Looking for a Home Loan? A word of caution - Home Loan Stories - Kotak Bank

Biggest shopping you would embark upon is buying your dream home and it is essential to make an informed choice when buying a home. As in the case of online shopping, something that appears to be economical may prove to be expensive in the long run. This applies to Home Loan as well.

When you are looking for a Home Loan there are certain precautions that you need to take like the ones outlined below in a nutshell.

  • Firstly it's very important not to fall for Home Loan offers that appear ‘cheap' in terms of repayment interest. It is important to rationalize the offer of a lender. For a very marginal increment in the percentage of the loan interest rate there could be a lender who may give you a deal that's more economical in the long run.
  • Scout the Home Loan market. Compare the Home Loan features of other lending organizations as well. Settle for the one that’s best suited for your kind of requirement.
  • Make sure that you read the fine print and the hidden conditions in the loan documents before signing up. Don't fall for the sugar coated words of the lending organization's representative. Read the conditions along with the Home Loan features with complete attention.
  • Do your home work. Consult your friends, relatives and acquaintances who have already procured a Home Loan.
  • Check the merits of the lender patiently. Do not jump into conclusions.
  • Know about the home loan prepayment fee in case you wish to repay a part of the principal amount during the loan period
  • If you decide to approach any other Home Loan lender who offers you a better deal than your existing lender, be cautious while going for Balance transfer Home Loan

 

The grass may appear to be greener on the other side of the fence. It is when you get closer that you come to know of the grey areas. Go for a lender who's transparent in their dealings.

At Kotak Mahindra Bank, we realize the importance of your aspiration of owning a dream home. We understand the need for caution. To ensure this, our executives educate the prospective home buyers about our home loans by ensuring transparency.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.