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1.
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Type
of Product - Whether the financier is offering a loan product to
suit your requirements be it for a NRI or for the purchase of land,
etc.
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2.
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Tenor
Range - Whether the financier is offering the tenure of loan that
you are looking out for.
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3.
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Rate
of Interest Type - This would depend on the type of Rate of Interest
that you are looking out for i.e. fixed or variable rates of interest
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4.
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Rate
of Interest Value - The actual Rate of Interest value would also
play an important part in your decision. You must always compare
the effective interest rate after taking into account all upfront
fees etc. and the manner of interest calculation. i.e. monthly reducing,
annual reducing etc.
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5.
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Min
Loan amount - The minimum loan amount offered by a financier is
important to find out if the financier can finance the amount you
are looking for.
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6.
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Max
Loan amount - Most HFIs have a upper limit on the amount that they
would finance. If you are looking for a very huge amount, this could
be a factor that needs to be considered.
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7.
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Min
age of customer - You will have to consider this factor to see if
you fit into the age norms laid down by the HFI.
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8.
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Max
age of customer - This would also form a parameter in your decision
on deciding a HFI to finance the purchase of your house.
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9.
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Max
permissible LTV Ratio - The maximum loan that you would get as regards
the value of your house needs to be looked at. The components of
the value would also be important .Cost of property
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10.
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Minimum
Income - The income norms of the HFI will be a relevant parameter
that would affect your decision.
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11.
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Requirement
of personal guarantors - Some HFIs insist on a Personal Guarantor.
You need to check this out if you have any reservations about providing
a guarantor.
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12.
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Requirement
of Co - owner - If you intend to buy your house along with a co
- owner, you will have to check whether the HFI accepts the relationship
between you and the co - owner.
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13.
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Requirement
of Co - applicant. - As mentioned for co - owners, the HFI may also
insist on only certain relationships as joining your application
as a co - applicant. This needs to be checked out while deciding
on a financier.
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14.
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Pre-Payment
Charges - Some HFIs charge certain prepayment charges when you decide
to prepay your loan either in part or in full.
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15.
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Processing
Fees - HFIs charge certain fees as processing fees that you will
need to pay at the time of submission of application. Kindly check
this out before selecting a financier.
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16.
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Administrative
Fees - As mentioned above, HFIs also charge administrative fees
on the loan amount that has been approved by the HFI. This would
vary from one HFI to another.
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17.
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Credit
Documents - The type of credit documents that HFIs insist before
approving your loan would differ from one HFI to another. Kindly
go through the credit documents comparator before you decide on
your HFI.
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18.
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Max
age of property at the time of application - If you are buying a
property on resale, this parameter would be an important one as
HFIs may have a limit on the age of the property at the time of
disbursing the loan.
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19.
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Pre
- approved property list available - Most HFIs have a pre - approved
list of properties available for which the documentation would be
simpler. Kindly go through the comparator section to get this list.
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20.
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Pre - approved list of employers - HFIs may have special rate if
you are an employee of one of its preferred list of employers. Kindly
check the comparator to know more about this.
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21.
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Pre - approved builder list - HFIs may also have different norms
or documentation if you are buying a property in any of their pre
- approved list of builders. Kindly use the comparator section before
you select the financier.
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22.
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Pre
- approved project list - HFIs, as mentioned above for builders,
may also have separate schemes for certain projects. Kindly use
the comparator section before you select the financier.
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23.
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Pre
- approved profession list - HFIs may have certain schemes to suit
customers of certain professions. You may need to check this out
in our comparator section before you select on your financier.
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