Released on: September 8, 2007, 9:37 pm

Press Release Author: ecompare

Industry: Small Business

Press Release Summary: Using a website like www.ecompare.co.in is a good starting
point for your search as it conveniently gathers all of the key interest rates from
the leading banks into their site.



Press Release Body: HOME LOANS - TIPS TO CONSIDER

A home is a place that symbolizes freedom and liberty. Having a personal home is one
thing that every one desires. Today\'s youth are hard working and career driven and
are not ready to compromise on the quality of their dream house for a few bucks.

Luckily there are a multitude of options to find cheap home loans in India ..
Individuals can borrow from banks or housing finance companies (HFC) to finance that
dream home.

Five steps in choosing the right loan

The current housing loan market requires proper research before opting for a home
loan.

1. Gather data on interest rates

It is a wise proposition to get interest rate information from more than one source
and compare the offers. A long term loan will mean lower EMI but probably a higher
interest rate and result in paying more for the house.

Using a website like www.ecompare.co.in is a good starting point for your search as
it conveniently gathers all of the key interest rates from the leading banks into
their site.

2. Understand the fees

The processing fees, administration charges and the quantum of loan should be
discussed properly. It is better to have a written statement of all fees connected
to the loan from the lending bank itself. Here again www.ecompare.co.in will assist
you in understanding the fees charged.

3. Pre-approval letter

Sometimes banks issues a pre-approval letter agreeing to finance a certain amount
which can give you peace of mind in finding that dream property. This gives a
significant weight and sellers deal seriously when this letter is in place and can
even enable you to negotiate a better deal on the property. This is more important
if one is taking bank loans for commercial properties.

4. Negotiate loan

Most lenders will bring down their charges for customers with a dependable
reference, so do not be shy about bargaining. A bargain deal will fetch a home loan
at around 0.25-0.5% lower than official rates.

5. Avoid greedy lending

Do not deal with a person who asks you to include fictitious data on your home loan
application to get quick approval. Also do not get pressured into borrowing
additional finance than needed.

Research the market to find the best interest rate deals

www.ecompare.co.in is a useful resource to find out more about home loans before you
buy. It allows you to perform side by comparison of different home loan products and
provides you with all the key eligibility, documentation and home loan details
including EMI\'s and interest rates that are important to your decision making. It
can certainly save you time as you do not need to go around all the banks to find
the current rates. More importantly though it should save you money by leading you
to the best deals available in the market.

For more details log on to www.ecompare.co.in

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Web Site: http://www.ecompare.co.in

Contact Details: 9948012456. For more details log on to www.ecompare.co.in