Factor These Points Before Deciding Home Loan Deal

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To decide on the best deal available for home loan, as it can be a time when you might have zeroed in on the property as your potential residence and now scouting out for the best home loan deal, you need to surely factor in these points:

Factor These Points Before Deciding Home Loan Deal

MCLR + Mark Up together sums up Home loan rate: So, bank's MCLR will be applicable for the repayment of home loan. So, before deciding on the home loan, factor in both these charges as it sums up the effective home loan rate. Other than MCLR, credit profile of the borrower also plays out a crucial role.

Credit Profile: You need to keep your credit score well in check as in case it falters, banks to their discretion can increase the mark-up value for your loan. There are ruling with respect to which banks on finding your credit worthiness going down can increase the mark up value but for the reverse there are no stipulations.

Understand conditions per se home loan transfer: At many a times, due to several factors or offers customers are enticed to transfer their existing home loan to different financial institution due what are the conditions on which the proposal can be executed.

Reset period: A reset period is the waiting period for home loan borrowers to see the impact of rate changes on their EMIs. Typically, home loan offers with a reset period of a year are on offer. So, this is a crucial factor to decide on the home loan offer.

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Story first published: Tuesday, September 19, 2017, 13:45 [IST]
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