Need Advice on Choosing the Best Mortgage Loan for ₹45 Lakh (5-Year Tenure)

[Maitri_Maniya]

I’m planning to take a mortgage loan of ₹45 lakh for 5 years. I’d like to know which bank or financial institution offers the lowest interest rates and the best terms.

As I’m new to this process, I would appreciate guidance on what key parameters to consider when comparing offers from two or more banks. For example:

• Interest rates (fixed vs. floating)
• Processing fees
• Prepayment/foreclosure charges
• Hidden costs or terms
• Customer service experience

If you have any tips, personal experiences, or recommendations, please share

 

[S9100]

Usually Government banks offer lowest rates. Nbfc highest.
But it all depends which institutions are ok with risk.

 

[Vasuki]

I’m planning to take a mortgage loan of ₹45 lakh for 5 years. I’d like to know which bank or financial institution offers the lowest interest rates and the best terms.

As I’m new to this process, I would appreciate guidance on what key parameters to consider when comparing offers from two or more banks. For example:

• Interest rates (fixed vs. floating)
• Processing fees
• Prepayment/foreclosure charges
• Hidden costs or terms
• Customer service experience

If you have any tips, personal experiences, or recommendations, please share

Take atleast 15 year home loan
You can do big chunk pre payment & save on intrest
If you take 5 year u won't save much

Check this thread for all your query
Thread 'Home Loan Basics ( How to save on home loan and Taxes )' https://www.technofino.in/community...ics-how-to-save-on-home-loan-and-taxes.25696/

 

[Maitri_Maniya]

Take atleast 15 year home loan
You can do big chunk pre payment & save on intrest
If you take 5 year u won't save much

Check this thread for all your query
Thread 'Home Loan Basics ( How to save on home loan and Taxes )' https://www.technofino.in/community...ics-how-to-save-on-home-loan-and-taxes.25696/

i need to take mortgage loan( loan against property). i think it's different from home loan?

 

[sidp]

i need to take mortgage loan( loan against property). i think it's different from home loan?

Yes it's different.

Floating rate would be better as the rate are high now. Floating rate also means there should be no foreclosure charge.( still check tnc)

My advice would be to 1st check which banks allows the debt value under nrv/trv. Visit all banks ,may be even multiple branch of same bank. Don't give them pan details. Else all will do hard enquiry. Ask Who can remove precessing charge. Who one can give any additional benefit like high variant cc/locker etc.