Planning to avail home loan? Then be cautious and go through this blog post as we help you know all about choosing a perfect home loan lender. But, before offering tips about the same let us quickly know about the kinds of lender and how they are different from each other. So, scroll down the page and start reading:
Owning a home is a big thing thus the process to apply for a home loan and getting it sanctioned is a tough task. But, apart from this you the aspiring homebuyer must also know the amount that can be availed under a particular loan as each of the home buyers has a budget when it comes to purchasing a property. So, below we are listing all the key factors that help one understand a loan amount you can avail to purchase a home:
In today’s flexible financial landscape, buying a dream home with the help of Home loan is not a difficult task with many options available with banks. But with increasing interest rates in the past few years, the borrowed amount becomes significantly large with each passing day. At such point of time, transferring the home loan from one bank to another that offers a lower interest rate proves to be fruitful.
A Home Loan Balance Transfer helps an individual in reducing the burden of High EMIs by transferring the outstanding loan to other banks with the lower interest rate. A loan borrower can get additional top-up loans, and enjoy features such as Flexi Hybrid Home Loan, pre-payment facility, and nil foreclosure charges which vary from bank to bank.
A CIBIL score or credit score is a three-digit number ranging from 300 to 900. It reflects how well or improperly a person has dispensed his/her loans or credit cards in the past. It plays a very important role while applying any kind of loan may be home, vehicle or personal. It is one of the important tools that lenders or banks keep in mind while passing any loan application form.
However, misconceptions about credit score among individuals continue to exist. Scroll down and read this blog, to know 5 common myths and misconceptions surrounding credit score:
The feeling of being a homeowner is amazing but the interest rate at which the home loan amount has to be paid off will amaze you for sure. So, inspite of depositing a huge sum of amount in calculation to the higher interest rate, consider the below-mentioned points as they are helpful to secure low-interest rate. The revision of CRR, Repo Rate and others impact the rate of interest hence consider these points to pay less:
While buying a dream house or applying for higher studies, loan borrowing is an important procedure if you don’t have strong financial backing. Moreover, it is also said that a loan provides lots of benefit to an individual but many a times its repayment becomes an expensive task which let the borrower fell pray of a debt trap.
However, there are several loans available in the market which can provide a great relief to the borrowers along with tax exemptions too. Important among these are home loans, personal loan, education loan etc. Let’s discuss them in detail to know the tax benefits:
Buying a home via Loan has become quite easier these days especially for first time buyers. With the change in the financial landscape these days almost all the banks and financial institutions lend money to buy home which can be easily repaid in easy monthly installments (EMI). But sometimes due to financial crisis, a loan borrower fails to pay the EMI on time due to which they are considered as defaulters. These unavoidable circumstances are known as financial distress or debt distress.
The Reverse Mortgage loan Scheme offers financial support particularly to senior citizens, who are usually not keen to sell their home. But, the issues like dependency on children or low pension rate push them to take such a hard discussion. Apart from the retired people, the about to retire citizens also think about how to have a financial stability in life post-retirement. But, now it’s time to smile and enjoy life as the availability of Reverse Mortgage Loan Scheme is the best way to live an independent life till last breath.
The construction of a residential property costs too much and the financial funding for the same is bit different to avail in comparison to the home loan sanction. But, the availability of multiple loans are enough to lit up the hope for sanction of financial funding for the construction of residential property. So, opt for construction loan rather than gazing at the home loan section. This loan may be new to some of the readers but this funding is best suitable in case you are looking for financial funding to build up a home. The below listed things will help you know better about the Construction loan as it help in proper structuring of a living abode.
Seeking home loan? If yes, then you must also be wondering why a private home loan lender such as a financial institution/bank emphasis to have a look at the bank statement. Obviously, lending money that too in lakhs is not a joke thus the lender has all rights to check and recheck the necessary documents before sanctioning the home loan amount. But, many of the aspiring homeowners try to convince the lender that he/she will pay back in time. But, there is more than that which a lender is required to check. So, go through this blog post and know why a lender asks you for the bank statement: