RBI Eases Home Loan Norms to Support Affordable Housing Mission

RBI Eases Home Loan Norms to Support Affordable Housing MissionFor a middle class person, buying a home is like a dream come true. One has to start saving way before in order to be able to pay for the house. Home loans are efficient means of funding a property purchase. It also helps in long term budget planning and tax saving. Now that the home loan market has become organized, banks cater to every need of the home-seekers by offering easier plans and competitive interest rates.

Supporting the affordable housing policy of the government, RBI has recently eased the home loan norms for properties priced less than 10 lakhs. Till date, banks did not include the stamp duty and registration charges in the cost of the unit for the purpose of calculating loan to value ratio. However, RBI has now allowed the banks to include the registration charges, stamp duty and other documentation charges in the total cost of the property, if it costs less than 10 lakh. [Read more…]

How Can You Repay Your Home Loan in Lesser Time

How Can You Repay Your Home Loan in Lesser TimeMost of the people want to repay their home loans as soon as possible, however, it looks like a difficult task. Keeping this in mind, we are presenting some of the strategies that can help you repay your home loans in lesser time frames.

Review Your Home Loan Regularly

It is always advisable to review your home loan structure and plan your liabilities accordingly, as experts believe that your financial growth can change and with it your capacity to take financial liabilities will also change. And hence, you need to continuously evaluate any chances of repaying the loan amount. [Read more…]