In this episode of the Happy Home Loan Podcast by Aditya Birla Housing Finance Ltd., we explore a crucial question for every homebuyer: what do borrowers wish they had known before taking a home loan? Raghuveer Malik, CEO of Ambak, breaks this down into three key stages of the journey: Discovery, Process, and Post Loan Experience.
From the Discovery phase, where understanding loan options and true affordability is critical, to the Process of navigating documentation, timelines, and lender expectations, this conversation highlights what often gets overlooked. We also dive into the Post Loan Experience, including managing EMIs, maintaining financial flexibility, and planning ahead after disbursal.
These insights, drawn from real customer experiences, can help you avoid common pitfalls and approach your home loan with greater clarity and confidence. Whether you are a first time buyer or planning your next purchase, this episode offers practical guidance to make better financial decisions.
Tune in for expert insights and real world lessons on navigating your home loan journey.
#HappyHomeLoanPodcast #PropertyInvestmentIndia #HomeLoanTips #RealEstateIndia #SmartInvesting #RaghuveerMalik #Ambak #HomeBuyingIndia #FinancialPlanning #LoanInsights
[00:00:07] What is the one insight that you've seen home loan customers wished they had before they took the home loan? I'll try to give you three. I'd label them as discovery, 170 lenders, which loan is best for me? Multiple products. Housing finance is not just a pure vanilla product. There are multiple options that can be tailored to suit your financial needs. How do I access that? A lot of customers would end up going to their home branch.
[00:00:36] Sure. Is that the only option that I have? There are more than 170 lenders in the country who would enable a housing finance for a customer with more than 100 different products that I've come across that can be tailored to a customer's specific requirements. So I think that's the first one. Okay. Because it's like, you know, if I buy a car and you buy the same car and I paid 10 lakhs for it and I find out you paid 8 for it, I get very upset about that. Yeah. Right? So I think that's the first one. Okay. The second one is process. There are multiple stakeholders involved in the housing world. Right?
[00:01:06] So there is the builder or the broker that you purchase the property from. Then there is a salesperson or the lender who will, you know, convince you that this is the right bank to take the loan from. Then there is a credit person or the lender will assess your exact worth or ability to take a loan from them. Then there is the person who will do the legal evaluation of the property. Then there is the person who will do the valuation of the price of the property. Yes.
[00:01:31] Then there is the registrar and stamp duty guys that are involved depending on the state that you're purchasing it in. And this can be quite complex for a country where you have, you know, 73-74% of customers in our portfolio who are first time home buyers. Right? So you have multiple states in India, the rules are different in each state. Yes. So how does somebody come in and explain that to you in the right manner so that you don't end up having regrets mid process? Yes.
[00:01:56] That's the second. The third piece comes around the post loan experience. That if I want to prepay a component of my loan, are you going to make me wait in line for a week? Are you going to pick up the phone and do it tomorrow? Are you going to allow me to do it digitally on your website? And this is a 20-year product or a 30-year product. It's that long a relationship? Absolutely. It's a very long relationship. So yeah, so I think that becomes very important. If I need some kind of certificate to provide to my chartered accountant for my tax filings, how hard is it for me to get it?
[00:02:26] Can I just go on your website, go into my account, get it from there? Which is what most of us have gotten used to now. Or do I need to call you up, wait in queue in the call center, maybe get a response, maybe not get a response, get asked to come to the branch, not get asked to come to the branch, that anxiety around it. Yes. Can you help me remove that? So these are, you know, the broad three areas where we see customers coming back with challenges at a later date.
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