My friends have suffered delays in the sanctioning and disbursement of their home loans. I am yet to finalize my property. Is it a good idea that I go for a pre-approved loan?It helps to go in for a pre-approved loan, as the delay in sanctioning of the home loan is done away with. Some of the down sides of pre-approved loans are listed below: * The loan is not always a true reflection of your eligibility as it is primarily based on surrogate income calculations

* The loan is not mapped to a property so there could be a case that the loan is not available for a particular area or property or builder.

* A better approach would be to have a eligibility calculation done to understand the amount to which you can get a loan. This will also aid in your search for your dream home as you have a clear understanding of your financial situation. What is the current interest rate in the market for smart home loan products for loan amounts over Rs 20 lakh? Smart home loan products are usually priced at a premium to regular home loans. The price is usually 50 to 200 basis points above regular home loans, depending on the loan provider.

As current home loans range between 10 – 12 %, smart home loan products range between 10.5 – 14%.I have taken loan from LICHFL for Rs 6.65 lakh and from my employer for Rs 3 lakh, two years back. Now that I want to repay balance amount of loan (approximately Rs 2.5 lakh) to employers, please let me know some of the good options with lower interest rates and 15-20 years repayment period for either Rs 2.5 lakh or complete Rs 2.5 lakh + Rs 6.5 lakh.