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:
The next step after selecting the property you wish to buy is the sanction of a home loan which has an essential component named the interest rate. This is the additional sum of the amount which you are required to pay in exchange for availing a home loan either from a bank or from any other financial institution.
Being an aspiring home buyer or a current owner looking to buy a second home, you must be aware of the increase in the interest rate which takes place mainly due to two reasons. Firstly, the hike in an interest rate on a home loan is due to the change in Cash Reserve Ratio [CRR] set by the RBI [Reserve Bank of India] at a regular interval and the impact of the property market apart from the demand and supply of properties. This affects the budget of a family as there are other things to pay for such as the educational fees, bills and many other things. So, here we have listed the top things you must look when applying for a home loan:
Today the maximum number of home buyers look for a fresh home means the newly/fresh constructed home but there are many who won’t mind buying a resale property. So, if you are confused about which one to opt for then let us tell you that purchasing a resale property/flat comes with their own benefits in comparison to the freshly constructed properties.One mainframe advantage of buying a resale residential property is that the prospect is likely to own a home which is prefixed with various fixtures such as fans, lights and hanging loops. Apart from this, the essential for homeloan on the purchase of same are listed below:
Planning to buy your dream house with the help of a home loan, but have a fear that if something unexpected happens, who will bear the burden of EMI? Well, don’t panic because today all the financial institutions including banks have solution for everything. And in such cases, a Home loan protection plan (HLPP) offers the best solution to all your problems.
So let’s understand the importance of this plan in detail:
A need for money can arise anytime. Hence, people prefer hiring a tenant to earn additional income from their property. But, sometimes, the situation gets worse and thus you look for loan options. So, today we will let you know about how to avail a loan against the rental income. Scroll the page down and read about the concept, features and ways to apply for a loan against rental income.
These days’ home loans are considered as one of the best and easiest way to buy a dream home. Almost all the salaried class home buyers choose this option and hence they find out a bank which offers lowest interest rates so that they can manage their EMIs easily. So in order to manage regular EMIs, one important variable which plays a major role is home loan tenure.
Home loan tenure means the length of time that will be taken by the borrower to repay the loan along with the interest. While the tenure varies from 5–20 years, some banks also allow the time up to 25 or 30 years. However, the home loan tenure and home loan amount are directly proportional to each other. So, higher the home loan tenure, higher is the home loan eligibility, subject to the minimum margin requirement relative to the value of the property.
The loan-to-value (LTV) ratio is a ‘financial term’ used by lenders to express the ratio of a loan to the value of an asset purchased. It is a number that describes the size of a loan compared to the value of the property securing the loan. While taking a loan, this value plays an important role as it determines one’s eligibility for loan approval.
The loan to value (LTV) ratio is calculated by dividing the loan amount by the total value of the asset securing the loan. It is usually expressed in percentage terms. A higher LTV ratio means more risk because the assets behind the loan are less likely to pay off the loan as the LTV ratio increases.
The term Top-Up Loan is new to people and those planning to avail homeloan are keen to know more about this loan. So, let us explain the intricacies of the same.