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Which bank is the best for a home loan?



Which bank is the best for a home loan

Which bank is the best for a home loan?

First, there are many players in the home loan market because the market is quite large. You will find many special institutions for financing housing. Cast a net in your area, reach out to all the birds and find out their quality, then decide whether to fry them or make them pets. To find the best bank or NBFC, I can give you a list of things to look for while choosing a lender, before which you need to visit the nearest branches to consume these things:

Interest rate:
The rate at which a financial institution (both NBFC and banking) lends. This is the most important factor as it will give you an idea of ​​how expensive your loan will be.
Processing Fees:
This varies from institution to institution. Some banks charge you once and some may charge you once every two or three years.

Other charges:
Other fees include partial payment fees, foreclosure fees, appraiser fee and legal opinion fee. Associated with these charges are distinct parameters that you require to determine future charges that may apply to your decision.
Check the number of months of the moratorium. The moratorium is the period for repayment to begin. For a ready-made house, you must start repaying the month after taking out the loan, while in the construction of your own, when you buy an apartment under construction, you will have a moratorium ranging from 6 months to 18 months, depending on the size of the project. It also varies from bank to bank.

Loan duration:
Some banks/institutions recommend a loan for a longer period to match your income. When you go for a longer period, you have to pay more. If your loan is for 10 years, you will pay 5.7% interest on the principal per annum, while for 20 years you will pay 6.8% interest on the principal per annum. Choose wisely.
Special Schemes:
In the last few years, the Indonesian government has introduced many special programs, check it out to get subsidized interest. Hunt for those who provide loans under these programs. There will also be institutional campaigns that can help you buy cheap products.


Rules and conditions:
Each financial institution in India has different terms and conditions. Never rush to sign documents, rather take the time (if necessary) to read all these conditions, they will help you know under what conditions you are agreeing with the bank? and under what conditions can the bank draw for you? As I said before, you better try to know by what rope you are tied to that beast.
Transparency for customers:
This also varies by institution. Government institutions are usually more transparent than some private institutions. How to verify this by asking them about the processes involved in using the loan? (Few can give you exact things).
Last but not least, check the following:

  1. Market growth of the institution.
  2. The market strategy they follow.
  3. Asset quality.
The above 3 can also have their own effects on the future interest rate. These are some important factors that will help you in finding a good bank for your home loan.

There may be or other factors I think are important. Search for additional criteria and options. Forgive me if I missed something.
Have a great time.
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