Mistakes a Person should avoid while taking Home Loans.

Mistakes a person should avoid while taking home loans

An own home is what a person always seeks! It’s the desire of living in one’s own home, which motivates people towards hard work and living within an own home, always inspires a person to live peacefully with a family.

While taking a home loan in India, a person needs to take care of some of the aspects of the home loans. Always remember one thing that the home loans are a long term aspect, which greatly affect your overall lifestyle. Thus, proper care must be given before taking any home loans. There are some hard facts of the home loans which many people tend to avoid, while rushing for the home loans.

Avoiding the aspects of Credit Score

It’s the credit score, which many people tends to forget about, while applying for the home loans in any bank. So, the proper checking of the credit score is highly advised for the home loans seekers. Don’t just go out for shopping for home loans. Preplan your home loans and decide accordingly.

Not checking Deals through banks

When it comes to deals through banks, most people too often don’t take such pains to go to each bank and check their deals on home loans. It is advised that you need to check the deals through all banks, in order to get the clear understanding of what banks are offering and make a comparison chart. Compare the deals of all banks. Take in remembrance that the cheapest deal is not always the best deal. Thus, check all the aspects of the deals and compare each feature minutely.

Taking Preapproval lightly

Taking preapproval lightly is a sort of the time saver! Many people tend to overlook this benefit and completely waste a considerable amount of time.  Always remember that the preapproval is the sort of thing, which you have earned because of good relations with your bank and thus preapproval should always be considered with high consideration.

Not checking all aspects of home loans

As discussed earlier, a person not checking all the aspects of the home loans, can quite significantly lose a good deal. Thus, checking for all aspects and all terms and conditions of home loans is highly advised to avoid any future significant troubles.

Impatience in completing the deal of Home loans

In India, what has greatly affected the people with regard to the financial deals is the impatience while having the deal closed.  The impatience shown during the time of the completing the formalities and the signing of the deal can make you an outstanding loss of money and can negatively affect you and your family. Thus, reading the complete deal patiently and then signing off the deal is the best process for completing your home loan process.

However, considering all the factors and the loan schemes of several banks, we can blindfold, take the services of SBI Home Loans as the transparent approach of the bank allows the genuine process of the home loan deals.

{Source: http://www.mortgage-loan.in/mistakes-a-person-should-avoid-while-taking-home-loans/}

Things You Should Know Before Changing Your Home Loan Lender.

Are you in a mindset that you are paying a home loan with high interest rates and charges? Is high EMI on home loan turning to be a burden? It is essential to check the status of home loans that you currently have in your plate. Ever you feel the interest is too high or the EMI are too much to take, make use of the option of transferring home loan to the different lender. But before you make a decision to change home loan to a different bank, here are few things to be taken into consideration.

Are You Eligible For Transferring Home Loan?

Certain banks will give home loan option only to salaried individuals. Therefore in case if you are self-employed it is important to check with the new bank if they are ready to take your best home loan or not. And also check the fee details that you will have to pay to new banks for transferring your outstanding home loan. Most probably the fee details will be about 1% of the outstanding loan amount. So if the outstanding amount is higher, fee will also be proportionally higher. Also check if balloon payments are accepted by the new bank and what would be the pre-closure charges.

Check with Your Bank to know if they will lower the Home Loan Interest Rate:

Even before making any decision, firstly check what your bank with existing home loan has to offer you. Some banks might be ready to lower the interest rates or EMI with the interest of not losing customers. This option will help you in saving a lot of time, money and effort. There will be no need to run around through new formalities and procedures. Banks will be flexible to reduce interest rates or EMIs by considering the past payment records and credit worthiness of the borrowers. Thus it is essential to have a very clean payment track record of EMIs and interest.

How much Will the Transfer of Loan Cost?

In most of the cases banks will charges transferring fee. This fee will be applicable from the bank in which there is existing home loan and also from the new bank to where the loan has to be transferred. Calculate if these fees are worth the transfer. In case if your loan is only for a short period, then there will be not many benefits. Thus do a complete analysis before initiating the request.

Terms and Conditions of Transfer of Home Loan:

It is crucial to be aware that once you shift your best home loan to a new lender, you will be bound to their terms, conditions and policies. Go through all the terms and conditions thoroughly to make sure, it is definitely going to be a long term benefit by transferring the loan amount. Some banks might need your salary account to be transferred to their bank in case to take up the best home loan from different bank. These will involve a lot of formalities and paper work. Try avoiding such types of home loan transfer as will involve your employer to give consent to the same.

Is the New Bank Ready to Accept the Debt Amount?

This is the most important part of transferring a best home loan. The new bank should be ready to take up your existing debt by offering better rates and charges or EMI option. Check, what is your outstanding balance from the existing home loan bank and enquire if there is limit for taking up loan in new banks. Suppose your outstanding loan amount is 15 lakhs and if the new bank has limit only till 10 lakhs then there is no point of initiating home loan balance transfer request.

Make Sure There Are No Cheque Bounces:

It is quite common that loan borrowers will give lenders posted dated cheques for monthly installment withdrawal. But the main issue with this style of EMI is there are high chances of cheque bounces in case if there is no sufficient balance in the borrowers account when the lender presents cheque. This will affect the CIBIL rating of the applicant and could lead to not getting approval for new loans or loan transfers.

Due to these reasons it is very essential to take time to decide whether to transfer home loan or not. Always think through and consider the pros and cons of going through best home loan balance transfer. Unless this brings long term benefits, don’t opt for home loan balance transfer.

{Source: https://financebuddha.com/blog/things-you-should-know-before-changing-your-home-loan-lender}

HOW TO SECURE YOUR HOME LOAN?

With the high competition between banks it has become so easy to raise a home loan for purchase of property in a week days of time with the best and least home loan interest rates, but the actual challenge lays post disbursement of the loan. There are people who sold their property or left them to bank due to failure of EMI payments. These are some cases where people are suffering for not knowing how to manage the loan post home loan disbursement.

The process of securing your housing loans starts from the day 1 when you start the housing loans process. Every customer is advised to take photo copies of all documents submitted to bank and keep it for future references and cross check the home loan rates with other banks before applying.  Most of the customers sign the home loan applications and agreements when they are blank which is not at all suggestible, will you sign a blank cheque without writing anything and give it to somebody then why you are ok to sign the housing loans agreement without filling it, ask the bank officials to fill the agreement and then sign it.

All the customers will sign two copies of home loan agreements one of which will be received by customer post housing loans disbursement. The agreement will have all the details of your loan and their terms i.e. loan amount, interest rate, repayment period, EMI, Processing fee paid, list of documents deposited etc. one should retain this copy of agreement till the loan completion. The agreement will have a copy of General Power of Attorney which should be read before signing if any clause is objectionable to you then you can ask bank for a clarification.

Along with these one should make more down payment towards the property and raise lesser loan amount which will ease the process of making EMI payments and gives us the scope of saving to pre close the loan. On a blink calculation any customers who go for housing loans will pay 125% of the loan amount as interest to the bank. So opting for lesser loan amount will save money and will secure the loan. It is always advisable to the customer to opt for Home Loan Linked Life Insurance which covers the loan amount in case of death of the applicant and waves the remaining EMI’s by releasing the property from the bank. Banks fund for these insurances along with housing loans and it is a onetime premium which will secure both the housing loans and applicant’s loan burden.

{Source: http://myloandetails.com/blog/how-to-secure-your-home-loan/}

Why is interest rate a deciding factor in home loans.

A house in a prime locality which is nearby to the various hubs is every man’s dream. There has been increase in the home loan since last two decades. The home loans provide flexibility to the buyers and are affordable to them. As buying a home completely on the savings is impossible, the home loans provide financial help. Unlike the personal and traditional finance the homes loan rates offer flexibility in the interest rates, the tenure of repayment, the mode of repayment this has increased the number of home loan substantially.

Various banks and non-banking financial institutions have been offering home loans rates that range between 9-10 % with a mere processing fee of 1-2 % of the loan amount. These banks and non banking institutions customize the housing loans as per the needs of the customers. Whenever a bank sanctions you a home the amount of the home loan which gets sanctioned depends on various factors like the location of the property, the age of the property at the sanctioning of the loan, the age  of the property at the maturity of the loan , the age of the customer, the customer’s profile and so on.

The home loans rates are a function of the principal loan amount, the tenure of the repayment. As home loan requires long term commitment it is necessary to check the interest rate before availing for the home loan. Because the person might feel burdened with time hence, he should always check the interest rate see whether it is affordable to him and then avail for a home loan.  The banks check the credit score of a person before they sanction him a loan. If the person has good credit score there is no problem while availing the loan.

In case the person has not paid the EMIs on time the bank might reconsider before giving the loan. He can also negotiate with the bank for lesser home loans rates if he has paid his EMIs regularly. The individual does not need to waste time as home loans have become more feasible because all the information regarding the home loans have been available on the online sites of the lending institutions. The person need not go manually to apply for a home loan he can simply fill up the form which is available online. The information which is to be filled should be correct and not fabricated then the he can apply for the loan and wait for the next 15 days to get response from the lender.

The person will get a call from the bank or the non-banking regarding the approval of the loan. He can even contact the customer care executive about the same. The person can even visit the online comparing websites and compare the home loans rates online. This way he can avail for a loan which best suits his needs. Lower the interest rate lower will be the burden of the home loan for the person.  Even a 0.50 % of reduction in the interest rate can help a person save lot of money.

The Road to Welcome Home.

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Can I Qualify For A Home Loan At Low Credit Score?

Usually, it is believed if you have a low credit score, you don’t qualify for a home loan.  Some people even don’t apply for the home loan if their CIBIL score falls below 650 because of fear of disapproval. Lenders usually charge a high rate of interest in this case. If your credit score is above 700 out of 900, then only you make a winning home loan application.

But, in a developing country like India, many people don’t have good credit score. Their rejection at the lender’s end is a big concern. To sort out this problem, housing finance players bring forth several home loan schemes, where housing finance is possible even at low credit score. Let’s find out how is this possible.

Some housing finance lenders provide home loans to low CIBIL scorers, subject to a plenty of terms & conditions. The obligation can be in the form of a high-interest rate or more income and verification documents etc. The low score indicates insecurity on the part of the aspirants and thus, they need to do lots of homework to regain back their credit position.

However, if one wants to avail home loans with low credit score immediately, he can approach for Swaraj Home Loans launched by IIFL HOUSING FINANCE.’ This product caters to first-time home buyers, who may or may not be supported by formal income documentation and have poor credit history. Large numbers of self-employed people like mechanics, technicians, driver, plumber, with little financial literacy have poor credit history. They can finance their dream home with ‘Swaraj Home Loans’.

Click here to check the home loan eligibility

Still, if you receive the home loan at low credit score, you will love to scale up your CIBIL Score. Another way to qualify for a home loan is availing a joint home loan. Let us elucidate a case study in this regard–

Mr. Rajeev Verma, an industrial worker in Kanpur faced severe home loan rejections as his CIBIL Score was below 650. On the suggestion of a home loan expert, he applied with his working wife and as a result, his home loan application became accepted hassle-free.

All prominent home loan schemes like ‘Swaraj home Loans’ and ‘Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana’ permit joint home loan option. The discussion would not be complete if we will not throw some light on the ways to improve the desired CIBIL Score.

1. A payment history can help you – Yes, keep paying the installments on time. To validate your claim, you can also showcase the past payment records to a credit agency.
2. No payment defaults – There should be no defaults in payments for a running loan. Payment history and defaults make a significant impact on the credit score.
3. Appeal for inaccurate things – When you track any discrepancy or error in the CIBIl report, appeal the inaccuracy on the CIBIL website. As per the rules, the lender rectifies the mistake within 30 days of timeframe.
4. Never apply for so many loans – Once you made inquiry for too many loans, it shows you are desperate for home loans and this can affect the CIBIl score negatively.
5. Seek Expert advice – Even after constant attempts, if you are not able to establish the credit, seek any home loans expert advice for the right solution.

So, we can conclude home loan is possible at low credit score with progressive home loan schemes. However, it is always better to keep your CIBIL Score high for maintaining a sound financial portfolio. Some significant steps, discussed above can bring a meaningful change in your credit score in 1 year.

{Source: https://www.iifl.com/blogs/can-i-qualify-for-a-home-loan-at-low-credit-score}

Schematic of the Home Loan Disbursement Process.

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Women and Money

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Step By Step Process For Home Loan

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Steps of the home loan process

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7 Tips to Help Save Interest on your Home Loans

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Fundamentals of a Home Loans

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Tips on Getting the Best Deals on Home Loans

Nowadays people take loans for various purposes. However, the major reason for taking a loan has always been for purchasing a house. Home loans are in great demand especially due to the ever increasing real estate rates. People always try to look out for the best deals when it comes to taking housing loans. This can ease their burden of paying the monthly installments. There are certain factors that need to be considered while applying for a house loan. The lender always requires certain documents before he can sanction your loan amount.

You need to provide all the documents in order to get your work done. The lender or financial institution also considers other factors before passing the loan amount. This includes reviewing your credit history, job and down payment amount. You should have a good credit history in order to get a good deal. It is better if the down payment amount is more as you will be able to get the loan faster. Another important factor is associated with your employment details. You should be working with the same employer or company from the past 2 years.

You can compare the rates of the lending institutions to know which deal will suit you the best. You can conduct an online research session and check the various websites to know about the best loan rates that are available. Do not forget to read the other information provided on the website before actually visiting the office. You might have to pay certain unexpected expenses in the process. Save a good amount of down payment so that you take a smaller loan amount and are able to repay it easily. Thus, this was some essential information on this topic and how to get the best deals.

Housing Loans

{Source: http://ezinearticles.com/?Tips-on-Getting-the-Best-Deals-on-Home-Loans&id=5951501}

Why are interest rates important for Home Loans?

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Reduce your home loan interest rate

For most people like me, house loan interest is our biggest borrowing in our lifetime that span for many years to settle off. The interest rate of our mortgage loan is a crucial factor that determines the amount of money and the repayment time we need to pay back to the bank.

Over the past few years, the interest rate offered by banks has been gradually dropping to historical low level, and is currently around 5%. Therefore, if your house loan interest is far higher than 5%, you should consider lowering it to tremendously save the cost and time for you to repay the bank. If you signed up your current house loan interest package by more than 3 years ago, there is a great possibility that your loan is bearing an interest rate of more than 6% (or higher than BLR-0.75% in other words) with the current Base Lending Rate of most banks in Malaysia standing at 6.75% now.

How to lower your interest rate? This is my advice.

The 1st attempt is to write a letter to the mortgage business manager of your bank, requesting for a reduction to your house loan interest with the bank. This is exactly what I did recently, and I received the reply from my bank 2 weeks after I sent out the letter to them, offering to reduce the interest rate 2% lower from the existing. Immediately, I saved a huge amount of money at the cost of just sending out a letter to the bank (cost of paper, ink, envelop and postal stamp, which is close to zero).

If your 1st attempt failed, either denied or ignored by the bank, the 2nd attempt is to refinance your house loan interest to another bank. I'm sure you can easily get an interest rate of below 5% with zero moving cost offered by another bank nowadays. There are plenty of such packages around.

Take out your house loan interest offer letter and check your interest rate now. You could save an amount of at least 5 figures RM of your hard earned money by this interest rate reduction attempt.

{Source: http://voyager8.blogspot.in/2008/04/what-is-your-home-loan-interest-rate.html}

How to Get Cheap Home Loans with a Bad Credit

It's been years since you made any major improvements to your home and it's about time. Your spouse and children are also urging you to give the house a facelift. So, what do you do? Dip into your savings? Great! But that's only if you've enough stashed away in there. Go in for a regular loan? But you can't, because you've a bad credit history, a difficult to prove income and just no down payment capability. And besides, regular loans are only meant for house construction and not for renovations. So what're you to do?

Those with bad credit understand how difficult it can be to try and get a loan for buying a home or refinancing an existing home mortgage loan. Although, most loan companies may tell you that if they can't help you, no one can, that is simply not true. People with adverse credit history may need to put in a little more effort to search out the right home loan, especially with a decent interest rate. Every mortgage loan company varies in its offer for a home loan. A program that is impossible for one company can be very much possible for another. Some mortgage loan companies specialize in home loans for people with less than perfect credit and have more lenient qualifications than others. The key to getting approved for a loan with poor or bad credit is persistence!

Defining home loans

Home loans are not much different from the average loans extended by mortgage loan companies. They've interest rates, points and fees. They can be compared online, and they've seasonal trends. The only real difference is that, as a borrower with a less than stellar credit record, you may have to pay a slightly higher rate for this loan to negate the mortgage loan company's increased risk.

Some home loans are specifically designed to help you fund essential home improvement projects. By encouraging you to make improvements to your home, the mortgage loan company helps increase the market value of your property. But, how does a mortgage loan company stand to gain by extending such a loan? Simple, it makes money through additional interest that you pay for this loan.

Thus, it is important to prepare yourself with information about home loans and compare the offers of various mortgage loan companies to make sure you get the best deal.

Advantages of mortgage loan companies

There are a few things you need to know about mortgage loan companies. These companies specialize in providing home loans for people like you, who are in less than ideal situations. For this, a mortgage loan company takes risks that the average bank refuses, namely offering home loans to people with bad credit. If you have bad credit or declared bankruptcy, a mortgage loan company takes a big risk by extending this loan. People with bad credit are seven times more likely to default on loans. As a result, these companies make up for this risk by levying higher interest rates and fees and also ensure they make a profit. But the end result is that you get the loan, which you may not have raised from other avenues. However, the smart thing to do is to cast your net wide while short-listing such mortgage loan companies.

Searching the best mortgage loan companies

It's important to remember that just because you've bad credit, doesn't mean you should accept the first home loan offer that comes your way. Interest rates and fees on a home loan vary from one company to the other, so it pays to shop. The best way to compare a home loan is to go online. While comparing, remember to enter the same information for each mortgage loan company, since different loan amounts, down payments and income levels affect the rates. This also helps to get a quote for the same risk level.

If you're planning to purchase a home for the first time or refinance an existing mortgage despite an adverse credit history, you may do well to compare the offers of the various mortgage loan companies before you accept a home loan offer. Certain companies specialize in offering home loans to people who have a high-risk credit history in return for charging higher rates and fees. How much is charged on these loans varies and offers can be quite competitive. Therefore, it is best to compare the rates.

There are several ways by which you can discern which home loan will suit your purpose. A few pointers are:

Check online: Web sites of mortgage loan companies offer a convenient way to gather home loan quotes. Since mortgage loan companies are in competition with each other, they offer their best quotes. In addition, they also extend facilities like online applications and the like. So, spend some time on the net to get the best quotes, it would be time well spent.

Compare rates: The interest rates charged by a mortgage loan company on a home loan are bound to be higher than any other type of home loan, where credit, income and down payment are all optimal. And they can vary greatly. There're some mortgage loan companies that, for the same set of qualifications, offer an interest rate of 7 percent, which is a bit over the bar, and then there are others who may quote 9 to 12 percent or more. Now, if this is all for the same qualifications, you could be shelling out hundreds of extra dollars a month in payments, just because you didn't search properly. Make sure not let the mortgage loan companies take advantage of your situation.

Look at the fees: When a mortgage loan company offers you a home loan, be sure to add up the fees from each financing package and compare those with the interest rates. You should also compare closing costs and other fees in the financing package, which at times does add up to hundreds of dollars. Although, adverse credit is likely to result in some fees, it should not be excessive. As a general rule, fees should be included in the price of the home loan. You should expect to pay up to five points for most home loans. There are always exceptions to this, but comparison-shopping should give you an idea of what is reasonable. It is good to remember that fees and terms can be better for borrowers during the off-season.

Cater for down payment: No mortgage loan company will offer a home loan to a person with a bad credit record without a down payment. The larger the down payment, the easier it is for you to secure a home loan. A down payment for a home loan between 5 percent and 20 percent is usually required for people with a credit score of less than 600. A down payment of 20 percent or more will save you from the expense of PMI.

Read the terms: Once you have finalized a home loan offer, make sure you know what type of deal you are getting into. So, be clear about the terms and conditions by reading the fine print. Some mortgage loan companies charge high fees for late or missed payments. While late fees are common, they should not be extreme. You can also get the documents vetted by a lawyer. The point is that you should be comfortable with all the terms before you sign. If you've any questions, don't hesitate to contact the mortgage loan company for clarifications.

Applying for a home loan

The best way to apply for a home loan is through mortgage loan company services. These services can be accessed online. What they do is to take your application and resubmit it to multiple mortgage loan companies. Each application is usually sent to hundreds of such companies asking for the desired home loan. The response varies, but at least four home loan offers are assured for each application. These online mortgage loan company services can help people in almost every state from Florida to California.

The advantage of this process is that most of these mortgage loan companies won't even pull your credit when you apply for a home loan, which is good since multiple inquiries on your credit report can drop your credit score a bit, and if you have bad credit to begin with, you certainly need to score as high as possible.

Once a mortgage loan company processes your information and finds everything in place, it will forward the documents for your final approval and signature. The whole process is completed in a matter of days.

If you are patient and persistent, you can hope for a home loan from a mortgage loan company that has the least interest, even if you score low on credit.

{Source: http://ezinearticles.com/?How-to-Get-Cheap-Home-Loans-with-a-Bad-Credit&id=66642}

Secured Loan for Home Owner

When you make a loan on a house, there is always some expectation that you will be able to pay back that loan whether it is to a bank or lending organization. Of course, there are ways to get unsecured loans but those can be quite risky for both parties. It's the secured loans that you want to look at above anything else.

Now, a secured loan basically means that you put up some collateral so that you can make a particular loan like that for a home. These loans may seem kind of expensive and this has always been the notion about secured loans. But the truth is that secured loans are really great especially if you want to get a large amount that you can pay off for a long period of time. It's the unsecured loans that can be quite difficult to handle.

If you want a secured loan for home owner option then you don't have to worry. The rules and conditions are easy to understand and to follow. It's really the terms that you have to study hard because these loans can have you paying for years on end. It all depends on the amount you can get, available terms and the interest rate. This will also all depend on the equity that you have on a certain property. You also need to know that if you are self-employed person or if you have been in between jobs and have a credit history that is not quite clean that you will most probably have to get a secured loan so that you will be trusted to pay it all back.

For more great information Visit Loan for Home

{Source: http://ezinearticles.com/?Secured-Loan-For-Home-Owner&id=2896389}

HDFC Ltd Home Loan Experience – A Learning for Borrowers

Today i will share my worst experience till date i.e. availing Home Loan from HDFC Ltd. As i mentioned in my previous post that HDFC Ltd. and HDFC Bank are 2 different listed entities. Many potential borrowers fall into this trap considering both are same. After Pre Home Loan Review I finalized HDFC Ltd based on good experience with HDFC Bank. After processing fee was en-cashed, I came to know that both are different. It was too late. HDFC Ltd is largest and oldest lender. My personal philosophy is to always go with Market Leader and you will not face any problem. Unfortunately, this time, i was wrong.

I took the loan from Marathalli Branch in Bangalore. On a fateful day, i visited the branch first met a gentlemen Mr. Niranjan who is branch head. He passed me the no. of DSA (Direct Selling Agent) Mr. Vinod & told me to coordinate with him. I called Vinod and he seems to be a very nice person. He was very sweet during first interaction and promised me that he will help end to end in this process. I just need to sit back and relax.

Besides helping in Home Loan Processing Fees, DSA’s also help in other activities like notarization, e-stamping etc. The biggest advantage is that you need not go anywhere. My first advice is to select your DSA very carefully and through reference only. Like Husbands/Wives they can also make your life Heaven or Hell :). For a home loan application, I told Vinod that I will be late from office. He told me that for him the customer is GOD. He can come at midnight for business. I fell flat with his customer friendly approach and thought i have landed in right hands.

The same day he came at 10 PM in the night and since i already had a list of documents required for loan processing, I handed over the complete set to him. During the informal conversation, he told me some health problems his family is facing (Which I realized later that it was cooked up to gain sympathy). While leaving, he told that he will let me know in 2-3 days on my exact loan eligibility and loan status. Just to add i was applying for pre-approved Home Loan Processing Fees.

To my utter surprise, next day i received a call from him and he told that all the docs are in place for loan processing. As a next step, i need to submit the processing fee (PF) that was approx 11k plus. He told that he will come in the evening & will collect the cheque. I requested him to waive it off as I heard that usually HDFC waive off processing fees. He told me that now it is not possible but still he will check with his senior and confirm to me.

Same day evening I received call from him and he told that he tried to convince his boss. The scheme to waive off processing fees is over. I said OK you can come and collect the cheque same day late evening. He also assured that if i will share a single case of PF waiver then he will refund the same from his pocket to me. He also promised i will get sanction letter in a max 2-3 days time. I gave him PF cheque same day evening and that was en-cashed next day.

This was the beginning of my troubles. Just after cheques encashment, DSA stopped taking my calls. I used to call him numerous times, dropped so many SMS but he never used to call back and respond back. Whenever I tried from my other mob no or landline, he used to pick up call and apologize for not picking up the call from my mobile no. with him. After that, he stopped picking up call from my other no’s also, I found out innovative ways to reach him like a call from PCO, friends mobile etc.

{Source: http://www.nitinbhatia.in/home-loan/home-loan-experience-with-hdfc-ltd/}

Home Loan Rates - Tips on Finding the Best Rate

The home loan rates applied to your home mortgage is the cost of the money that you have borrowed. The money itself is called the principal, while the price you pay to borrow the money is considered the interest. In addition, you can expect to pay at least a few of the closing costs on your home loan. Usually, it is the seller who pays closing costs, but that is traditional, rather than a requirement. Each and every factor that is associated with the acquisition of the loan itself should be explored. A few dollars for a loan cost item, or a half percentage point on the loan rate can add up to thousands of dollars.

Know your broker

Choosing a loan broker that you trust or have done business with in the past can help you to find the best home loan rates on a mortgage. If you have not worked with a broker previously, do the due diligence required to get to know his or her reputation. Check the Better Business Bureau for complaints. Ask friends, family and neighbors who they used when they obtained a mortgage loan on their property. Ask why they selected the broker--it may be their brother-in-law. Your real estate buyer's agent may be able to help you with the names of brokers they have dealt with in the past.

Clean up your credit file

Another way to improve your home loan rates is to clean up any inaccuracies that may have accrued on your credit file. There are three major credit reporting agencies that many lenders use to access information about how you have managed your financial obligations in the past. If you obtain a copy of these credit reports for yourself--which can be done each year at no cost--and remove any inaccurate or misleading information, you are much more likely to have a lower interest rate on your home loan.

Closing costs

Closing costs are those which typically are paid during the completion, explanation and signing of the loan documents. While they do not usually have a direct bearing on the home loan rates, they may require you to come up with cash in order to complete the loan. Many of the closing costs can be rolled into the cost of the mortgage, but this action means that you will be paying more interest dollars out during the course of the mortgage term.

Interest and term

The interest rate and the term are the two most critical factors when it comes to determining the home loan rates. The interest rate may be fixed or adjustable. The loan type may be an option adjustable rate mortgage, contain a balloon payment or sometimes an interest only loan. Only your personal financial circumstances will help you determine which is the best rate for you. Take time to review the factors in building the cost of the money for your mortgage and decide which will be the best option for your household.

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Refinancing what you need to know

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