7 Useful Tips to Grab a Perfect Home Loan Deal This Diwali!

It is raining offers from banks this Diwali! Buying your dream home can happen with the submission of a few documents. Almost every bank is offering attractive schemes on all loans. No wonder it is the perfect time to grab a perfect Home Loan deal! There is indeed a little difference between what different lenders offer. But you will certainly want to avail the best. How do you know which bank is offering lowest interest rates and a multitude of benefits?

Comparative analysis is the answer. It is practically not feasible meeting bank executives or visiting websites of all banks. Save time visiting a one-stop trusted online financial services marketplace that hosts all leading banks and their products such as mymoneymantra.com. Using easy-to-use tools you can draw a comparative analysis on Home Loans offered by different banks in a few clicks in a few minutes. Besides, you can get quotes, check eligibility and various other factors in seconds!

Here Are 7 Useful Tips to Grab a Perfect Home Loan Deal This Diwali:

1. Compare loans at one-stop trusted online financial services portal.
2. Use a Home Loan EMI Calculator to know how much you can afford to borrow. By doing this you will have an idea about your monthly EMI.
3. Buying a home takes years of planning. You must have planned for it months or years ago. Hence, you must have saved enough for the down payment. Higher the down payment, lower the interest rate will be. If you have saved big, now is your time to give a bigger down payment and grab the best deal this Diwali. If you don’t have enough money for down payment, read here: How to Buy a House without Having Money for Down Payment.
4. While applying for a home loan, the borrower is required to submit a number of financial documents. Keeping all required documents handy will help grab a deal on time because Diwali offers come with limited period conditions. You cannot risk collecting your documents like pay slips, bank statements, tax returns, etc. during Diwali. You may miss the offer. Know beforehand what all you need to submit and keep them ready.
5. A good credit score is one of the major factors that facilitate fast approval of a Home Loan. It is a proof of your creditworthiness. It is a testimony of your financial history over the years, especially of savings, making credit card payments on time, never defaulting on EMIs if already availing a loan, and other factors. If you do not have a good credit score, your application may get rejected. You will thus miss the best deal. It is no exaggeration to say that the best home loan deals are offered during Diwali. Find your credit score beforehand; you may still have time to improve it following suggested measures.
6. Getting pre-qualified well ahead will help you stay away from hassles when availing a Home Loan offer during Diwali. Pre-qualification helps you know your borrowing limit and the range of houses you can opt for. Many banks offer this facility, also called as pre-sanction or pre-approval
7. Know in advance what type of Home Loan (fixed or floating interest rate) suits you best based on your financial condition. This will help you take an informed buying decision during the offer period.

Diwali is the best time to grab attractive Home Loan deals as various banks come with enticing offers to woo their customers. Here are a few offers offered during this Diwali:

• 1% Cashback on Every EMI of ICICI Bank Home Loan: If you have an existing ICICI Bank Home Loan or planning to avail a new one, you’re eligible to get 1% cashback on every EMI (for upto 30 years tenure) of your Home Loan. The cash back amount will either be credited to your ICICI Bank account or will be adjusted against your loan’s principal outstanding. The first cashback amount will be accumulated on all EMIs for 36 months and credited to your account directly after 3 years. After 3 years, you will receive accumulated cashback after every 12 EMIs (1 year). If you have a Home Loan from another bank, you can opt for Home Loan Balance Transfer facility and avail the benefits of this scheme.
• DBS Bank Home Loan at 8.25% Interest Rate: DBS Bank is offering Home Loans at 8.25% interest this Diwali for loan amount 50 Lakhs and above on all resale and ready properties.

It is no surprise to find many home buyers waiting for Diwali to avail the best Home Loan deals. Consider the aforementioned tips so that you are well prepared to apply faster and avail an offer. Taking an informed buying decision is what matters.

For attractive and instant Home Loan Offers, you can apply online through MyMoneyMantra, a leading online lending marketplace in India. Talk to our Home Loan Specialists and know which Home Loan suits you best.