Yes, Your Communication Skills Can Fetch You A Great Home Loan Deal

This childhood memory haunts many of us. Despite knowing the answer to a question that the teacher had dished our way, we would not be able to answer it. In our attempt to put our point across we would reach a point where we would start looking stupid, much to the amusement of the class. The class would not be without those students who were gifted with a great speech. Even if they answered only parts of the question correctly, they could dazzle the teacher with their vocabulary and style of delivery, igniting much awe in the teacher and a great deal of disappointment among not-so-gifted orators. Even as small children, we were made aware of the power of talking. As we grew old, the realisation only gained deeper ground.

Apart from making your life easier, good communication skills would be of great help when you decide to be a home owner. Hang on! We are not referring to you striking a better deal by haggling with the seller or the broker here. It is already understood that you have managed to work things in your favour already in the regard. Now is the time to use your skill to get a better deal from the bank, too, where you have submitted a home-loan application.

Most of you might react with — how is that possible? Banks have preset rules which they strictly follow. All applicants are treated equally, irrespective of their skill sets. In serious matters relating to high-value investments, softer skills may lose their impact. To a great extent, you are right. However, you do have an advantage over other in case you are a persuasive speaker who can assure the banks you happen to be a zero-risk prospect.

Here are some tips:

• You could flaunt your high credit score, and based on that ask the bank to offer you a home loan on a slightly lower rate of interest. Do not be shocked if they agree to do so. Conversations may also lead to the bank cutting down or waiving the loan processing fee and several fringe expenses that you have to bear as a borrower. The same rule applies with regard to the several rules and regulations that are part of home loans.

• Your communication skill will come handy when you decide to switch lenders in the wake of falling interest rates. Your bank would love to retain a customer such as you and would offer to make the deal sweeter.

While using the power of your talking, however, do be mindful of the fact that:

• Banks may refuse your request for something. However, this should not discourage you. When you do not ask for something, you most certainly have no chance of getting it. When you ask for it, there is always the possibility of getting yes as an answer.

• Bluffs would certainly not work. What you say has to be factually correct. Banks would do all the background check to find out everything about it. The power of communication must actually be used to highlight the positives about you, based on facts.

• Passive “threatening” may often not work. Be persuasive without being negative.

Also Read: How Does Paying An Extra EMI In A Year Help You?