| Â | | | | consultant. The present home loan rates in India tend |
| A home loan is considered to be a wise decision for | | | | to vary from 9.5 to 12 percent in context of the |
| every prospective loan aspirant since the amount of | | | | floating rate loans. The reluctance of the loan aspirants |
| home loan can be used to claim deductions while | | | | was a defying factor in the past but the trend has |
| calculating income tax on the overall earnings. As per | | | | been reversed for the better in the recent times. |
| the recent positive statements by YV Reddy, the | | | | The information for the same can be easily obtained |
| present RBI governor, the banks must take immediate | | | | from the Internet. Internet is considered to be one of |
| steps to pass on enough benefits to the home loan | | | | the biggest and reliable sources of such information. |
| aspirants. In this context, the RBI has even taken | | | | However, you must be ready to cross-check the |
| concrete steps to ensure that the same is actually | | | | authenticity of the provided facts to safeguard the |
| realized. | | | | transactions. |
| A prospective home loan aspirant must consider | | | | You may also seek the advice of your friends, |
| important factors such as interest rate, repayment | | | | relatives and colleagues who have prior experience in |
| tenure, early payment penalty and processing fee. | | | | the world of home loans. This will help you to fetch the |
| Fixed interest rate means that you, as a home loan | | | | best available deal. |
| borrower, needs to make repayments of a fixed | | | | In order to get the home loans in the context of the |
| amount. The floating interest rates, on the other needs, | | | | Indian loan market, you are required to submit an |
| are in direct proportion to the changing market rates. | | | | application, traditional or online form. The submission of |
| This means that a fall in the home loan rates will mean | | | | form is followed by the submission of income, |
| a lower loan repayment amount and vice-versa. The | | | | residence, age and bank statements. After all the legal |
| selection of the type of interest rate must be taken | | | | formalities have been completed from the prospective |
| with due care and if possible must be done only after | | | | borrower's end, the Bank then proceeds to |
| a sound advice by a legal advisor or professional | | | | acceptance or rejection of the home loan application. |