Loan aggregator sites can be the starting point of your research, but they may not be completely reliable indicators of latest trends.
The age of the Internet has brought a lot of instant information into our lives. Gone are the days when one needs heavy tomes to provide information on various issues. Today, the smartphone or laptop with an Internet connection serves as the primary information gateway.
But access to a lot of information can confuse you instead of educating you. Out of the need to dispel this confusion were born aggregator sites. From travel to personal finance, and from banking to loans, there are aggregator sites providing information to a wide range of users.
How do loan aggregator sites work?
Loan aggregator sites trawl the websites of banks, financial institutions and financial publications, for the latest information on loans. This information is collated for free dispensation to the public. Data is compiled for interest rates, loan eligibility parameters of different institutions, ratings for best loan products, etc. A user can access this information for comparison between different products.
For example, if you are a new home buyer, you might want information on home loan eligibility. You can use the site’s eligibility calculator to find out how much loan amount you can get. Similarly, you can research the current home loan interest rates being pitched by various banks and financial institutions. This comparison gives you a fair idea of which financial institution to approach for the best home loan interest rate. The site may also have articles and opinion pieces by market leaders for a broader perspective.
But dealing with the housing finance companies directly is better
For all the information they provide, loan aggregator sites are only indicative in nature. They may have the latest information as per all the banks and NBFCs in the country. Yet, the information may not be updated in real time. Also, the data is only meant to educate buyers about the current home loan interest rates before they make the application.
At best, loan aggregator sites provide a starting point for your research. If you want absolutely accurate data as regards home loan interest rate from a particular NBFC, or new offers from a bank, you must contact that NBFC or bank directly. Only that particular financial institution can give you the most accurate and latest data on their home loan interest rates, eligibility criteria, documentation, legal and technical evaluation processes, processing fees, etc.
So while you can use the information from an aggregator site to ask questions and streamline your search, you must partner with the NBFC of your choice to get the exact picture of the process.
Another thing – some loan aggregator sites claim to give offers on current home loan interest rates if you take the loan from a link provided by them. Be wary of such offers – check with the housing finance company whether they are really offering a discount or festive offer at the time.