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Is it better to go to mortgage broker or bank?
In general, if your loan is a straightforward transaction, and your credit, income, and assets are strong, you may be able to save time and money with a bank. If your application involves challenges, a broker who knows which lenders are most flexible can help.
Are private mortgage loans bad?
One of the biggest reasons many people assume that private lending is bad, is the fact that private loans usually carry a much higher interest rate then traditional bank financing. It’s certainly true that private loans are more expensive, but that’s for good reason. Often a lender will add points to a loan.
Which Indian bank has maximum customers?
The State Bank of India (SBI)
The State Bank of India (SBI) is the largest bank in India and also one of the biggest corporations in the world. State Bank of India is one of the largest employers and the most trusted bank in India. At present, SBI has 159 computerised banks and 112743 listed branches.
Should you choose a floating or fixed interest rate home loan?
Generally floating rates are preferred by most borrowers. Though there can be regular ups and downs depending on the market dynamics, one big advantage floating rates offer is that you can switch your home loan to a lower interest rate anytime you like, due to the removal of prepayment penalty by the RBI.
What is the lowest interest rate offered by banks for home loan?
At present, 10.15\% is the lowest floating interest rate being offered by several banks like SBI, ICICI Bank, LIC Housing Finanace, Axis Bank and HDFC Bank. For women borrowers, SBI has a special scheme of 10.10\%. Experts believe that interest rates are expected to fall in the future.
Do banks reduce the tenure of your home loan after prepayment?
Anybody who has made a prepayment of their home loan, must have faced the same question. Banks compulsorily asks this question to the account holder while receiving the prepayment amount. The problem is, most of us are not prepared for the answer. As a result, banks reduces the tenure by default.
What are the benefits of long term loans in India?
In Long Term: Here there will be two benefits. First, the loan will be paid off in 231st month itself. Second, the person will pay only Rs.1,31,03,435. Which is a saving of Rs.4,34,608 (13538042 – 13103435).