Home Loan Rates Stats From 9.95%
Property prices in India have skyrocketed but that don’t deter many buyers as a growing number of consumers seek posh houses equipped with water fountains, Jacuzzi, plunge/swimming pools, wireless network and others. The middle-class and high-end segments continue to swell and in some cases, developers in and around Delhi NCR struggle to meet the demand.
Home loans are inevitable for many people looking for houses in and around Delhi NCR. It’s worth noting that lenders in India usually go through consumers’ existing financial status. They need to have a deeper looks at consumers’ ability to repay the installments in a timely manner. For this purpose, borrowers need to approach lenders with documents that can validly prove their earnings.
In Delhi NCR, housing financing companies, banks and other financial institutions are the primary sources of home loans. Up to this date, the house finance companies still dominate the property market in Delhi and borrowers are required to pay specific percentage of the entire loan amount as down payment. These companies may also ask borrowers to offer collateral securities before being approved for housing loans. These securities may include share deposits, life insurance policy assignments, guarantee from people with good financial ability and others.
When choosing for the cheapest home loans in Delhi NCR, borrowers should be aware of the current floating and fixed interest rates. Comparing between fixed interest rates can be relatively easy, but borrowers should exercise caution when choosing lenders with floating rates. In some cases, the floating rates could initially be lower than fixed rates, but this could change in a few years or even months.