Enterprise Resource Planning Systems and Field Service Management Software Open New Revenue Streams

The field service management market has seen steady inflation with the latest research that predicts a growth from $1.78 billion in 2016 to $4.45 billion in 2022. This growth influences more businesses to choose field service operations as an option when deciding upon their growth strategies. The world of field services is reaching great heights. In an era where there is an advancement in technology, the companies' main goal is to gain maximum profit through their services.

As of now, the companies have opted for new business ideas to cover the flaws which the existing enterprise resource planning systems were incapable. The ERPs' functions are unable to handle are mobile technician scheduling, contract and warranty management, and subcontractor management. an integrated field service management software solution helps in managing all these functions.

If these two business components can be combined together, field service providers can improve their offerings and thereby open fresh opportunities for revenue. The amalgamated solution can better the prospects for the future of the field service lifecycle entirely. 

No Standard Solution :

Even though the combined concept of these two business components sounds beneficial, it is not easy to bring two different enterprise platforms together. Integrating the two systems is not very simple. The solution is not a single step ahead. Combining the FSM software along with the other business tools can pose as a challenge.

There is no proper solution that can help all the providers. Field service software needs to be highly configurable. It needs to be flexible enough to manage data and business processes which is distinctive to each customer. 

The providers need to make sure that they are looking for a flexible solution that is capable of subsuming multiple services and is also able to accept configuration from their existing ERPs. For instance, there needs to be a solution that can combine its own core functionality with that of multiple independent software vendors. This would mean that those vendors can help with planning the integration plan. Each arm software builds around in a way that allows them to stick to their own identities and USPs while also help in facilitating maximum compatibility with central teams. 

Important Merging Points :

No matter whichever FSM solution is combined alongside whichever ERP solution, for the integration to run successfully, a few key areas needs to be considered. In modern business, data is immensely important, and this is held by the ERP solution. If the data is about the customers, suppliers, inventory, etc., which is accessed by the FSM platform, the chances are that permission is granted for data transformation. This is the reason why the decision needs to be taken on whether this function will be handled by the FSM software of the ERP will be allowed to control.

The other field which requires data sharing between FSM software and ERPs is sales and purchasing. The FSM software requires to extract information from the ERP to create invoices, sales orders and service orders. Then this data stores in the FSM. The alternative option is to take data from both systems, which will increase the complexity of the task and is also quite time taking. In this case, information about the price needs to confirm in the ERP before the FSM solution allowed invoice creation. 

We can also take stock as an example in this case. It will demand the on-site technicians to adjust their inventory levels in order to carry out their job. If the FSM software is able to modify the master data, then it will be easy to adjust the stock levels in no time.

The other example that we need to keep in mind is scheduling. The properly planned ERP solution, it provides visibility into skillset, availability and location as well as their holiday time. This will also help in changing customer contracts that might have a possibility to affect regular service. If there is no such holistic view, it will be difficult for the companies to allocate works to engineers. 

Another field that needs consideration is the mobile data requirements of on-site technicians. FSM data access considers important as engineers need to utilize these systems regardless of the fact that they have internet connection or not. Ithe data can be accessed without an internet connection, this will help them to work more efficiently, with the database being in sync with the ERP once there is an internet connection.

If we optimize and streamline all the processes between the two systems via the exchange of information that is quite helpful, then this will lead to benefits for the business and its customers. If less time spent on operations through optimized processes and also fast delivery services, the businesses will be able to achieve better revenue for their company. 

Conclusion :

With proper planning of FSM and ERP working together, it can open additional revenue streams for businesses which will help in gaining profit by increasing the expectations of the customers thereby helping in the growth of the business. If there is no effective solution, there can be chances of duplicate data entry and lack of visibility that will negatively impact the business processes. This will hamper the growth of the business and prevent the business from looking after the demands of its clients.

If the companies want to earn profits through their services they should look after the efficiency, easy use of technology and the access to information. 

Workforce Management Software Outlook 2020

The Marketing resource management market is developing and expanding at a significant pace. The marketing resource management is mainly a technology which is utilized to effectively handle individuals, related technology and operations, which includes production, planning and design of the marketing process. By using the functions, marketing departments can plan their budgets, specify the expenses and period closeouts.

Field workforce management solutions offer a mix of products and services which provide seamless interconnect between all the workforce management points such as time and attendance management, absence management, workforce scheduling, analytics, performance management, desktop and process analytics, and others. These solutions can either be integrated within one complete product offering or be opted as per requirement, making the implementation flexible for organizations.

The marketing resource management market is primarily driven to the rising demand of marketing integration with various systems that have paved the way for technological firms to provide marketing resource management applications in combination with project management as well as capacity planning. Even the rising diversity in delivery channels has fielded growth. However, the absence of application has negatively impacted the development of the marketing resource management market, considering the global scenario.

Regional Analysis:

The regional analysis of Global Marketing Resource Management Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the world. North America is the fastest-growing region across the world in terms of market share. Whereas, owing to the countries such as China, Japan and India, the Asia Pacific region is anticipated to be the dominating region over the forecast period 2018-2025.

North America is expected to be the largest workforce management market during the forecast period. The market in this region has been further categorized into the US, Canada, and Mexico. In 2019, the US-dominated the workforce management market, followed by Canada and Mexico. Rapid advances in digital technologies and the presence of early adopters in the region are some of the factors driving the growth of the market. Moreover, increasing mobile penetration and adoption of cloud across organizations are also some of the factors responsible for the development of the market. Asia-Pacific is expected to have the highest CAGR during the forecast period, 2020-2026. This means that the region has immense opportunities in terms of revenue growth. This is because more and more enterprises are looking for automating their workforce management process, therefore creating more demand for workforce management solutions in the region.

Impact of COVID-19:

The COVID-19 outbreak is causing widespread concern and economic hardships for consumers and business communities across the globe. As the governments make significant interventions in response to the pandemic, businesses are rapidly adjusting to the changing needs of their employees, customers, and suppliers, while navigating the financial and operational challenges.

Throughout January and February, a majority of the companies continued their business operations on-premises. However, March saw the industry take strict action to promote work from home, in sync with government advisories, to keep the working personnel safe, thereby accelerating the adoption of the remote working culture.

The outbreak of the pandemic has caused a slowdown in the business, which might lead to recession and reduced IT spending. Furthermore, it also caused many of the locations to close down their doors leading to an increase in the national unemployment rate. According to the US Bureau of Labor and Statistics, the increase in the unemployment rate during the COVID-19 pandemic is the most massive over-the-month increase in the rate since January 1975.

For businesses that are still operating, there is plenty of stress as they are coping with difficult situations such as:

• Operating from remote locations
• Confirmation of business continuity and employee productivity
• Protection of front-line employees who may still need to come into the workplace.

The small and medium-sized enterprises and the non-IT companies in India are some of the most affected during the pandemic due to the lack of knowledge and awareness related to collaboration and communication tools.

Coping with the situation:

Workforce management solutions and services are expected to gain opportunities from the remote workforce as the organizations strive to keep track of employee productivity and business performance. During periods of remote working, workforce management solutions help enterprise management and HR to track and optimize the productivity of the employees and maximize employee performance. Furthermore, it helps in forecasting employee requirements, creating and managing the work schedules, and analyzing performance.

The solution collects real-time data about employee performance, manages the company's resources from a remote location, helps in carrying out employee training, recruitment, management, and scheduling, and analyses and forecasts the productivity and business outcomes.

The ongoing spread and reaction to the COVID-19 virus in various countries across Europe, North America, and Asia-Pacific are expected to cause a delay in the economic restart. However, the interest in workforce management solutions is expected to increase as a few corporate giants are planning to continue this work from home trend even after the effects of the COVID-19 pandemic have reduced.

Growth and Forecast:

The high demand for automation across different sectors is propelling the adoption of workforce management solutions. This is expected to cause the global workforce management market to thrive at a 10.8% CAGR during the assessment period.

Workforce management systems offer valuable insights into employees' performance. Rapid industrialization is creating numerous job opportunities. Hence, the expansion of the workforce base requires a useful management tool. It is due to which workforce management systems are experiencing a high rate of adoption across different verticals. Thus, the global workforce management market is expected to witness a sharp rise in its valuation in the years to come. Additionally, the growing number of startups and the adoption of workforce management systems across SMEs is also likely to spur its market growth.

The Workforce Management Software Market was valued at USD 2.4 Billion in 2018 and is projected to reach USD 3.18 Billion by 2026, growing at a CAGR of 3.1% from 2019 to 2026.

Read More: Field Force management Software

Online Appointment Scheduling Software Market size 2020-2027

The global appointment scheduling software market is expected to reach 546,31million dollars by 2026 from 205.85 million dollars, growing at a CAGR of 13.1% from 2019 to 2026.

About:

Appointment scheduling software offered business tools that allow clients to book, reschedule and cancel appointments through a web interface. It is specially designed so it can be used by professionals and businesses for managing booking or scheduling appointments. Some of the common applications of this software are calendar integration, payment processing, mobile compatibility, employee & customer management, appointment reminder and others. It is also known as online booking software. It lets its user's book appointments conveniently according to their preferred time with the hassle of overlapping the appointments and wasting valuable time. 

Advantages:

This appointment scheduling software market report provides details of:

• new recent developments
• trade regulations 
• import export analysis
• production analysis 
• value chain optimization 
• market share 
• impact of domestic and localized market players
• analyses opportunities in terms of emerging revenue pockets
• changes in market regulations
• strategic market growth analysis
• market size
• category market growths
• application niches and dominance
• product approvals
• product launches
• geographic expansions
• technological innovations in the market. 

It eliminates issues experienced in pine based booking, saves working hours for staff members handling customer service, provides an optimized, updated calendar and all of this overall leads to market growth. 

Increasing usage of artificial intelligence in appointment scheduling software for better performance is expected to create new opportunities for the market. Some of the factors such as increasing adoption of smartphones, the rising popularity of m-health apps, growing demand from the corporate sector and the rising popularity of mobile appointment scheduling software will enhance the appointment scheduling software in the forecast period of 2020 to 2027. The dearth of awareness about appointment scheduling software and lack of proper data network infrastructure is expected to hamper the market growth in the mentioned forecast period.

Market size based on region:

Appointment scheduling software market is analyzed and market size, volume information is provided by type, organization size, end-user industry and application as referenced above.

The countries covered in the appointment scheduling software market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).

North America will dominate the appointment scheduling software market in the forecast period of 2020 to 2027 due to rising popularity of online booking systems, increasing penetration of mobile phones and growing adoption of digitalization in the region.

The country section of the appointment scheduling software market report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. 

Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Global Appointment Scheduling Software Market Scope And Market Size:

Appointment scheduling software market is segmented on the basis of type, organization size, end-user industry and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

• On the basis of type, the appointment scheduling software market is segmented into web-based, SaaS, mobile app and others.
• Organization size segment of the appointment scheduling software market is divided into small & medium-sized enterprises and large enterprises.
• Based on end-users, the appointment scheduling software market is segmented into corporate, beauty & wellness, education, healthcare and others.
• The application segment of the appointment scheduling software market is divided into commercial, personal and others.

Increase in adoption of appointment scheduling software for facilities management and rise in demand for appointment scheduling software for smart cities development and urban planning are expected to drive the growth of the appointment scheduling software market. However, the availability of open-source appointment scheduling software is expected to restrict the growth of the market. 

Covid-19 Impact On Appointment Scheduling Software Market:

The spread of coronavirus has crippled the entire world. Nearly all countries have imposed lockdowns and strict social distancing measures. This has resulted in disruptions of supply chains. However, increasing concerns with respect to social distancing and the emergence of the work from home culture have given a boost to digital products and services over this period of time. This has resulted in accelerating the demand for appointment scheduling software across the world.

Appointment Scheduling Software Market: Scope Of A Report

Fact.MR published an exclusive forecast report on the appointment scheduling software market for the period of 2020-2030. The foremost objective of the report is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the appointment scheduling software market. Also, the appointment scheduling software market study addresses key dynamics that are expected to diversify the adoption and future prominence of appointment scheduling software.

The report on the appointment scheduling software market begins with an executive overview, in which product definition has been provided. The report further proceeds with the taxonomy of the appointment scheduling software market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the appointment scheduling software market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors.

What are the mistakes that can ruin your home loan?

Availing a home loan is a tedious process which involves a huge sum of money. Before applying for a home loan, the applicant should do his or her research carefully and one can never be too careful. Mistakes while availing a home loan can prove to be fatal. Some of them are:

• Not having enough money to repay back the principal loan amount: This is the most fatal mistake a borrower can make when availing a home loan. The maximum loan amount that is approved by a financial institution is 80% of the total property value. While providing the loan, the financial institution will also check the CIBIL score of the applicant. Before the borrower applies for a home loan, he or she must make the down payment first. For instance, if the value of the property in question is Rs.1 crore, the maximum loan amount that can be availed by the borrower is Rs. 80 Lakh. The difference between the loan amount and the principal amount is the down payment value. The down payment amount should be deposited by the borrower at the time of availing the loan.
• Availing a loan with the principal loan amount that is not affordable: Before you apply for a home loan, consider the EMI amount that is to be paid every month. Ideally, the EMI amount should not be greater than 30 to 40% of the total monthly income of the borrower. Determining the EMI amount on a future increment is ill-advised. 
• Opting for the wrong home loan option: With so many home loan options available in the market, it is not easy to select the right home loan. Home loans are structured in different ways with some financial institutions offering floating rates, others offering semi fixed rates and overdraft benefits. It is the responsibility of the borrower to identify his or her requirements and select the home loan depending on that. Often, the applicant ends up paying more money than he or she probably should. 
• Opting for a loan with the incorrect tenure: Selecting the loan tenure is also very important for the borrower. It depends on the financial capability of the borrower. If the loaned amount can be paid back in the determined loan tenure, the borrower should opt for a short-term loan as the rate of interest is usually low. If the principal loan amount is high, it is better to opt for a long-term loan. Defaulting on EMI payment will result in fines to be paid by the borrower. 
• Not doing proper research in the market: With various websites now available for aspiring home loan applicants to check home loan, research should be done thoroughly in order to pick the best home loan option as per the requirements and financial capability of the borrower. 
• Applying for a home loan with a poor credit score: Applying for a home loan with a poor credit score will harm the applicant’s chances of getting the approval for a home loan and if the application is rejected, chances are that the credit score will go down even further. Hence, it is advisable to maintain a healthy credit score. 
• Not applying for insurance when availing a home loan: This is a common mistake made by applicants when applying for a home loan. In situations of financial distress, the applicant can use the insurance to protect himself or herself and the family as well. 
• Studying the loan agreement thoroughly: It is essential for the applicant to study the terms and conditions of the home loan carefully before signing off on the agreement. If as the applicant or the borrower, you do not agree with any terms and conditions in the agreement, it is better to dispute it with the lender.       

Steps to choose the right lender for your home loan

A home loan is a pretty expensive affair and the repayment often goes on for more than 10 years - reaching 30 years in some cases too. Also, the minimum sum on a home loan can easily range in the lakh. So, it’s absolutely essential to approach the right lender so that you don’t have to pay too much interest or fees that you already need to. Here, we will talk about how to choose the right lender for your home loan.

1. Choose an NBFC: If you have tried applying for a loan, you will have come across a number of Non-Banking Financial Companies (NBFCs) that have risen in number over the last decade or so. As the name suggests, these aren’t your typical banks and they lend money just the same irrespective of what loan you’re looking for. Before they arrived, banks had the monopoly on deciding the lending structure and the interest on a home loan. However, NBFCs have vastly changed the way the market works. For starters, they have given rise to healthy competition in the sector and have slowly taken a fair share of the market, threatening the power previously wielded by banks. If you feel a bank may or may not entertain your requests for a lower interest rate, you should consider applying for a NBFC as they often try to go toe-to-toe with some of the leading banks and provided loans at competitive rates.
2. Compare between different offerings: When you decide to go for a home loan, you need to look at all the offerings that are available to you. For starters, you can use comparison as a tool and compare the loans provided by 3 or 4 different lenders. Go and have a sit down with each of these banks and ask for the best rate they can offer. Sometimes, a discussion such as this can get you an interest rate that is way below the market rate, so that’s worth your consideration. Also, talk about all the other aspects of the loan such as the processing fees, stamp duty charges, and basically other charges involved with a home loan. Basically, if you are getting a lesser rate home loan, it means that you are likely paying more than most on one or more of these charges.
3. Figure out what you want: A home loan for a new property and a resale property is slightly different and should be approached slightly differently. Know what you are looking for exactly, what type of interest rate you are looking at (fixed or floating), how much down payment you have ready, and if the lender will ask for more in your case, and also think of how you service the EMIs on a month-on-month basis. Answering all these factors satisfactorily is highly important when availing a home loan because repaying it takes more than a decade and even more in some cases.
4. Check the lender out: If you have done enough research and have already decided to take a loan from a particular lender, stop and think: Does the lender have a good track record? Are they going to make your life difficult by adding unexpected charges to your loan? You need to have a clear idea on where your lender stands in the market, if the lender has a reputation of strong arming their borrowers, there’s a likely chance they might do so with you. So, it’s always better to read reviews, talk to known acquaintances who have a loan from the same lender, and then decide on whether or not you should take a loan with them. 
5. Know that lowest rate isn’t always the best: There’s something called clickbait - and if you’ve been on the internet long enough, you will have come across it several times. These make tall and practically unreachable claims with the content they offer and offer underdeliver at all times. Somer lenders too are guilty of using such a tactic. To begin with, they will put up a loan for the lowest interest rate - a few basis points lower than the prevailing market rate just to catch the prospective borrower’s attention. Once they have reeled you in, they will give you a list of all the charges you may have to pay to get the loan. So, make sure to not fall for such ploys and go with reputed lenders that have been in the business for long.
6. Have a higher down payment ready: A down payment is often the first hurdle facing a home loan borrower. Typically, a lender will only give you 80% of the loan amount; 85% in some cases while the remaining 15% - 20% should be taken care of by the borrower. The higher the down payment you have, the better it is for you as you can get a loan at slightly improved rates and have chances of getting your loan approved at a much faster rate than anybody else. Having a higher amount ready tell the banks that you are confident and serious about what you are doing, which will help them make the decision faster.

 A home loan can be a massive burden for a borrower as they need to be repaid over a period of 10 - 25 years, while maintaining all your other financial responsibilities. Following the steps mentioned above will help you get the best home loan for your circumstances possible.

How To Go About Rectifying Errors In Pan Card?

When applying for a PAN card, if we are not careful while filling in the details asked for the form errors can creep in. These errors if not rectified can later result in some problems when the PAN card is to be used for certain purposes. When it comes to rectifying the errors in the PAN card, many applicants have doubts or are simply unaware of the process that needs to be followed. In this article, we take a look at the detailed process of how an individual can go about rectifying mistakes in the PAN card.

To rectify mistakes in the PAN card online, the steps mentioned below need to be followed:

• First, the applicant needs to visit www.tin-nsdl.com.
• Next, the applicant is required to select ‘PAN’ from under the ‘Services’ drop-down menu.
• Thereafter, the applicant needs to click on ‘Apply’ under the tab ‘Change/Correction in PAN Data’.
• On doing so, select the ‘Application Type’ as ‘Changes or Correction in existing PAN Data/ Reprint of PAN card (No changes in existing PAN Data).
• Next, select ‘Category’
• Following that, fill in the details like name, date of birth, e-mail ID, and mobile number.
• Enter the Captcha code and click on ‘Submit’.
• On doing so, the applicant will be provided with a 10-digit Token number, which will also be sent on the email address provided in the PAN application.
• Next, the applicant is required to click on ‘Continue with PAN Application Form’ to fill the remaining PAN application form.
• Check the option from among the options like ‘Submit digitally through e-KYC and e-Sign (Paperless)’, ‘Submit scanned images through e-Sign’, and ‘Forward application documents physically’ provided on the top of the page.
• Next, enter the PAN card number whose details are to be corrected.
• Fill in the details asked for in the form
• After filling the form, the applicant needs to upload identity, age and residence proof.
• Next, go through the details before saving the form to avoid errors.
• The next step that the applicant need to follow is to make the payment.

Note: For Indian residents, the fees is Rs.110 while for those who have address outside India the fees is Rs.1,020

For offline correction of errors in PAN card, applicants are required to follow:

• The applicant needs to download the form from the website.
• Fill in the details asked for in the form.
• The completed form along with the necessary documents are required to be submitted at the nearest PAN centre.

It needs to be mentioned here that the PAN correction form is also used for issuance of PAN card. Hence the applicant needs to make sure that the checks the correct option when applying for rectification of PAN details.
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Go the online way for hassle-free, faster home loan approvals

The credit landscape in India is witnessing a revolution of a new kind. As innovative technologies are developing, the FinTech industry is tying together lenders and borrowers in a new way. Loans can be availed without having to wait for long hours at the bank. For example, if you are planning to apply for a home loan, there is no need to run around from bank to bank with a heavy file in hand. Thanks to the digital revolution, there are several platforms through which you can get your housing loan approved in a much more secure and faster manner. Read on to learn more about the advantages of taking the online route.

Better access
There are a lot of processes involved in applying for a home loan. Traditionally, you would have to approach the bank physically to seek out information on offers, interest rates, etc. Now, all the important information can be found online. Even sourcing the loan application form becomes much easier as it can be downloaded online.

Constant status updatesProspective borrowers are regularly updated about the status of their home loan application. From the time they login to their online profile to the time of the reimbursement of the loan, the customer is privileged enough to get constant updates.

Better reach
The digital revolution in finance is making it easier for all sections of the society to have access to credit. This means that people from remote and rural areas also have a high chance of getting access to information and apply for loans. Even if there are no banks in such areas, banking services can be availed online.

Turnaround time reduces
There is no need to wait in endless lines and run around trying to get your paperwork in order. You can compare home loan interest rates offered by various lenders online and apply for a home loan at the click of a button. Loan approvals also happen at a much quicker pace. This way, the end customer receives better services and the bank saves a lot of time.


Tailor-made products
One of the other main advantages of this type of loan application method is the fact that customers can customise their loans as per their personal financial requirements. This will help a lot of people get access to better credit facilities in time of need.


Paperless process
The entire process involved in applying for a home loan is paperless. All you have to do is to scan and upload documents. Also, have in place an e-KYC system. This is probably one of the main advantages of the online application process.

Things to know before applying for a home loan in India

1. Understand eligibility: You will not get the loan approval unless you meet the eligibility criteria. This simply means that the lender will assess if you will be able to make EMI payments based on the salary that you take home. Ideally, you should not be spending more than 50% of your salary on an EMI. This is one of the most important factors that will be taken into account before a bank approves your loan. Remember that any additional perks or reimbursements that you get will not be considered to be a part of your salary. Another thing to keep in mind is the liability aspect. If you have other loans in hand, this also plays a role.
2. Decide on tenure and EMI carefully: The longer the tenure for your home loan, the more interest you will end up paying. This means the total cost of your loan increases. This is why it is important to choose a tenure wisely. Do not go for a longer tenure just because you want to pay a lesser EMI. For example, if you are taking a loan of Rs.10 lakh for 20 years at the rate of 9.55% per annum, the EMI you will be paying will work out to be Rs.9,353.99 per month. However, the total interest paid will be Rs.12,444,956. On the other hand, if you take a loan for the same amount and the interest rate for a lesser tenure, let’s say 15 years, the EMI per month will be Rs.10, 472.44. Though the EMI is slightly higher, the interest paid on the whole loan will come down to Rs.8,85,038. 
3. Choose the type of loan: There are two types of loans offered based on the type of interest rate that is charged. One is a fixed rate, where the interest rate remains fixed throughout the tenure of the loan. On the other hand, if you have a floating rate, the rate of interest fluctuates based on various market conditions. Fixed rates are higher than floating rates in most cases. So, if you go for a floating rate, the EMI you pay can increase or decrease based on the changes in market conditions. 
4. Compare interest rates: The first and most important thing to do before you apply for a home loan is to look around for interest rates. Under no circumstance should you go for the first lender that approaches you. Do some thorough research and shop around for the best rate. However, do not make this your only parameter. It is also wise to read up on the bank that is granting you the loan or speak to some existing lenders.
5. Read all the documents: A home loan approval application is a legal document that comes with certain important terms and conditions that you must be aware of. Be mindful of how your bank defines a ‘default in payment’. Scrutinise all the clauses that are offered and it also makes sense to consult a lawyer before signing any agreement in this regard.

Final words
If you are an old customer and have a long relationship with the bank, it is important to make  sure that you negotiate for a better interest rate. This especially holds true if you have all documents in place and a good credit score to add to it.