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What you need to do to get the best home loan

Last updated on: May 12, 2017 10:53 IST

Which is the best home loan?
Advice from financial guru Harsh Roongta.

A man shaves his face on the balcony of his home in a market area in Kolkata, India, February 21, 2017. Photo: Rupak De Chowdhuri/Reuters

IMAGE: According to the 2011 Census, 86.6 per cent of all Indians live in their own home. This figure dips to 69 per cent in Indian urban areas. Photograph: Rupak De Chowdhuri/Reuters

It is a tiring question for any financial expert.

If, indeed, there was such a thing as the best home loan for one and everyone, wouldn't the other home loan companies be out of business?

Which consumer, knowingly, would accept the second-best loan?

There is another way of answering this question. While most lenders are charging around 8.5 per cent annually for home loans, all loans come with hidden costs.

And these hidden costs are 'hidden' in a very sophisticated manner.

For someone with a first-class credit history and enough income to justify the loan, some legwork is required to get the best home loan. These are some key parameters:

If the lender is not being fair to you, just change it.

You will find that the lender becomes fair to you as soon as you threaten to shift.

No matter, whichever lender you choose, this step remains the most important step to ensure you get the best loan and for the long term.


Harsh Roongta
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