While you choose a best bank for home loan, you need to browse through certain parameters that assist you to choose the Best bank for Home Loan to you in 2022.

Rate Of Interest (ROI): 

This is the most common factor in deciding the Best Bank for Home Loan in 2022 before availing it. Lower the ROI, higher is the lucrativeness of the Home loan product of the bank to the customer. But wait!!! There is a caution. Lower interest rate may have higher fee structures & hidden cost imbibed in the product not disclosed upfront.

Conclusion: Lower or nearer to the available lower ROI, from banks /Financial Institutions (FIs) may be selected prior to finding the Best Bank for Home Loan in 2022 subject to examination of the following parameters.

Loan To Value ( LTV):

Loan to value is very important criteria to be examined while choosing the best Bank for home loan for you in 2022. Higher the Loan amount to the assessed value of your property, greater is the advantage you get to acquire better property /location/larger built up/super built up area besides giving you better bargain power for property dealing.

Conclusion: Try to avail higher LTV Always while choosing the Best Bank for Home Loan in 2022

Processing Charges:

Processing charges taken by Banks/FIs for your loan application generally has a band of 0.25-2% of the sanctioned Home Loan amount.

Negotiability if allowed, as per your capability, credibility & profile makes the lender as Best Bank for Home Loan in 2022. Some lenders maintain higher cap on processing fees irrespective of the Loan amount sanctioned.

Conclusion: As you can save substantial amount of money depending on the quantum of your Home loan amount, you should go for a negotiable fees structure to your advantage when you decide to choose the best bank for Home Loan in 2022.

Turn Around Time ( TAT):

Turnaround time is the time taken from submission of your Loan application file to the Bank/FIs to the date of sanctioning of the Home Loan and actual disbursal.

The best bank for Home loan practice Lower TAT that allows you to plan your acquisition of property with proper budgetary planning and relocation to new property.

Conclusion: Before you short list the Bank for Home Loan in 2022, Try to understand and take commitment from the lenders about this TAT of course subject to your submission of all the documents desired by them.

Ensure they collect verify and assess the documents & your credentials/financials etc. based on certain basic criteria as stated by the lenders prima facie.

Margin:

Margin money is your contribution to acquire the capital asset through Home Loan. The best bank for Home Loan in 2022 allows lower margin as low as 10% of Home loan amount on the assessed value of the property.

Option of lower margin gives you the power of maneuverability to use your liquid resource for better interior planning adding other facilities etc. post acquisition of your property.

Conclusion: Lower is the margin, better is the choice for you to pick up the best bank for Home Loan in 2022.

Suitable Home Loan Product :

This is also one of the most important parameter to be examined before choosing the best Bank for Home loan in 2022 to you. There are few components that comprises the Suitability of the Home loan making it best for you.

• Tenure of the Home loan to be repaid. Standing at your present age, what is the maximum years of repayment allowed to you? The best Bank for Home Loan in 2022 makes this criteria flexible on the basis of your income matrix, in the present and prospective time horizon, you get better lee way to plan your financial commitment & this makes it the best bank for Home Loan in 2022 .

• Your individual CIBIL score & opinion on it by some Banks/Financial Institutions (FI) become the major determinant for sanctioning you the Home Loan to you. But the best Bank for Home Loan in 2022 to you, take a holistic approach and takes an accommodative view without compromising the other criteria or by enhancing other financials likes ROI/processing fees etc. that may not be a considerable burden on your resources.

• Income /Repayment capacity: Again , the best Bank for Home Loan in 2022, accept lower slab of income, say for example 30000/-p. m in the lowest band instead of 50000/-p. m and above. They may also consider the income of the co-applicant and set higher limit. For example a person with income of Rs 80000/- p. m may get a sanctioned limit of say X. But another applicant with income of 50000/- p. m + income of Rs 30000/-p. m of the co applicant may get a limit of X+A.

  Conclusion: The Best bank for Home Loan in 2022 allows all these factors in a way suitable that fit into your individual and or your co-applicants financial grid.

WHAT A BEST BANK FOR HOME LOAN IN 2022 DOES FOR YOU:

The best Bank for Home Loan in 2022, offer transparent model of Home loan structure, where you find no hidden charges/cost combining all the above mentioned factors that suits your overall planning, projection, saving of money in long term & offers best comparative rate of interest that give option of longer tenure to repay the Home Loan releasing the mortgaged property at your disposal.

Finally, To arrive at the correct decision to choose the best Bank for Home Loan for you in 2022 among various Banks, you need to consult the expert and seek their advice.

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