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…]

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…]

Why should you be aware of Hidden Costs while Buying Property

Why should you be aware of Hidden Costs while Buying PropertySo you are all set to buy your dream property and think that you have everything in control. Well, you need to think again as there are a set of hidden costs that you must consider while finalizing your finances for buying your dream property.

There are a set of hidden charges which are an integral part of the overall process of buying a property and most importantly, all the hidden charges are not covered in the home loans, so if you are solely dependent on home loans, then it is very important for you to clearly understand these hidden costs while buying a property [Read more…]