ICICI Bank brings you Customer Education Series. And as a part of this, it has published the following article in the Economic Times News Paper.
Things to Consider when you choose a Home Loan Provider -
There is more to a home loan than just interest rate.
Compare the loan-to-value (LTV) ratio -
LTV signifies the maximum home loan amount that a person is eligible for on the total cost of a property. So an LTV of 80% means that you can get a loan of maximum 80% of the value of the property. Go for the loan that suits your needs best.
Ensure Security of your property -
It is important that your property be legally and technically approved. Choose a provider who offfers legal and technical appraisal of your chosen property.
Evaluate your loan options -
- Loan Plans – Choose from fixed, floating, part-fixed and part floating rate of interest.
- Fees – The applicable fees for processing, pre-payment, foreclosure…etc…
- Other Services – These can include free proposal accident insurance cover, doorstep service and assistance in finalizing of a property.
Tip of the Day -
Ensure that your shortlisted property has been approved by the home-loan provider you finally choose. You will then be able to get the loan funds quicker.
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