Buying a house is not a cakewalk. There are many questions one has to answer before finalising on a house that they would love to make it their own. Starting from not-so-accessible location to demanding owners selling it, there are many problems a home buyer faces while searching for a dream house. And not to forget, there will a mountain of paperwork to check, verify, and sign and the pressure of arranging the required down payment.
Top Problems a Typical Home Buyer Faces
Real estate agent versus online advertisements: As soon one decides to buy a house, the first immediate question is if a real estate agent is required or not. Many prefer going online and searching for houses for sale as they can avoid brokerage and they can find a plethora of beautiful houses available for every budget. One can also play with the filters and refine their search to find a perfect house that suits all their requirements. However, there are many who still prefer the conservative way and choose agents to show them houses and are willing to pay a huge brokerage fee.
Location of the house: One of the main hurdles a home buyer faces is deciding the location of the house. There are many advices available online on how to choose the ideal location. However, there is no universal rule. Few home buyers prefer picking up an affordable and spacious house on the outskirts of the city than investing a massive amount for a small apartment in a prime location within the city. If you are planning to buy a house, you will have to carefully choose a location that will suit your needs.
Not-so-honest owners: When buying a house many fear fake owners. There are many house owners who are not honest when they sell their property. One of the biggest fear any home buyer will have is if the seller is being honest and giving all the required information. This has also been a concern as owners remain mysterious in most cases.
Property titles: Most of the properties in our county is in litigation. Every home buyer should check the paperwork and see if the property titles are clear. This is a huge challenge as many real estate agents or owners themselves can talk us in to buy the property even though the title is not clear. Many owners claim that the property is jointly owned by a relative who will never cause a problem without getting a consent to sell the house from all the parties involved. This often leads to litigation or an expensive settlement. Therefore, getting a property with clear titles is a huge issue.
Budget and bank loan: To find a perfect house within one's budget is a challenging task. Budget is an important factor that decides the type of the house and the location you can pick. There are very few buyers who can pay the entire price of the house in cash. Most of the home buyers compromise on the house as they do not have sufficient funds to buy the house they want. Most home buyers depend on home loans to buy a house. When the banks fail to offer a good deal, their dream of owning a house is postponed.
Buying a house is not a decision one makes frequently. It is a once in a lifetime decision. It requires a lot of planning, searching, and networking. These are only a few problems that home buyers face when they are planning on buying a house. There are many other issues like the appreciation cost in the area, bad credit score, and false promises by builders/developers. Hope you find the right house!
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I have taken Home loan directly through Corporation Bank .I have applied for the loan amount of 12 lakhs for the tenure of 18years .More documents collected for this home loan and got the loan amount on time and it was really sufficient .There was no drawbacks faced so far .I am satisfied with the service .
I had applied for home loan with HDFC limited on few months before, they have sanctioned a loan for 22 lakhs but due to some problem of my builder from my end I kept on hold for the loan process. They have detected for the processing fee of 11 thousands but they refunded 9 thousands rupees. The tenure of 15 years. Interest rate was nominal of 8.55%.
With HDFC limited I have taken home loan on 8 months before which was processed through them directly. They have approved for 8 lakhs but as of now I have taken only for 5 lakhs remaining 3 lakhs I will get later from their end. Due to shop will come in commercial loan so I have split the loan amount to get it. For the tenure of 15 years. The processing fee for 5000 rupees. The rate of interest 8.8%, they have sanctioned the loan within one month.
I have availed Home loan directly through Punjab National Bank .The rate of interest and the processing fee was very high ,I have got the loan amount on delay basis and i have applied for 26 lakhs for the tenure of 15 years.I have not faced any difficulties until i have received the loan .
SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. My EMI is not yet started. They sanctioned the loan in 2 working days.
SBI is a best bank and they had a better option. There is only simple documentation required and executive came to my place for collecting all the documents. I got the loan within 7 days. SBI did not taken any processing charges and they gave better and cheap interest. They take minimal time and better response from the customer care so i had chosen SBI for my home loan.
My home loan was purchased from Central bank of India. The branch offer was approved the loan immediately and they had a good behavior with the customer. I got the better clarity about the loan process as well as the rate of interest in central bank of India is less than compared to others so i have chosen this bank and the Branch Manager helped me in a better way.
From DHFL I have taken a home loan almost more than a year. One of my cousin's friend working there he recommend to apply for a home loan. The process was smooth and sanctioned a loan within 6 days with sufficient amount of 20 years. The rate of interest was high.
ICICI bank has provided me a home loan at the time of i want on a immediate basis. Since the necessity is over they have provided me a timeliness loan. I taken the loan amount of Rs. 10 lakhs and the have charged me a higher interest rates which i'm not comfortable with.
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DIVYESH PRATAPBHAI FERFA
Reviewed on Oct 05, 2019
I have balance transfer for a home loan with existing finance to HDFC LIMITED. One month before only I have a transfer of a loan. They have outstanding amount of 10 lakhs for the tenure period of 10 years. The rate of interest is 8.6% only for mortgage charges for 8 thousands need to pay for it.
I have taken a home loan with SUNDARAM FINANCE on 10 years before which was processed through them directly. The amount which was given for 13 lakhs for the tenure period of 20 years. There was lot of issues I faced with them customer service is not good response. The rate of interest was high of 14% compare to other.
I have taken home loan directly through State Bank Of India .The rate of interest and the processing fee was nominal ,I have got the loan amount on time and got a clear picture about the loan process ,I have availed this loan for the tenure of 20 years .I have completed only 2 years of EMI so far .,
I have taken Home loan directly through Central Bank OF India ,I have got the loan on exact time ,The rate of interest and the processing fee was nominal ,I have got all the details about this loan very clearly through bank agent.The process was very easy and still this loan is active .
Nearly 11 years before I had taken a home loan with STATE BANK OF INDIA which was processed directly to them.The loan amount was sufficient for the tenure period of 15 years. The rate of interest and processing fee are nominal. They have sanctioned a loan within few days and the process was good.
I have just applied the home loan from Central bank of India. I had a reference over there hence i applied the home loan from Central Bank of India. Documentation process was hassle free. They have offered me a interest rate of 10.1% and the processing fee was 1% of the interest amount +18% GST charges. They have dispatched the loan 20 days. The staffs are so friendly
HDFC was the only bank which is offering for the home loan in the area where i have purchased the house so i opted with HDFC LIMITED. I had applied the loan amount of Rs. 28 lakhs and the given interest rate is 8.5% and they charged me a processing fee of nominal one. I took the loan 3 years ago and they took 40 to 50 days to sanctioned the loan.
I took a home loan with PNB Housing Finance Ltd because the terms and conditions are very liberal at that time, I have been expecting higher loan amount for my purchase. They have fulfilled my requirements and its more than 90%. The rate of interest is little bit higher and they are not following RBI guidelines. When interest rate is increased, they have started charging more but not reduced when it got reduced.
I have completed my home loan with HDFC BANK before 3 years ago. I did foreclosure and that time the interest rate is not much. I bought a residential property and the loan procedure is very easy because my papers are strong and clear to proceed faster.
I have applied for Home loan directly through Bank Of Baroda and got the loan on stipulated time .This loan was upto 15 years and got the loan amount on time ,The agent gave all the required information about the loan process .I have got all the required details about the loan process and there was no drawbacks faced as well.
I am not happy with rate of interest which was given by LIC Housing Finance. I have purchased the Flat in 2017August. The loan amount was 40L and its 15 years tenure. The processing fee is not applicable. The customer service is good. But every year, they are raising the interest rate which was not good.