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...
Friday, 5 March 2021
What is PMAY? Know the Facts About its Subsidy
Pradhan Mantri Awas Yojana is an affordable housing scheme introduced by the Government of India in 2015. The aim of this scheme is to provide affordable housings to every Indian. Under this scheme, individuals will receive a subsidy on the home loan availed for the construction of new homes or renovation of an existing one.Home loan subsidy available under this scheme for the middle-income group is limited to 3% on a loan amount of up...
Thursday, 4 March 2021
4 Factors That Can Affect Home Loan Interest Rates
While home loan interest rates in 2021 have been reduced to their historic lowest, there are several factors that borrowers must account for to enjoy a minimal cost of borrowing.A host of parameters are taken into consideration which are calculating the home loan interest rate. Given that it is one of the biggest financial commitments that you would be making in your life, it would help you to get the most out of a home loan if you are aware...
Tuesday, 23 February 2021
Know How to Deal with Hiked Home Loan Rates With Calm
Home loan interest rate is determined based on the current market scenario. For instance, RBI controls the repo rate that further influences this rate. On top of that, lenders add their spread, and finally, a rate is proposed to borrowers. Thus, individuals who want to get rid of fluctuating home loan interest rates can adopt the following measures. Part-payment Individuals can make full use of the surplus cash if they have to...
Thursday, 18 February 2021
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...
Friday, 12 February 2021
Are you worried about the EMIs? Follow this Guide to Manage your Home Loan EMIs
Availing a home loan from HFCs has become convenient, thanks to relaxed eligibility criteria. Borrowers searching for a substantial fund to purchase a residence or invest in home construction can apply for a home loan. Nonetheless, EMI repayment and interest payment is a monthly exertion.This repayment burden can be tackled efficiently by employing specific ways for healthy savings. Individuals can compare different lenders in the market and opt for the competitive interest rate to reduce home loan EMI amounts.Tips to reduce the EMI repayments...
Wednesday, 10 February 2021
When is the Ideal Time for Refinancing Home Loan
When a borrower has an active home loan, EMIs of such credit are categorised under regular liabilities. Due to its long-term repayment, home loan refinancing is an option, which many borrowers tend to explore. A home loan balance transfer can reduce one’s liabilities effectively by reducing the amount of interest charged on the outstanding principal amount.What does a home loan balance transfer mean?The home loan balance transfer involves transferring...
Monday, 8 February 2021
Factors that may Determine you Choose the Right Home Loan Tenure
Home loan presents a convenient way to purchase a house. On the other hand, they are a long term financial commitment as well. It requires careful planning and execution to repay a housing loan without any default. Typically, home loan tenure ranges between 18-20 years, and in some cases, it can go beyond that as well.Therefore, it requires you to prepare, and you can consider the following facts before choosing your home loan tenure.3...
Tuesday, 5 January 2021
Know Everything About the Home Loan Eligibility
The home loan is a handy solution to help you avail an amount as per your eligibility to buy your dream home. But not many people are unaware of the home loan eligibility inside out. Hence, when they apply, their home loan applications are rejected. It is where this short post may help you as it discusses the home loan eligibility!Standard home loan eligibility at a glance You need to be a resident citizen of India. Your age should...
