Home Sick?
Mar 21 2007 | Views 90 |
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Tags: Compare loan EMI Home Loan Housing Loan Interest Rate
Tags: Compare loan EMI Home Loan Housing Loan Interest Rate
According to a recent article in Indian Express if someone took a loan at 7.5 per cent 20 year loan for Rs 20 lakh to buy a house he would be payed an EMI of Rs 16,111. Now increase this rate to 10% and the EMI pay back period rises to 70 years. and If one calcultaes the number of years keeping the EMI same (income does not rise as fast as the rates have risen) his pay back period would then include his next generation too !!
In this scenerio where India is entering an era of growing consumerism ( dropping average home owner age is one good indicator) debt is one very common way to fullfill aspirations. With assured and rising future incomes people are become more and more open towards taking debt in a traditionally debt averse society. We are closing the gap with our more developed counterparts in west in this respect.
But one thing that is lacking in India is good research by an average loan taker before making the decision. In more advanced loan markets thanks to high Internet penetration people do a thorough research before choosing which bank or which agent to go with. Using brutally honest Internet space gives them power to analyse all options available to them in entirity. Nothing remains hidden. No hidden fees, no overlooked fine prints.
Cut to Indian scenerio, where we go with an agent because your uncle suggested him or a coworker at office used his services. You go with a bank because you have an account there you you heared from "someone" that it is good. Only a small number of people actually use services of companies like PowerMyLoan.com to compare options available to them for free .
This is partly due to the fact that such services were not available until very recently but the scenerio is changing now. And since buying a house is the biggest financial decision many of us take in our lifetimes, saving of even half a percent in interest rate or getting a zero pre payment penalty may result in a saving of thousands if not lakhs. All this is possible with just a click. PowerMyLoan.com
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