Are you Ready to Take a Home Loan?

Buying a home for the first time can be exciting and at the same time a mind boggling, strenuous task. With a little effort and homework at the outset can help move things smoothly and help resolve any issues. Here are some tips to help and guide you to get a favorable loan sanctioned.

Are you Ready to Take a Home Loan

Plan according to your budget- You may love to buy an apartment on the tenth floor which is a 3BHK and very close to your office , but major part of your salary will go in paying an EMI every month, so this will not be feasible, hence choose wisely. Sieve out options that don’t suit you, this saves time and money. Moreover, it helps you manage your finances. Don’t get lost in a debt jungle; collect funds for your down payment. Banks give you a loan up to 80% to 85%, so the rest you have to manage.

Find out your loan eligibility beforehand- It will save you from surprises later on. Nowadays banks have their loan eligibility calculator available online. You just have to fill in a few pieces of information and it will tell you whether you can avail a loan or not. [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…]

Government Calls for Interest Rate Cuts for Growth of Real Estate

Government Calls for Interest Rate Cuts for Growth of Real EstateAccording to the Finance Minister, banks need to reduce their interest rate slabs for home loans in order for the sector to grow in the country

As it is seen as one of the biggest factors that can trigger growth of Indias real estate segment, Indias finance minister, Arun Jaitley has called for a reduction in interest rates, saying lower rates would trigger demand for homes in the country.

In its present state, the interest rates are a disincentive as seen by many real estate experts. And especially at a time when inflation in the country, seems to be stabilizing, a move to reduce interest rates for home loans could surely trigger much needed growth in this segment. [Read more…]