Within a short span of time, HDFC bank has become one of the
most reputed banks in the country. It has an extensive network of branches and
ATMs all over the country, and its various loan offers are looked into closely
by consumers, as well. One of the most important loans that people think about
in the country is the one they have to take when they are buying their dream
home. It is the means to your long treasured dream, which is why the importance
of this loan cannot be overemphasized.
HDFC Home Loan
balance transfer gets talked about a lot today because it caters to users'
convenience. Given the reputation of the bank, there seems to be a lot of merit
to it. Applying for this loan is probably going to be one of the most important
decisions of your life. It's a decision that will have a long-term impact on
your finances. Hence you can't take it lightly and certainly not without
knowing everything that these loans from the bank entail. Only then can you
make a sound decision for yourself.
HDFC Home Loan
balance transfer: Check your Eligibility at the Onset
Before you go about understanding the features of this loan,
you will have to know whether you are eligible for it in the first place. To
begin with, these loans can be availed by salaried professionals and self
employed individuals alike. They are meant for NRI's and Indian residents who
are between 21 to 65 years of age. Your repayment capacity based on the fixed
and stable income source will be taken into account. Your CIBIL credit score
has to be good to ensure that you are eligible for these loans.
HDFC Home Loan
balance transfer: The All-Important Interest Rates
This is probably the most important criterion that people
base their decision on. The loan offer from HDFC has a floating interest rate
of 10.5% to 11.25%. However, you also need to remember that the RPLR is
currently 16.5%. The interest rate charged is not the only factor you should
think about when applying for the loan. Remember, this loan involves a
processing fee of 0.5% of the loan amount, which is capped at Rs. 10,000. There
are no prepayment fees levied, but there is a pre-closure fee in case of fixed
offers closed through balance transfer. In that case, 2% of the outstanding
amount is applicable.
Other Factors that have to be considered
When you are looking at the merits of this loan, you have to
remember the fact that the loan amount can fund 85% of the property value. The
loan tenure can be chosen from anywhere between 1 and twenty years. The tenure
you opt for will affect your monthly repayment options, which is something you cannot
lose sight of. The good news, when applying for a HDFC Home
Loan balance transfer, is that there is no guarantor required, as the
bank would enforce a security on the home that you buy.
Only when you have done your research about these loans,
should you opt for them to realize your long term dream of buying a house.
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