Building a dream home sometimes takes a lifetime both in design and finance. Since homes are expensive and call for a substantial amount of investment, they mostly end up becoming our costliest asset. So before moving further on the decision to own a house, the most important and obvious question to think about is – do you have the whole money in cash? Possibly not?
Even if you have the money, it is worth considering the option to put it in savings and use housing finance to become a homeowner. This solves two purposes, no rather three: one, you become a homeowner, two you still have savings in your bank, and three, you get tax deductions in lieu of the loan amount. Smart, right!
Here are some important points to keep in mind while going for a housing loan.
1. Muthoot FinCorp Home Loans – A Loan for Every Need
In our country, housing loans are a diverse sector. You can get it for many requirements pertaining to your house. If you are thinking of applying for a housing loan in India, look no further than Muthoot FinCorp, one of the most trusted brands in the country. With Muthoot FinCorp, you can apply for a housing loan for several financial home necessities from the comfort of your home or by simply visiting a branch. We offer home loans for purchasing a new home or renovating your old home. Muthoot FinCorp’s home loans are designed to meet individual needs with customer satisfaction at the core. Muthoot FinCorp Home Loans include – Home Improvement Plan, Self-Construction Loans, Loan Against Property, and Resale Loans.
2. Interest Rates
Interest rates are what can make your home loan a good or bad decision. Your interest rate is calculated using a housing loan EMI calculator based on your loan amount, your desired tenure, and your CIBIL score. You can choose to go for a fixed interest rate or a floating one. Generally, the fixed home loan interest is always better. However, if you
believe that interest rates are going to decrease soon, a floating home loan interest rate will be better. With Muthoot FinCorp, we offer a differential loan amount and interest rates depending on many factors. Get in touch with us and our experts will take you through the process end-to-end.
3. Processing Charges
Housing loans usually come with processing fees which may be anywhere between 0.25% to 0.50% of the total credit. However, Muthoot FinCorp’s Grah Mitra scheme has no processing fees.
Every loan is given in exchange for collateral/security. In the case of housing finance, your home is your collateral. This means your home will be in the lending institution’s name till the loan is completely paid off. While this may sound like a huge thing to do, it’s part of the process and your home is automatically transferred to your name at the end of the loan tenure.
If you are not aware of the legalities, talk to an expert. At Muthoot FinCorp, a customer care executive will take care of all your queries regarding collateral, home loan interest, etc., and will guide you through the process of home loan.
5. Muthoot FinCorp – Always There For You
Escalating real estate prices can put a dent in your homeownership plans. With Muthoot FinCorp on your side, you can make your dream true with innovative loan products. They are easy-to-apply, feature-packed, and the most affordable home loans in the country.
Muthoot FinCorp’s home loan products have been designed to accommodate even those who may face rejection for several reasons. It offers differential loan amounts and home loan interest rates so that you can choose a loan tenure between 3-30 years.
Further, the housing finance application at FinCorp is simple and covers a broad eligibility criterion along with flexible repayment schedules.
Want to talk to an expert before you take the plunge? Get in touch with us and our team of customer care executives will be happy to help you. You can give us a missed call on the toll-free Muthoot FinCorp number, 1800 102 1616 and our experts will get back to you with the best advice. You can also request a call back by filling out a simple form on the Muthoot FinCorp website.