BY LOCATION:

Your affordability.

Place of work

Market place.

Medium of education

Transport facilities availability

Time taken to commute between the various places mentioned above.

Quality and reputation of the builder

Availability of basic necessities in the vicinity.

Availability of water and electricity.

Pre dominantly a residential or a commercial area.

Availability of medical advisor, medical shops and hospitals nearby.

Pollution in the area.

Traffic congestion in the area.

Monthly outflow towards society and maintenance charges.

Security systems available in the premises.

Existence of cash component (as none of the HFIs fund this component of the cost of the property)

Parking space availability.

In case of a ready / resale property, you need to bear the following additional points in mind while selecting a property:

• Maintenance of the building.

• Internal condition of the building

• External condition of the building

• Water leakage in the flat.

• Condition of the flat

• Presence of neighbors.

• Society transfer charges.

It is virtually impossible to select a property that meets all of the above-mentioned parameters completely to your satisfaction. It is, therefore, necessary to priorities the above parameters and select a property on a trade - off that is acceptable to you.

BY STAGE OF CONSTRUCTION:

Your urgency in buying a property i.e. if you are staying in a rented property where the rentals are exorbitant and if you feel the need to shift immediately, you should opt for a ready property.
 

Availing of discounts from builder i.e. if you are not in urgent need to buy a property, you could buy the property from a reputed builder on a cash down payment option and get a substantial discount on the cost of the flat.
 

Getting a flat of your choice of interiors i.e. it is always easier to get a flat modified to suit your tastes at the time of construction than doing up a ready flat.

HOW TO SELECT FINANCER?

You need to bear in mind certain parameters while selecting a financier and then take a decision accordingly. It is certainly difficult to get the best in each of the following parameters and therefore some sort of compromise will need to be done on the basis of your priorities. The parameters are mentioned below:

Type of Product - Whether the financier is offering a loan product to suit your requirements be it for a NRI or for the purchase of land, etc.

Tenor Range - Whether the financier is offering the tenure of loan that you are looking out for.

Rate of Interest Type - This would depend on the type of Rate of Interest that you are looking out for i.e. fixed or variable rates of interest. Click Here

Rate of Interest Value - The actual Rate of Interest value would also play an important part in your decision. You must always compare the effective interest rate after taking into account all upfront fees etc. and the manner of interest calculation. i.e. monthly reducing, annual reducing etc.
 

Min Loan amount - The minimum loan amount offered by a financier is important to find out if the financier can finance the amount you are looking for.
 

Max Loan amount - Most HFIs have a upper limit on the amount that they would finance. If you are looking for a very huge amount, this could be a factor that needs to be considered.
 

Min age of customer - You will have to consider this factor to see if you fit into the age norms laid down by the HFI.
 

Max age of customer - This would also form a parameter in your decision on deciding a HFI to finance the purchase of your house.
 

Max permissible LTV Ratio - The maximum loan that you would get as regards the value of your house needs to be looked at. The components of the value would also be important .Cost of property
 

Minimum Income - The income norms of the HFI will be a relevant parameter that would affect your decision.
 

Requirement of personal guarantors - Some HFIs insist on a Personal Guarantor. You need to check this out if you have any reservations about providing a guarantor.
 

Requirement of Co - owner - If you intend to buy your house along with a co - owner, you will have to check whether the HFI accepts the relationship between you and the co - owner.
 

Requirement of Co - applicant. - As mentioned for co - owners, the HFI may also insist on only certain relationships as joining your application as a co - applicant. This needs to be checked out while deciding on a financier.
 

Pre-Payment Charges - Some HFIs charge certain prepayment charges when you decide to prepay your loan either in part or in full.
 

Processing Fees - HFIs charge certain fees as processing fees that you will need to pay at the time of submission of application. Kindly check this out before selecting a financier.
 

Administrative Fees - As mentioned above, HFIs also charge administrative fees on the loan amount that has been approved by the HFI. This would vary from one HFI to another.
 

Credit Documents - The type of credit documents that HFIs insist before approving your loan would differ from one HFI to another. Kindly go through the credit documents comparator before you decide on your HFI.
 

Max age of property at the time of application - If you are buying a property on resale, this parameter would be an important one as HFIs may have a limit on the age of the property at the time of disbursing the loan.
 

Pre - approved property list available - Most HFIs have a pre - approved list of properties available for which the documentation would be simpler. Kindly go through the comparator section to get this list.
 

Pre - approved list of employers - HFIs may have special rate if you are an employee of one of its preferred list of employers. Kindly check the comparator to know more about this.
 

Pre - approved builder list - HFIs may also have different norms or documentation if you are buying a property in any of their pre - approved list of builders. Kindly use the comparator section before you select the financier.
 

Pre - approved project list - HFIs, as mentioned above for builders, may also have separate schemes for certain projects. Kindly use the comparator section before you select the financier.
 

Pre - approved profession list - HFIs may have certain schemes to suit customers of certain professions. You may need to check this out in our comparator section before you select on your financier.
 

The above mentioned are some of the parameters that you will need to look at before deciding on your financier. Getting a financier who would offer you the best in all of the above parameters is virtually impossible. You would therefore, need to identify your priorities and the check out on which financier would give you the best option. You could use our comparator section or alternatively, apply to get the best offers based on your details