Finding A Home Loan Product That Works For You
In an effort to appeal to a wider range of potential home buyers, there is an increasing number of home loan products on the market. Not all products are ideal for all buyers, but through comparing the loan options and considering the current financial situation, individual home buyers can make a wise choice of a loan that is well-suited to their needs.
In general, there are two different types of home loans. The first is fixed rate loan, where the rate is set, and the second offers a floating rate. It is possible to have a combination of the two with an initial fixed rate on the loan with the balance of the loan calculated at a floating rate. Floating loans will be based on three months, six months or one year using the MCLR (Marginal Cost of Fund Based Lending Rate).
For those interested in the residential property offerings through our Pacifica Companies projects in Ahmedabad, Vadodara, and Chennai, the home loan products today can help make ownership a reality.
What To Consider
In the early stages of planning a home purchase, there are several things that individuals can do to improve their home loan eligibility. It will be important to ensure all other notes, loans and debts are paid on time, which will improve the potential buyer’s credit score. Having a steady job and maintaining savings in the bank will also be a key factor for lenders.
People between the ages of 30 and 50 are considered ideal from the lender’s perspective. This is also the age group that will appreciate the beautiful architecture of homes in The Meadows, the Pacifica Aurum Villas in Chennai and our low-rise apartments in Madrid County.
When comparing home loan products, check with the builder to see if there is a tie-up with a bank. This may provide lower interest rates, lower charges, and fees, as well as faster loan approval on their loan products.
At Pacifica Companies, we provide customer support and assistance for all of our buyers. As a leading real estate company with residential, commercial and industrial products, we have the experience and expertise to help make homeownership a reality.