Over the years, we have realised, that just having consumers for home or office and assisting them with the procedures is not enough. Often clients ask for loan assistance and we have incorporated the loan assistance services in our portfolio
We go the extra mile, to assist our clients if they express a loan requirement. And explain them the viability process, the assessment and the procedure along with the documentation requirement.

Here are some tips we seek our clients to follow before taking any property decisions:

Home buying is a special decision, so take your own time to make the right assessment financially as well as in the choice of property made. Survey the market and evaluate your paying capacity. Banks provide varying amounts of loans depending on the eligibility of customers. There are many determinants of income and your performance linked incentive or bonus come in handy.

Better to do your own analysis and check how much EMI can you actually pay from your monthly expenditure.

Interest rates best suited an important factor that goes into your EMI calculations is the interest rates, which may vary from bank to bank, so do compare them. Also do a complete and detailed analysis of the various options like the interest rates i.e. fixed and floating rate of interest. Better to do your comparitive analysis of what suits you best in case 2 banks give you the same amount.

As for the rate of interest, its important to know the difference between Fixed and Floating rate of interest. Fixed interest loans charge an interest, which remains the same through out the tenure of the loan. This means that the consumer is immune to market risk or the possible upward movement in the interest rates. Hence, fixed rate is a good option when the interest rates are expected to move up in the future.

Some consumers knowing the market fluctuations also opt for floating rate of interest. As for floating rate loan, a consumer is exposed to market risk and his gain or loss depends on the interest rate condition prevailing in the market. Floating rate is beneficial if the interest rate falls in the future. A floating rate is considered non-transparent and is also known as "adjustable rate".

If you decide to opt for a fixed rate loan, you can still switch to a floating rate loan in the future and vice versa as and when rates go in your favour and if you do decide to switch, you should take into account the cost of doing so and the interest rate benefits of switching.

For a given interest rate, loan with a daily or monthly reducing balance is better than an annual reducing balance loan. Interest rates vary depending on the tenure of the loan, the amount of the loan and your personal profile.

Insurance cover (an added cost) Also, many banks may insist on getting your home insured to safeguard their interest. There are various kinds of insurance covers available for you. Apart from getting the mandatory ones you should try to get insurance as per your circumstances. You also have a choice of getting insured from another company without any objection from your bank.

A lot of Banks offer something like Smart Home etc. this is also a very interesting type of loan wherein your capital is also kept in the Smart Home account and you pay interest only on the amount which is the balance.