Top 6 factors that can affect home loan interest rates

When it comes to applying for a home loan, you need to pay interest rate charges. A longer tenor may lead to the payment of higher home loan interest charges. Many people do not consider aspects that can affect their housing loan interest rate charges. On that note, let’s check out a few factors that can affect your home loan interest rate!Credit scoreCredit score plays an important role when it comes to your finally offered housing loan...

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Know the Facts about PM Awas Yojana and its Subsidy

The Pradhan Mantri Awas Yojana (PMAY) is a housing scheme of the Central Government of India. Under this PMAY housing scheme, there is a provision to build affordable houses all over India. They are to be constructed using eco-friendly and sustainable technologies. Besides this, the Pradhan Mantri Awas Yojana also offers an interest subsidy on home loans. Under this, it is possible to enjoy a home loan subsidy of up to Rs. 2.67 lakh...

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Home Loan EMI Calculator: Benefits & Features

When it comes to the application of the home loan, it is possible to determine an exact housing loan EMI these days. Yes, you can do that using the home loan EMI calculator. Do you want to know about the benefits of the home loan EMI calculator and how to use it? Read on and know more!Here’s how you can use the home loan EMI calculator Land on the website of the lender you want to apply for the home loan with. Open the EMI calculator from...

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Top Benefits and Uses of Home Loan EMI Calculator

 Securing a lump-sum credit to purchase your dream house might sound appealing. However, it might not be a convenient choice if not planned efficiently. These large sums are accompanied by substantial interest components and can result in hefty repayments. Defaulting on an instalment due to financial constraints in the course of a loan can negatively impact a borrower’s credit score. Using an EMI calculator before applying can help individuals...

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Amazing Tips to Reduce Your EMIs on High paying Home Loan

Are you paying a higher home loan EMIs affecting your outlays? A home loan is a long-term obligation that helps a considerable amount to buy or build a new home. But if you are managing higher housing loan EMI, you don’t have to worry. It is because it is possible to reduce home loan EMI by following a few tips. Read on this quick post!Go for a higher down payment When you apply for home loans, you will not get the entire value of your new home as the loan amount. The maximum you can get is 75-80%. The rest has to be arranged...

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Housing Loan Rates Hiked? Know How to Deal With Them Properly!

Home loans that carry a high credit value and an extended repayment tenure is a long-term interest commitment. The credit form imposes a considerable pressure on a borrower’s financial capacity. A hike in home loan interest rates can become challenging for an individual paying EMIs, especially for a floating interest housing loan.For instance, if one avails Rs.25 lakh at a 10% interest rate for 20 years, total interest payable will be Rs.32,90,130...

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You Should be Aware of Which Home Loan Tenure is Right for You

A home loan is a convenient financial solution for individuals looking to invest in residential property. Potential borrowers can avail up to Rs.3.5 crore under this funding solution to use for constructing or purchasing a house. Nonetheless, availing a housing loan also depends on certain factors, where tenor plays a crucial role.Factors to consider when choosing the home loan tenorMonthly incomeUnderstanding home loan EMI aids borrowers in...

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Reasons Why You Should go for a Top-Up Loan

When you have taken out a loan, a top-up is an additional advance over and above the existing loan amount. Such a facility is popularly termed as top-up loan. It is particularly helpful when borrowers need new credit, but do not seek to avail external financing.  As the borrower's credentials are already submitted to the lender, securing top-up is hassle-free and less time-consuming. Here are some of the dominant reasons why a top up loan...

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Step by Step Guide for First Time Home Loan Borrowers

Purchasing a home requires borrowers to a vital financial decision, and availing a home loan helps to fulfil this dream. Nonetheless, first-time homeowners often get confused about how they should make the most of availing these funds. Following is a step-by-step guide to help homeowners to make an informed decision. Step 1: Check the home loan EMI, eligibility, etc.The first factor new home loan borrowers should check is the...

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Documents Required for Home Loan Refinancing

Individuals looking to avail a lower interest rate on their existing housing loan have the option of transferring the outstanding balance to a new lender. However, one needs to submit a few documents to initiate this home loan balance transfer process -Consent letter An existing borrower needs to put in a written application to the current lender intimating about the balance transfer and issuance of consent letter for the same. No Objection CertificateOne has to obtain NOC from the present financial institution that indicates assent to...

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