Six tips to choose your home loan lender
By Joseph Samson
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4.   Processing fee is non-refundable

Banks always charge a fee in order to apply for loan with them. This fee is known as the processing fee and is non-refundable. Generally it varies between 0.50% and 1% of the total loan amount. However one should be clear that paying a processing fee does not mean that o loan will be sanctioned by the bank. Therefore it is always better to have written agreement with your lender. A switching fee is also charged if plan to switch from a floating rate to fixed rate. The catch is that you can try to negotiate on this. Some banks on negotiations even give you a flat processing fee.


5.    Assure all the hidden costs

Mostly the interest rate charged by the bank is taken into consideration while taking a loan but there are large hidden costs involved with most loans that prick the borrower’s pocket. Hence it is advisable to decide on all legal charges, pre-payment charges, valuation fees, processing fee and other hidden costs before a loan is availed.


6.   Be assured about the lender before making a choice

You should always be well informed about your lender as it will help to have a clear   picture about the future. Depending on where you live, you can locate online comparison on that will tell you about a number of similar lenders suiting your needs. At a glance you can get all the right and detailed information you need and on what each lender can offer to its customers. If you match up what each lender can give you to what you are actually looking for and which best suits your needs, you can then compare it with others.


All these tips can certainly help a borrower on deciding his financer.




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(Comments Posted : 2) Post Your Comments
1. You have covered quite a lot of details in your blog regarding home loans. If you could mention the things like EMI payment procedure, pre-payment facility and downpayment options, then it will be really nice. Recently, I had taken a home loan from Bajaj Finserv because they provide part prepayment facility. I would like to recommend this NBFC because they provide the top-notch services.
Anamika (Posted: Dec 28, 2017)
2. Do you need a quick long or short term loan with a relatively low interest rate as low as 3%? We offer business loan, personal loan, home loan, auto loan,student loan, debt consolidation loan e.t.c. no matter your credit score.

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Contact US for more information about loan offer and we will solve your financial problem. contact us via email:
Richelle Watford (Posted: Mar 25, 2015)
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