Home Loan Festive Offers: From SBI to HDFC, grab special offers on home loans by key banks

financialexpress.com:

During festive seasons, lots of banks and housing finance companies come out with special offers to lure customers. This time also, many banks – including SBI, HDFC Bank and Axis Bank — have introduced festive offers on home loans which may be beneficial for those who intend to buy their dream home by taking a home loan.

Selecting a home loan, in fact, involves navigating through multiple offers from various lenders, each with its terms, interest rates, and features. Begin by evaluating your financial status, including your income, existing debts, expenses, and credit score. Understanding your affordability helps in determining the loan amount you can comfortably repay.

Here’s a comprehensive guide on how to choose the best home loan offer in this festive season:

Compare interest rates offered by different lenders. Opt for either fixed or floating interest rates based on your preference. Fixed rates provide stability, while floating rates fluctuate with market conditions.

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Consider the loan tenure carefully. Longer tenures result in lower monthly EMIs but higher overall interest payments. Choose a tenure that balances manageable EMIs with reduced interest costs.

Evaluate the processing fees, administrative charges, prepayment penalties, and other associated costs. Look for lenders offering competitive fees and fewer additional charges.

Check the LTV ratio offered by different lenders. A higher LTV ratio means a larger loan amount but may result in higher interest rates. Choose a lender with a favourable LTV ratio aligned with your requirements.

Assess the flexibility in repayment options. Look for features like part-payment,