The most significant financial decision of your life is buying a house of your own.
And, once you have finalised the home you want to buy, the next important step is to identify the bank or financial institution that will provide you with a loan for its purchase.
 You can start the search for a bank that can provide you best home loan by considering the following important factors:  

Eligibility and loan amount:- The loan amount is estimated & decided on one’s monthly income. The property’s value is also a factor in determining the loan amount. The loan amount granted is between 80% and 90% of the property’s actual value. 

Rate of interest: Your home loan’s interest rate will determine your EMI and outflow. Do your research before you choose the bank to take out the loan. It would be best to find the lowest interest rate possible on your loan. Also, it would help if you decided whether the interest rate on the loan you choose is fixed or floating. You should choose the floating rate if interest rates are falling. However, fixed rates of interest should be chosen if interest rates rise. 

Prepayment terms and processing fee: The bank will charge you a certain amount to manage your loan application when you apply for a loan. The processing fee is usually between 0.20% and 3% of the loan amount. It would help if you chose the bank with the lowest processing fees for your loan. 

Emendation to the loan rate: Make sure you keep an eye on your bank to see if there has been any change in the interest rate. The Reserve Bank of India makes this change to the interest rate. The floating rate of interest is for those who choose to opt for it. They must select the banks that adjust rates immediately after announced policy changes. 

Documentation Process: Banks require income proof, age proof, and identity proof to process loan applications. 

Turnaround times: Choose a bank that takes a shorter time to approve and disburse your home loan. A bank with a strong reputation regarding turnaround times and customer service after the loan has been disbursed should be chosen. Before you decide on the right loan for you, do your research.