So now when you have finalized your dream home which fits your budget the next step is to get a home loan. With so many options in the market, selecting a home loan and home loan lender can be a daunting task. This is because choosing a wrong lender can have a huge financial implication. Finding the right home loan has become easier with available loan comparing tools on the internet.
How does one pick the best home loan and decide whom to take it from? Here is what you need to know:
Interest Rate:
The interest rate on the loan must be considered before applying for the home loan as it will influence the EMI and the total loan amount you pay at the end. It is recommended to look around for the best interest rates which suit your budget. You should find out if the interest is fixed or floating. Most of the banks offer interest rates ranging from 8.30 to 12 percent. You can check the home loan eligibility for self employed online.
Processing and prepayment charges:
Processing and prepayment charges are important things you want to look out for before you apply for home loan. Many lenders offer discounts or can even waive off the charges on loan, it is better to go with such lenders. Also, watch out for the prepayment charges. Most lenders charge the additional fee on part or full prepayment of your self-employed home loan.
The process of applying home loans has become very simple with most of the process going online. However, there are a few documents which are mandatory such as income proof and application. Requirements of the documents can vary as many of the private lenders offer easy home loans with minimum or without documents.
Loan tenure:
Home loan tenure can range from 10 to 25 years depending on the loan amount and the lender. However, you have the option to foreclose your loan by paying the additional charges. Choose a lender offering longest loan tenure if reduced EMI payouts increase your loan eligibility.

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someone who loves writing and thinking about the existence of life on other planets...