There are various forms of housing loan packages available in the market. When a projected borrower make housing loan comparison, it is vital that a fair comparison is made. Being careless in this can result in accepting an incompetent deal.

Compare between different home loan lenders with familiar feature on interest rates and fees, percentage financed, down payment amount, repayment options etc. There can be varying number differences in the offers. Few lenders may offer attractive interest rate but charge higher processing fees. Another may waive processing fees provided you take up their in-house home insurance package.

Different lenders can have differing lending policies. It is mandatory for a borrower to learn how much the lender is willing to finance. One may admit to finance 80% of the property cost while the other may choose to finance 60% of property cost. Different lenders have their own set of internal policy.  Factors like location of property, applicant’s credit history, builder profile are taken into consideration by banks while approving Home Loan. So be careful when comparing housing loans. Policy of one lender is not good enough to educate you on the whole loan market. So in a nutshell when applying for a home loan don’t trust any friend or agents for understanding the terms and conditions involved in an agreement. Ensure you analyze your options and buy the best deal. One should however, do a systematic market research regarding the comparison in order to find the most feasible package.