These days there are a lot of financial institutions/banks who are into the loan market. Everybody wants the best and the cheapest deal on his/her loan.
A small negotiation can help you saving your hard earned money. Following are some tips which can help in negotiating with the banks:
1.Work Profile - Your work profile can help you a lot. The company with which you are working, since when are you working, your total work experience etc. everything would be taken into consideration.
2.Credit Profile - If you are having any running loan or if you had any loan in the past, it's repayment track would be taken into account. Apart from this your credit card repayment history will also help you a lot in this.
3.Savings - Your average monthly savings can also help you in negotiating upto some extent. The more you save the better is your credit worthiness.
4.Immediate Disbursement - If your eligibility is not a constraint and you need the disbursement in few days then you can approach the bank after finalizing the property. Most lenders reserve their best rates for immediate disbursement cases.
5.Loan Portfolio - Bundling your loan requirement with your friends, colleagues and offering a higher loan portfolio to the bank. This can be specially powerful if the property is in the same building so that the benefits of reduced legal and technical costs can be passed on to the you.
6.Month-End Trick - If the property is being bought from a reputed builder you can employ the month end trick to get better terms from the lenders. Every bank has monthly targets for its staff and as the month-end nears the bank offers slightly better terms to enable them to fulfill their target.
Specific Home Loan providers- SBI Home Loans | HDFC Home Loans | Dewan Housing Finance Litd | Axis Bank Home Loans | HSBC Home Loans | ING Vysya Home Loans | Canara Bank Home Loans | Citifinancial Home Loan Schemes
Other Useful Articles- Different Types of Home Loans | Choosing Home Loan tenure