A quick guide: Know ways to manage home loan EMIs during financial crisis

Buying a house is always a dream for any buyer. So when you buy a property on home loan, you must keep many things in mind whether you will be able to repay it or not.  Sometimes, repaying home loan becomes a difficult obligation if one fails to pay regular EMI.  This may happen as certain circumstances are beyond one’s control, such as loss of job, temporary extra expenditure or prolonged illness which may lead to financial crisis. But banks do not understand these problems as they were told to go through their own policy process.

home loan EMIs during financial crisis

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Even the government of India these days has strengthened the laws governing non-performing assets (NPAs), by giving more power to the financial institutions, to recover the NPAs. And the worst part which is affected if you become a defaulter is your credit score. This will make difficult to avail loans in the future. Even a legal notice is sent to the defaulter if one misses two EMIs continuously.

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5 Things You Must Know to Close Home Loan Sooner

Home loan are the two most heavy weight words in life. Thus, we people think before applying for this type of loan. The interest rates, documentation, and other technicalities make the loan sanction procedure tiring and lengthy. Unfortunately, not every home buyer has a strong financial background to pay the entire cost from his or her pocket.

5 Things You Must Know to Close Home Loan Sooner

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In this situation, we opt for a home loan that helps in the property purchase. Also, we get time to repay the loan. But, it’s always better to close the home loan books as soon as you for possible.

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Four Point Guide to Secure Down Payment Amount

Are you about to finalize your dream home? Yes, but the amount of down payment is making you anxious. As you have little less than the required token money. Relax, because this is a common problem that most of the aspiring landlords face. The down payment is crucial for securing a residential property of your choice. As the seller initiates deal with the person who has the down payment ready.

Down Payment Amount

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But, the insufficient funds for making down payment bring every home buyer on the same page. Thus, it is important to know simple tricks that prove beneficial when it comes to finalizing a home buying deal.

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Loan vs Mortgage – Know the Difference

It is important to plan out funding every time you decide to buy something big. Therefore, it is obvious to take a glance at your financial condition while purchasing a property.

Loan VS Mortgage

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Surely, nobody takes a big decision like home buying without having enough funds or at least a hope of cash inflow in near future. This is the time when many amongst us get confused about picking up the right option.

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How to Get Home Loan post Rejection

A rejection is not an easy thing to digest. But sometimes we have to face it due to some technical reasons. Yes, here I am talking about specifications.  Thus, you must try to keep proper documentation of everything as it helps in timely completion of various procedures.

Home Loan post Rejection

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The procedure and documentation are directly related to the home buying process. So, if you have selected a dream home then congratulations first of all. Secondly, you must apply for a type of home loan that suits your budget. But, a major trouble may obstruct your smooth drive to home. It is because of incomplete paperwork or your age, etc. In fact, there are many reasons for a home loan rejection. Thus, don’t get disappointed as you still remain eligible for a home loan post rejection also.

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Dos & Don’ts of Home Loan Repayment

A home loan is something that gives Goosebumps to almost every one of us. Thus, you must assure yourself with a proper repayment plan while applying for the same. As this is a perfect way to deposit the home loan amount in a short span of time. But, apart from drawing a proper payment plan you should also keep the dos and don’ts of the home loan repayment in mind.

Home Loan Repayment

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Remember every loan comes with little uncertainty. This is mainly because of the three below-mentioned reasons.

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7 Types of Home Loans Every Home Buyer Must Know

Owning property is a dream we all cherish.  In fact, people push themselves to the limit for being in a great financial position. As it is the only way to turn the dream house into reality. Unfortunately, everyone is not so lucky to have their pockets full of money. But, this won’t mean that you are not eligible to buy home. Yes, don’t get disheartened as the Investors Clinic helps you know everything necessary to be a homeowner.

Types of Home Loan

The first thing to buy a home is money. Therefore, you must know all types of home loans available in India. Today, everything has become costlier, thus buying and maintenance of property have become difficult. Thus people have different home loan requirements. But, not many of you have the idea about the types of home loans available in the country. So, take a look at various types of home loans available in India today. [Read more…]

How is your Home Loan Interest Rate Decided

With reasonably-priced apartments, land-pooling and public and private housing and loan incentive schemes, the Home Loan Market is growing rapidly in our country. Home Loans interest rates this year are at their lowest of the last six years. The Loan Interest Rate which is the cost of borrowing money (to be repaid by the borrower to the lender) is decided by lenders after considering several factors. Let’s go through them below for a comprehensive understanding of the subject:

How is your Home Loan Interest Rate Decided

How is your Home Loan Interest Rate Decided

  • Repo Rate: Repo rate (RR) is a method used by the Reserve Bank of India to control inflation. It is the rate at which the Reserve Bank of India lends money to banks if the banks have a deficit. When the RBI changes the Repo Rate, interest rates on all banking products including home loans are affected.

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How Cheaper Home Loans are Changing the Housing Sector

Government is taking huge steps to reform real estate with an aim to provide Housing For All by the year 2022. One the most significant measure taken by the government in this regard is their push for Affordable Housing. Affordable Housing intends to target the Middle Income Group (MIG), Lower Income Group (LIG) and Economically Weaker Section (EWS) demographic of the country, i.e. the strata which doesn’t own a home, earns in cash, lacks a fixed income and/or doesn’t have the required documents to secure a home loan.

How Cheaper Home Loans are changing the Housing sector

How Cheaper Home Loans are changing the Housing sector

To let these homebuyers get an access to India’s housing inventory, companies such as Investors Clinic came up with the swabhimaan scheme to assist homebuyers, who are financially capable of owning a house but due to lack of proper documents their loan applications gets rejected, to secure a loan; while the centre government brought in the Pradhan Mantri Awas Yojna and facilitated public banks to reduce their home loan interest rates. [Read more…]