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.