We’re Answering Some ‘Un’frequently Asked Questions.
Applying for a home-loan is a big decision and requires some serious contemplation. It involves a constant stream of funds leaving your bank account for many years. While one may take an informed decision, research shows that the finer, important points are still missed by customers quite often. Enter Team Bankbazaar.
1. Get Down With The Down Payment!
Save up and increase the amount of down payment as much as possible! Remember, you pay interest on the amount that the bank lends you. Not quite rocket science, right?!
2. To Risk Or Not To Risk!
There are two types of interest rates – fixed and floating. If you’re a risk taker, consider the floating rate so that you benefit if the market rate goes down. Then again, there’s the other not so attractive possibility!
3. Score It Up!
CIBIL score – apparently very important! Clear those debts before you apply. No one likes that ‘rejected application feeling’.
4. Don’t Pay For Paying!
Some banks actually charge you a ‘pre-payment penalty’ for paying off your car loan! You might just want to consider the banks that don’t. Just saying.
EXPLORE YOUR OPTIONS. Ahem, that’s where we come in.