Buying a house in any one of the metropolitan cities in India costs an arm and a leg. Till a couple of years back, houses in the suburbs were still affordable and a lot of families living in Delhi invested a major part of their income purchasing plots of land, houses and condos (flats) in the suburbs.
Gurgaon and Noida were without a shadow of a doubt the newly discovered green pastures and those who invested in these two places are now enjoying the huge returns on their investment. Unfortunately, for the rest who either didn’t have the money or the foresight to invest in these lucrative properties, are now ruing their fate.
Property rates in these two zones spiked once Metro connected them to Delhi. While new housing complexes are always under construction, the easiest way for working professionals to fulfill their dreams of owning a house is by applying for affordable housing loans.
Cheap Home Loans from HDFC
Home loans from HDFC have allowed thousands of young hopefuls buy a house under easy and affordable terms. Applicants can apply for up to 85% of the cost of the property, which includes the cost of the land. This percentage is usually based on the repayment capacity of the customer. The maximum repayment term of the loan is 20 years, which is subject to the retirement age of the customer.
Home Loans from ICICI
ICICI boasts of one of the most convenient home loan plans in India. It has several attractive features, which have been designed keeping in mind the needs and average income young, salaried, newly married couples who are keen to purchase a house in Noida and Gurgaon. Like HDFC, ICICI too offers a maximum repayment tenure of 20 years.
Documentation is thankfully kept to the minimum and all loan papers are delivered to your doorstep. Moreover, when you apply for a home loan you also automatically become eligible for a free personal accidental insurance. The current bank base rate of ICICI is 7.75%, which is one of lowest rates being offered by any bank in the country.
Compare Home Loans Online and Get the Cheapest Rate
However, in order to make a well-researched decision it’s important to move beyond the traditional sources. While all nationalized and established private banks offer home loans, there are several websites that allow you to compare quotes from several different banks. Netazee.com allows you to compare home loan quotes of over 60 top Indian banks and will help you get approved for the loan within 24 hours. EMI per month on the principal loan amount being offered by this company is currently Rs 799 per 1 lac.
There are dozens of other websites you can visit to compare home loan quotes. Getting a cheap home loan is all about research and negotiation. Most banks will agree to customize their home loan package if you have thoroughly researched your figures and are aware of the current market situation.