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Availing Home Loans in India
By Aditya Jaiswal
To own a home is the ultimate dream that we cherish during our professional life. But to own one, in today’s rising real market conditions, is a difficult proposition for the common man. To buy or to construct a house require huge capital investment, and in today’s norms it is next to impossible to invest at a one go, or even if you have enough disposable income it is not sensible to invest lump sum.
To help people sort out the financial difficulties that they are facing while buying, constructing, renovating or expanding their houses, home and housing finance companies are offering variety of home loan services to the Indian consumers that are tailored to suit their requirements.
The Indian financial sector which is supporting the growing real estate market has become more or less organized and transparent in recent years, as it is being governed and regulated by the rules set by the Reserve Bank of India (RBI). Despite all the sanctions and regulations being levied by the RBI on banks and financial institutions, there is hardly any lessening impact on home interest rate burden on buyers. However, the only consolation that buyers seem content with is that home are still cheaper than it was ten years ago. For buyers the interest rates which now hover between 9 to 10 per cent are
comparatively lower than the previous market norm of 16 to 17 per cent.
It is estimated that demand for real estate properties will remain steady at the currently high levels and it is likely that the real estate market will grow 30% every year because of the improving economic environment and high purchasing powers of the Indian consumers. If this condition will remain steady for at least 10 years, more home and financial services providers will enter the market, thus bringing more competition among the current batch of financial providers including ICICI Bank, HDFC, IDBI Bank and others. So the ultimate benefactors will be the consumers.
Even today, the existing home loan providers are providing finest home loan instruments like home purchase loans, home construction loans, home improvement loans, home extension loans, home conversion loans, NRI loans, home equity loans, and others. They are keen to make the process of procuring the home as easy as possible for the consumers. So they are offering free home loan advice, tax benefit options, and other services.
However, the terms and conditions for a home loan vary from one home loan provider to the other. So it is sensible on your part to do a comprehensive research before availing home loan services from a provider.
Aditya Jaiswal, advisor of home loans for NRIs, is an associated editor with the site: www.guide2homeloan.com. The site is an online portal to provide home loan advice on home loans in India including types of home loans in India, home loan interest rates in India provided by home loan providers in India.
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