders as well as government banks and financial institutions at attractive interest rates.
All the discussions prior to the selection of a home cater to the area, facilities and perks offered and the lifestyle amenities that come along with the home. We consider the rate per square foot in that particular area, a reputed builder and select a home. Now comes the tricky part when we go in for the application for a home loan. We come to realise that there are other costs and expenses for the procedures as also administrative fees which have to be borne by the buyer. There is a certain percentage of down payment which includes administrative costs, transfer agreement fees, parking and other facilities, gymnasium one time fees, garden maintenance fees and so on and so forth!
The loan amount calculations and EMI figures available online by different financial lenders is subjective and only for reference purposes and the actual amount only comes forward when one goes to do the final deal. Also every floor rise for apartment is added tot he value of the home and thus a flat on a higher floor is more than a first or ground floor flat. This amount may vary from 15% till even 40% increase in the total amount of the home. As also the home loan calculations and eligibility criteria are also subjective and may very from individual and financial institutions.
So it is important to be aware that easy home loan availability is a boon but one must also be prepared beforehand with a substantial amount and then proceed about going in for a home loan.
Rizwana A. Mundewadi is a freelance Healing Artist and writer. Using her experience in the last decade she has been writing articles related to art, art investment, feng shui, symbolism, prosperity and good luck and has also added to this list her practical experiences with banking, loans and investments. Simplified facts about home loans can be found at http://homeloans-simplifiedfacts.blogspot.com without the technical jargon associated with this topic.
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