Any deal/offer in home loans?
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I have to suggest home loan vendor to close relative.
1) lowest interest rate
2) floating lowest or fixed lowest
3)no process fees
4) no hidden fees
5) no prepayment charges.
Relative is salaried , cibil more than 800, women, and term will be less than 3yrs.
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1.No one will be getting lowest interest rate ( other than
privileged customers like staff ). When you chooses a
a low payment term Bank will be calculating its net
return from the customer and try to balance as processing
fee or some other.
Again as with lower interest rate the speed of processing
may have to be compromised.
You may find HDFC, Indian Bank, and few Gramin banks
having lowest rates
2.Fixed interest rate will be always higher and with a shorter
term floating will be better.
3,5 no process fees ,no prepayment charges, depends on banks
and if the property is pre-approved it may be waived. Banks
will also have special sales with lower fees
4.Hidden fees may not be there as it always will be there in
the agreement . These are charges you have not looked into.
Like there can be mortgage charges , or maximum Prepayment
Amount in a year is restricted