A better way to sell homes. With lenders some tips to improve their lending customer base I have come up with a few practical suggestions. Looking at advertisements and offers during festival seasons everyone feels that this is the right time for purchasing a flat and along with the flat come home loans as we all know a small flat costs for nothing less than 20 to 25 lakhs and a bigger one would cross the limits of a crore. With Lodha builders advertising a 6 crore flat with latest amenities it is understood that people have the purchasing power and can get a home if they really want to.
People are hesitating to buy new homes and with few exceptions where money does not matter anyway they purchase for investment purposes, and need to divert their finance and what better way than in housing sector as this field has assured and guaranteed returns.
Majority of people applying for home loans are from the private sector and they may not have all the documents in place which leads them to search for those lenders who can offer them loans. It would be better if the lenders would simplify their loan procedures and also ease out the formalities to minimum. As it is every one understands the fact that you will get a loan only when you are eligible for that, which means you have the repayment capacity. Still when you discuss of home loans this topic is not universally acceptable and many people, have the picture of so much high interest and formalities and time taken for approval. Quick easy approval.
Reduce Down Payment since this is the major hurdle for any home buyer. It is a common fact that homes are costlier and out of reach for many working people but the fact remains that people have the repayment capacity, they just can’t collect a large amount at a time. EMIs are fine but the first payment being large amounting to 20% of the total home coat is difficult for many and if these people find a way here suddenly there will be a major growth spurt in the housing finance sector.
Advertise for targeted audience only for some time and see the difference. Would it not be nice to see the Tata and many more in housing industry coming up with affordable housing. If you target the majority public you will get more coverage and definitely more borrowers who approach you.
Reduce interest rate. It may be difficult with the prime lending rate increased but still it can be managed. A home taken on loan will suddenly increase in the total amount so much that if at a glance you see the amount people repel from the thought of repayment of home loans and that too for such long tenures. This puts undue stress for many and also the fluctuating rates which again are like a borrower always sitting on a bomb, you never know when early morning paper news on home loans will give you a shock and a jerk to your finances!
No misleading advertisements and no false promises just affordable housing. Sometimes I feel how much this world of advertising has grown, does it really matter to make misleading ads and give part information, can’t we put forward the truth, I am sure you may not get immediate roaring business but the truth will always prevail. You will get many customers quickly and of course happy customers. A better way to sell homes. Trust from the customers goes a long way!
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