Home Loan Finances

by Piyali Sen - Date: 2007-01-18 - Word Count: 253 Share This!

You can take a loan from banks or lending companies. Banks and such companies have their set criteria for specific types of loan. Therefore, before approaching them, you must be sure of the type of loan that you want. This would make it easier for you to get a loan.

For buying and selling houses, a wide range of loan programs is available. For example, if you need a personal loan to buy a house, you can avail loans up to a particular amount that are available for salaried people and self-employed people, with the tenure ranging from 5-10 years. You can apply for a secured or unsecured personal loan.

However, it is advisable to pay the margin money in case of personal loans. This is because personal loans tend to be expensive and can easily add to the monthly outflow towards home loan repayments. Before opting for a personal loan, it is advisable to survey a number of banks and compare the interest rates that they are offering. This will help you to realize how each of the interest rate will affect your monthly payments and how much affordable it is for you. Based on the interest rate that suits you the best, you can go for that loan.

You can also take loans against shares. Some lenders are content if you pledge assets such as shares, securities, fixed deposits, or insurance with high values. In addition, you can consider the option of taking a loan from your provident fund for more than five years.

Related Tags: home loans, loan programs, house loans, real estate finance, loans for selling houses

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