If you are currently living with A perception that home loans in India come in two flavors-fixed or drifting wake up to the reality. Keeping pace with international developments and in a race to stay ahead in the competitive mortgage market, banks and Housing Finance Companies have come up with innovative schemes, which provide a good deal of options to a different house loan borrower. If you are worried about getting a house loan, then read on.
- Fixed rate or floating? Volumes have been written within the benefit one has over this and the other has added to the confusion. Banks have begun a home loan scheme, which provides the flexibility to opt for a house loan. A borrower can pick a portion of his house loan to be billed at a fixed interest rate and the remainder at rates and vice versa.
- Tempted by the current fixed rates of interest? Pick Smart fix The unprecedented increase in floating rate home loans in recent years has prompted many borrowers to rethink their approach in favor of the fixed rate home loans. If you are also one of those, who would like to benefit from the relatively low fixed prices, but agrees with the universal view that floating rates are best during an extended time period, you can decide on a special sort of dbs home loan. Aptly called fix this house loan strategy lets you have the best of both.
- Need a bigger house? Proceed for a short term bridging loan if you are dissatisfied with your current house for any reason what so ever, and desperately need a bigger or better home, but do not want to sell your current home before you move into the new one, a short term bridging loan may be the best solution. The gap that is very important fills and provides an arrangement of financing between the sale of your home and purchase of their property. Once you sell the residence Such loans may be repaid in installments that were easy or with a lump sum payments.
- Cannot afford big EMI’s today but can do it in future? Choose step-up repayment Off late the banks and hfc’s have reacted to the fact that income levels of people rise as their career progresses and this enhances their repayment ability over a time period. They have opted to offer, what is called a mortgage with repayment facility that was step-up. This mortgage scheme provides the facility to repair the EMIs during initial phases of the home loan at a lower level and increase with tenure. Some banks waive EMI for the period’s repayment element. So, if you have spent at a project and can convince your lender with a career development or are a professional, a mortgage with repayment facility that is step-up may be the panacea.
