A nice home to stay is what every body may desire for but is everybody able to fulfill this aspiration is questionable. In India majority of the people belong to middle income group and to buy a house out of their bank account may just be impossible for them. Even though the middle-class salaries are rising, the inflation in India is balancing on the increase and people are finding it hard to improve on their savings. So under such a situation an individual can only look for finance options to fulfill even his basic needs.
A house to stay is just one of the basic requirements of a person but investment in the same in not everybody’s cup of tea. Therefore to overcome such problem Indian banks have introduced home loans. Home loan in India provides funds to an individual who wants to purchase a house. These loans provide anytime availability of cash for buying a house.
Housing loan is the best option on which we can rely to complete our need for a house. Home loans are easily available in the market and there are many banks and housing finance companies that can extend you a loan at affordable interest rate. However one should always remember that there are a lot of hassles that may come your way of availing a home loan.
Home loans are available for varying tenure at different interest rate. Repayment of the loan is made through Equated Monthly Installments (EMI) that is calculated by the lender and it depends mainly on the interest rate charged on loan and the loan tenure. However different lenders have different calculation methods of estimating the EMI. Besides one can easily opt for an EMI that suits his budget.
Again these home loans are offered at two kinds of interest rates-fixed and floating- that provides a choice to the borrower. Fixed home loan keeps your interest rate fixed throughout the loan tenure while under a floating rate loan interest rate varies according to the market interest rate. The leading home loan lenders in India are SBI, ICICI, HDFC, etc and if you research well on them, there are a range of home loans that vary from 7% to 16%.
So can easily avail a home loan floating in the market but it is better to compare the interest rate offered by different lenders while you go for your home loan shopping. Also carefully read the loan agreement that you have to sign at the time of availing the loan. The borrower also has to provide certain documents to the lender to avail such a loan.
Hence shelter which is inevitable need for any person can be taken care by home loans. Merely by following an easy course of action, home loan can be availed by any individual in India.