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So how do you decide which of those housing loans is the best for you. Firstly find out the interest rates offered by banks. These may slightly vary between banks but hey wait a minute interest rates are not the only deciding criteria. That's just one of them. And yes have you read the fine print?
Prepare a comparative chart of about four to five banks offering housing loans. This will help you get info-at-a-glance. Write down the interest rates offered by each of them. Note that interest rates keep fluctuating and you have an option between going for a fixed or a flexible rate of interest.
Fixed and Flexible Interest? What are they?
Fixed rate of interest means the interest rate that the bank
offers at a given time will remain the same for you throughout the tenure. Now
this has an advantage as also a disadvantage. The advantage is when the interest
rates go up you benefit for your outgo will remain constant at a lower interest
but what if the interest rates take a dip - you lose out.
Flexible or Fluctuating interest means the interest rate will not be constant. It will be adjusted as per the prevailing interest rate whether it goes up or down as per the fluctuation. Also banks charge you on the basis of the annual reducing or monthly reducing balance method. Here note that it's the monthly reducing balance that works in your favour. So go for it.
EMI's? What are they?:
EMI's are Equated Monthly Instalments. In other words - its
the loan amount that you pay off in parts each month. This will include the
principal and the interest. Ask the bank to give you details about the EMIs
that you will have to fork out each month for the complete tenure of loan so
that you get an idea about the income outgo each month on your housing loan.
Processing fees:
When you go in for a housing loan every bank/company charges
you processing fees. These vary from 0.5 percent to 2 percent between banks.
Though a one time charge it adds to your total cost. So find out the best one
for you.
Pre-payment penalty:
A pre-payment penalty is the charge levied on you for foreclosing
your loan or paying up your loan much before the stipulated term. While some
banks these days waive off such charges certain banks do charge around 2 percent
as pre-payment penalty. Check out.
Hidden costs:
Find out if the bank in question has any other hidden cost
that may spring an unpleasant surprise later for you. Though the salesman may
make tall promises remember that finally everything that's only in black and
white counts. Hence try and figure out the fine print before you sign on the
dotted line.
