Check your eligibility criteria and the interest rate charged on the home loan
Maintain a good credit score with CIBIL in order to get the home loan sanctioned as well as a lower interest rate
There is no prepayment penalty on the floating rate home loan
Banks do not levy foreclosure charges on floating rate loans
Banks charge around 0.5% -1% of the total home loan amount applied for as a processing fee. This is a non refundable amount and is not returned in case the home loan is not sanctioned.
The bank charges a prepayment penalty which is basically 1-2% of the outstanding loan amount if the fixed interest rate home loan is prepaid
If your bank has reduced rates for new borrowers, and you an existing borrower with a high credit score are charged a higher rate you can approach the bank using the balance transfer as a bargaining chip in order to secure a lower rate from the bank.
Banks conduct a legal check on your documents namely the title deed, the sale deed as well as the encumbrance certificate to validate their authenticity and make sure the home/land does not have any pending dues associated with it.
Have your home/apartment constructed by a reputed builder/developer as they are well versed with the banks legal and due diligence processes which makes a home loan easier to avail.