Many anxious thoughts engulf your mind when you plan to opt for a home loan to fulfill your dream of owning a home. It takes confidence to take up the responsibility and keep up to your commitment to repay the loan amount. The following consolations should help you to put your forward while approaching a home loan lender.

Availability of choice

Just as you have various building projects to choose from, there are Banks and private lending institutions that offer home loans. The options are good enough to help you to make up your mind and settle for the one that is most conducive to your requirement.

Lower interest rates

The home loan interest rates are calculated through the home loan emi calculator and are lower and more affordable compared to the interest charged for a personal loan or on credit cards.

Loan repayment period

You can choose your loan repayment period especially when you are in the age group of 25 – 35 years of age. The repayment term is extendable up to 30 years which means that the burden on your EMI can be lightened. You can conveniently prioritize your personal and household expenses as well. This is one of the home loan benefits.

Zero risk

Be it to alert the borrower on the approaching EMI payment date or paying the EMI, all communications and dealings between the lender and the borrower are done online. This nullifies any potential financial risk, thanks to digitization.

Security of documents

All the documents pertaining to your housing loan like the original agreement (which has to be necessarily handed over to the lender once your home loan is approved) are in the safe hands of the lender. All that you need is to make sure that your lender is an authentic Bank or a private lending institution.

Dealing pattern is well streamlined

The pattern of the home loan dealings between the borrower and the lender is well streamlined right from the time when your loan gets approved. Statements pertaining to your loan disbursement, payment details with respect to the principal amount and interest amount are documented electronically. Thus there is no scope for your lender to overcharge you at any point of time during the loan tenure.

All these factors leave no scope for you to let the idea of a home loan scare you. Rest assured of a safe association with your lender and go ahead with your plan of owning your dream home.


By Chakraborty

Dr Chakrabarty is the Chief Innovation Officer of IntuiComp TeraScience. Earlier she was Assistant Professor of Delhi University, a QS ranked university in India. Before that she has held research positions in IIT Mumbai, IIT Chennai and IISc Bangalore. She holds 2 patents and over 20 research publications in her name which are highly cited. Her area of research is in smart technologies, integrated devices and communications. She also has a penchant for blogging and is an editor of Business Fundas.

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