RERA REGISTRATION NO.: PBRERA-SAS81-PR0418

Registered Office
  • Office Adress

  • Block A , Wave Estate, Sector 85, Mohali

  • 10:00 - 19:00

How to select the best home loan for 3bhk+1+1 in Mohali?
13 Nov

By Balvinder Singh Kalra

Category: blog

How to select the best home loan for 3bhk+1+1 in Mohali? No Comments

How to select the best home loan for 3bhk+1+1 in Mohali?

A perfectly tailored home loan turns your dreams into reality. You need to be selective in picking the right home loan by carefully surveying all the factors.

Buying your own 3BHK+1+1 in Mohali is one of the major financial decision of your life. Once you have made up the mind to sign the dotted line of your dreams, the next important step is to identify the bank that will offer you home loan. A perfectly tailored home loan plays an instrumental role in turning your dreams into reality.

During the festive period many banks and financial institutions come up with great offers but you need to stay diligent while making a choice. Here are a few tips that would help you decide your perfect home loan for your independent floor in Mohali and Chandigarh.

·        Don’t get carried by Low Interest Rates

There are many banks offering low-interest rates just to attract customers. Don’t get swayed by such offers. There could be additional hidden costs. Read the terms and conditions document thoroughly before making a choice for your 3BHK+1+1 flats on airport road Mohali. Draw comparisons between various banks before making the final call.

·        Loan amount and eligibility

A home loan is decided on the monthly income/salary of the individual. No bank in India is permitted to grant 100% amount for the home loan. Only 80-90% of the total amount is given as a loan. Rest is borne by the loan seeker itself.

·        Prefer floating rate of interest

There are mainly two types of interest rates offered by the banks – fixed and floating. In fixed rate, the rate of interest remains the same for the entire tenure of the loan. Most of the home seekers prefer floating rate as it keeps on changing as per the market trends and turns out to be more economical.

·        Approach industry experts

Prefer taking a loan from a financial institution that specializes in home loans. These seasoned banks understand the real estate sector and offer the best deals to their client. Availing home loans during the festive season or new year is likely to give you more attractive offers due to high demand and competition.

·        Do the maths yourself

You may not have a great loan experience with other product but the key to make the best home loan decision is to do the math yourself. The relatives, colleagues and friends may have their own tales to tell but the final decision should be yours and not biased.

·        Online help

Opting for the best deal have become much easier with the help of technology. Many online websites offer deeper insights into the pros and cons of various loan deals offered by different banks in India. Just go through the reviews, feedback and customer experience of these home loans as well.

·        Processing fee

When you apply for a home loan for your under construction flat on airport road Mohali, the bank charges you a variable fee for processing your application. The amount may vary from 0.25% to 2%. This fee is not included in your home loan and has to be separately paid by the borrower. Prefer a bank where this processing fee is low. There are many private banks that are charging zero processing fee. Check them out too.

  • Turnaround time

Always zero-in on a bank that offers fewer formalities and takes less time to disburse the home loan. Choosing a bank with an excellent reputation will ensure less turn around time and great customer service after granting the home loan.

Also, there are many banks that process the loan application with very less documentation. You just need to submit your identity proof, income proof and age proof for quick processing of a home loan for your 3BHK+1+1 independent floor in Mohali.

Looking to invest or by your dream home?

Canvas is one of the best-selling residential projects in 3BHK+1+1 segment in Mohali. This RERA approved project is offering spacious and grandeur ready-to-move flats in Wave Estate sector 85, Mohali. Grab the exclusive festive offers and deals this Diwali and new year. For site visit, feel free to call us at +91 97001 97007. You can also drop an email at [email protected]. For more information, visit https://canvasat85.com/.

Share this Post!

Balvinder Singh Kalra

Leave a Reply