Home loans are of two types, secured and unsecured. Secured home loans are given against secured mortgage. This secured mortgage is generally a property paper or generally the house that you are buying. This can also be any other property that you are buying. So these loans are tough to get. The interest rate of this kind of a loan is also fixed for the years of the whole repayment tenure. This way the EMI is also secured amount throughout the whole loan repayment period.
Hence to get fixed home loans you need to be extra conscious. Make a survey of nearly two or more loan giving organizations that the charges taken by them are same. No hidden charges should be present there. You must enquire about the premature payment charges for fixed rate home loan. You may even consider asking for the hidden charges like application fees, processing fees and many more. Make sure that the valuation of your property is done correctly by the organization. Try to make a personal valuation with your own lower prior applying for fixed home loan.
Fixed home loans are tough to get disbursed from bank as bank always wants to for floating rate, as the economic situation of a country is an unknown factor and is decided on the current and past socio economic situation. So there is always a high risk involved for the bank. The fixed mortgage loan needs a very fine financial tract record, a higher amount of balance sheet every year. Your financial security or the security of you profession is also taken into consideration before disbursing the loan. So try to go for applying with your spouse to get better loan capability. You may even try to keep an additional mortgage in case of making a higher loan amount.
Hence to get fixed home loans you need to be extra conscious. Make a survey of nearly two or more loan giving organizations that the charges taken by them are same. No hidden charges should be present there. You must enquire about the premature payment charges for fixed rate home loan. You may even consider asking for the hidden charges like application fees, processing fees and many more. Make sure that the valuation of your property is done correctly by the organization. Try to make a personal valuation with your own lower prior applying for fixed home loan.
Fixed home loans are tough to get disbursed from bank as bank always wants to for floating rate, as the economic situation of a country is an unknown factor and is decided on the current and past socio economic situation. So there is always a high risk involved for the bank. The fixed mortgage loan needs a very fine financial tract record, a higher amount of balance sheet every year. Your financial security or the security of you profession is also taken into consideration before disbursing the loan. So try to go for applying with your spouse to get better loan capability. You may even try to keep an additional mortgage in case of making a higher loan amount.
