5 Factors Affecting Home Loan Interest Rates

Many first time borrowers are hastily impressed by the interest rates advertised in newspapers and television ads. However, most people don’t get their home loan at those advantageous rates. There are a few factors to bear in mind to get the ideal home loan rates possible for your brand new home.

• Credit history

This factor is all about financial standing. It allows the lenders to see your repayment ability, which is one of the most important factors. The smart thing to do before you apply for a home loan is to improve your credit history. Get rid of those credit card debts and personal loans. There are a number of things that you can do to show yourself as a reliable candidate for a home loan. Hence, you should take all the necessary steps to let these factors work in your favour.

• Nature of employment

Since your income is the means of repaying your EMIs, the nature of your employment is essential to your lenders. If you’re working in a smaller organization, you may come across as a less reliable candidate as compared to someone working for a public sector bank or a government job since their income is considered more consistent. Thus, your organization, years of experience and appraisals affect your credibility and repayment ability. If you compare a professional to a SME business owner with the same income, a professional is sometimes deemed more credible. You can certainly make this bias work in your favour. Today, most employees are job-hopping only for a 5 to 10 percent increment in salary. You can either choose to work with a more established organization or apply for a loan along with a co-applicant, who is working in a reputed organization.

• Your lender and home loan market

Many banks and housing finance companies are offering home loans today. There is a huge market and substantial competition. So it makes sense to apply to several organizations and let the competition work in your favour. If you get an approval from more than one organization, you are in a good position to negotiate and get the best possible housing loan interest rates .

• RBI

There are some factors that affect your home loan rates considerably; however, these factors are not under your control. The Reserve Bank of India has several rules and regulations that affect rates for all kinds of loans such as SLR (Statutory Liquidity Ratio) Rate, Repo Rate, Cash Reserve Ratio (CRR), etc., which you need to be aware of.

• Economy

The economy of India can also affect interest rates significantly. It is possible, though, to anticipate the possible changes to an extent and use them to your favour. So, make sure you use these factors where you can.

Finding locators in selenium

Before performing any operation on any web element or any web component we need to tell the web driver where exactly that element resides on the web page. We can see the web element with our eyes but webdriver can’t. We need to tell it, that go to this particular location and perform this particular operation. To do so we make use of XPath. XPath is the XML path of a web element in the DOM. When you visit a website in google chrome and right click on the web page and select “view source”, you’ll see an HTML page with huge chunks of HTML, CSS, javascript code. You’ll find that the web page is developed with huge chunks of HTML tags

Some common HTML tags are:

div=division
span=span
p=paragraph
a=anchor tag
tr=table row
td=table data
ul=unordered list
li=list item
ol=ordered list
h=heading
label
input
and so on.

These elements also have some attribute and their corresponding attribute values.

For e.g. a div tag also has a ‘class’ attribute, or ‘id’ attribute, etc. An anchor tag ‘a’ must have an ‘href’ attribute. These attributes must have some values like class name, or id name.

So we can make use of these elements to find the xpath of our web component. You can find xpath without using any additional addon like firebug or firepath. Open the website in google chrome and right click on the element for which you want to find the xpath and click inspect element.
Now on the inspect element window press ctrl+s.

The basic format of xpath is

//tag[@attribute name="attribute value"]

Suppose there is a division in html whose class attribute value is “abcd”, so we’ll write like this: //div[@class="abcd"]
It means, find a division tag in the html whose class attribute value is “abcd”.

If we write like this //*[@class="abcd"] i.e. putting an asterisk in place of tag, this means, find any tag in the html whose class attribute value is “abcd”.
If we write with a dot operator like .//*[@class="abcd"] here the dot represents the child node. It means the processing starts from the current node. To be more precise find any tag in the html whose class attribute value is “abcd” and start processing from current node. If we do not use dot and simply write //*[@class="abcd"] then it will search class with value “abcd” in the entire document.
If you further want to go inside a parent tag, then you can use a single slash in the middle of the xpath //div[@class="abcd"]/ul/li/a this means under the parent division whose class value is “abcd” find an achor tag which is under ul and li tags. All these xpaths represents either an element or a list of elements on the web page.

XPATH AXES

Axes are the methods used to find dynamic elements. There are instances when you’ll find that the attribute of an html tag gets changed. Due to this your previously written xpath won’t work if the attribute value of any of the tag gets changed. To overcome this, xpath axes have been introduced. These are nothing but the functions which can be used inside our xpath to fetch the correct location even if the attribute is dynamic. The first such function is

1. contains().

suppose there is an attribute value “btn123″, and the numeric figure keeps changing, the numeric part is not constant it keeps changing. so you can write .//*[contains(@name, 'btn')] this means find any tag starting from the current node whose name contains “btn”. OR and AND: You can use ‘or’ or ‘and’ inside your xpath. For e.g. //*[@type='submit' or @name='abcd'], this means select any tag whose type is submit or name is “abcd”. //*[@type='submit' and @name='abcd'], this means select any tag whose type is submit and name is “abcd”. The satisfaction of both conditions is necessary.

2. starts-with()

//label[starts-with(@id,'abcd')]
It means find a label whose id starts with “abcd”.

3. text()

.//td[text()='abcd']

4. following:

Find all elements in the DOM starting after a particular node For. e.g.
//*[@class='post-content']//following::a This means find all the anchor tags after ‘post-content’ class.

You can see, it is giving 18 anchor tags after ‘post-content’ class.

But what if you want a particular tag? For this you can specify the index as below.

5. ancestor:

Find all elements in the DOM starting before a particular node For. e.g.
//*[@class='logoCotainer']//ancestor::div
This means find all the div before ‘logoCotainer’ class.

6. descendant

All elements after current node
//*[@class='uppermenubar']//descendant::div
This means find all div after ‘uppermenubar’ class.

7. preceding

//*[@class='navigation']//preceding::div
This means find all div before class “navigation”

8. child

//*[@class='uppermenubar']//child::div
This means find all child divisions (div) of class ‘uppermenubar’

9. parent

//*[@class='navigation']//parent::div
This means find parent div of ‘navigation’ class

Now that xpaths are being found, you can now use them in your selenium script as below
driver.findElement(By.xpath(“//*[@class='navigation']//parent::div”));
Here By.xpath(“//*[@class='navigation']//parent::div”) will return a By class object. So ultimately we are passing a By class object in findElement method.

SUMMARY

In this lecture, we’ve learned that before performing any operation on the web elements, first, we need to find the exact location or path of that web element and instruct the web driver to go to this path and perform a particular operation. Unless we find the location or path of the web elements how can we instruct our web driver to perform a particular operation on that particular element? For e.g you want to click a button on the web page, or you need to input some text in the text field. First, you need to find where exactly that element is present on the web page. To do so, we can find the tags, attributes, values of those web elements from the page view source and write our xpath

How To Negotiate For Better Home Loan Rates In India?

When looking for a loan, you should understand that you are the customer. You are what financial institutes want. They need to give you the loan. This is the right attitude to have when you begin considering home loan rates and various lenders. Most borrowers over-extend their time in research and application. Therefore, they end up in a situation, where they believe that they don’t have a choice but to sign on the dotted line. There are smart and strategic ways to get lower interest rates on housing loans, though. Understand your value and try implementing some the following ideas:

• Look around

When you plan to buy a new property, you need to contact a lot of lenders. Banks and housing finance companies should know that they are not your only option. Several lenders create customized house loan packages with the home loan interest rates that you will accept. Your acceptability is important to get you as a customer. If they understand that you are not desperate and are looking for a mortgage partner that is agreeable, they may offer the best home loan interest rates that they can and you will be in a position to accept or reject as you have multiple options. Both, interest rates and home loan companies in India, are very competitive. You should know how to use this fact to your advantage.

• Hire a broker

After you check out the market, you must approach select housing finance companies in India via a certified agent or broker. This establishes a stronger sense of competition. There are benefits and limits to this approach, though. Brokerage expenses get added to the list of potential expenses; however, it is well worth it if you are considering a sizable number of lenders for a housing loan. You will definitely get the lowest housing loan interest rates in India if you can leverage the relationship of the broker and the lender.

• Monetize your strengths

This seems generic. Yet, in this particular case, it implies that as borrowers, you have several points that can be used to your advantage. So, it is important that you know them to use them well. Here are some examples:

o Credit score: It is a trump card in the hands of right player. Use it well.

o History with the bank: Do you have a long standing account with the bank? It gives your bank a unique and trustworthy insight into your operations and credibility. It can be a great foundation for rewarding negotiations.

o Use your repayment track record well: This implies that you can ask for better home loan rates after signing on the dotted line. It is not impossible. It depends on your proposition and your way of asking.