By Sreejita Talukdar, Content Writer, Homes

Home Loans: Fulfill the 'DREAM' with the help of 'DREAM-BUILDERS'

Home is abode of happiness. Home is the strong shelter which covers you from any danger like a stringent power. We all admire and weave a dream of having our own house where we can spend quality leisure with our loved ones. Buying a home or owning a property is not that easy as it reflects. In the country like India, majority of the population belong to middle class and lower middle class group, beyond that lies the BPL and EWS section, who find it an immensely tough nut to crack. But at the end of the day our desire for the dream house doesn’t let us to sleep until we achieve that. Now-a-days people are fascinated to own their property rather than paying a hefty amount for rent.

Unlock the comfort of your dream castle and embrace ultimate luxury without feeling the burden of liabilities.

Loan Prepayment

As home loan is a big liability, so people always wants to prepay some more amount at a time so that he can repay the loan faster. This prepayment will also help you to save your money which you need to pay as a part of EMI. A standard home loan interest may range between 8.5% to 9.5%. Some banks charges higher interest rates for home loans, in that case, prepayment of home loan is a good choice as you can save up to 3-5 lakhs with this instrument.

Collaboration of Technology & Government initiatives in shaping the future of Home Loan

Like any other field, Home Loan has also witnessed a paradigm shift and gone through a significant transformation. This transformation is driven by technological advancements, changing consumer preferences, and innovative financial solutions. Artificial Intelligence & Machine Learning has been transfiguring the process for home loans. AI Algorithm can read and assess a vast amount of data at a time more accurately and efficiently.

After the concept of biophilic architecture got traction in India, government has come up with ‘green home loans’ to encourage people to build eco-friendly properties or for implementing energy-efficient features in homes. This green home loans offer lower interest rate.

The Future of home loans will involve paperless verification process, containing electronic signature. The concept of Neo Bank or digital bank is gaining popularity due to its user friendly interfaces which provides a seamless customer centric financial transactions.

With co-lending partnerships between banks and NBFCs customers can get a wider range of home loan products, which provides a better offering of loans and efficiently managed customer service. With the help of advanced financial technologies, instant loan disbursals have become a child’s play now. It allows the borrower to get quicker access to fund grab their dream property within a blink of eye.

In a nutshell, with time, the shape of the society is changing giving birth to upper middle class group, nuclear families with working parents. In such a scenario, people have extra chunk of money which they usually prefer to invest in buying property, so in this contemporary society the searches and enquiries of home loan has been increased, and internet searches with ‘home loans near me’ or ‘home loan lenders near me’, have shot up by nearly 80%. With the propelling trend of Indian real estate, home loans are playing the key role in solidifying the landscape of home ownership. However, a strategic foresight is crucial to navigate through a protected path without the complexities.

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