Points to be Noted Before Applying for a Home Loan

Owning a residence is a significant financial decision for any borrower. However, purchasing a home requires substantial credit, which a housing loan can cover conveniently.In this regard, first-time buyers need to make an informed decision evaluating the interest rate and repayment capability. Apart from these factors, individuals need to check a few things before making the home loan application.Few pointers to keep in mind before initiating a...

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Important Things to Consider Before Switching for Home Loan

Borrowers often look for different measures that can help them reduce their interest rates and make home loan repayment easier. A home loan balance transfer comes as a great aid for individuals who are unable to bear excessive monthly interest charges and hefty EMIs. This process entails transferring your existing home loan account from one financial institution to another to enjoy lower interest rates and better service terms. However, before...

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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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These Factors are Going to Affect Your Home Loan Interest Rates

 Housing loan interest plays a crucial role in determining the cost of borrowing. Thus, it is imperative for borrowers to know the factors that may affect the home loan interest rates. Following are some of them. Loan amount Generally, lenders charge higher interest on borrowing a significant loan amount. Since the interest rates vary with lenders, borrowers need to compare financial institutions to get the best deal. Moreover, they can also opt for a substantial down payment to reduce their EMI component. Interest type Home...

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Will Shifting Home Loan to Repo Linked Loan Reduce EMI?

 The home loan is a unique funding option that lets you get the required amount to buy your own home. However, the home loan is a long-term commitment. And it demands adequate planning from borrowers so that the repayment happens easily. Before and after availing the home loan, borrowers resort to various ways to repay lower house loan EMI. They do that so that they are able to save enough to meet other monetary needs. By going...

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