Important Things to Remember While Transferring your Home Loan

Besides lower interest rates, home loan transfer also accompanies a range of benefits like better service, pre-approved offers and many more. However, to leverage the optimum advantage, individuals have to consider a few things. Here are some of them. Time of refinancingIt plays a crucial loan in determining the profitability of this facility. Generally, in the initial stages of repayment, individuals mostly service their interest liabilities....

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Important Factors You Should Know Before Taking aTop-Up Loan on a Home Loan

 With a top-up loan, which is usually available during home loan balance transfer, a lender extends an additional credit line over and above the existing loan amount. Such credit is usually available at an easy rate of interest. Nonetheless, there are a few important factors that borrowers should keep in mind before availing a top up loan on home loan –Conditions to avail it To be eligible for such an additional loan amount, borrowers need...

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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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Facts to Know About PMAY Subsidy Scheme

PMAY or Pradhan Mantri Awas Yojna is a scheme introduced by India's government to offer affordable houses to the economically weaker sections by 2022. This scheme is primarily divided into two sections - Urban and Gramin. Under PMAY urban scheme, eligible candidates are divided into three categories, namely -Economically weaker sectionLow Income Group (LIG)Middle Income Group I and II (MIG I and II)Individuals belonging to these categories can...

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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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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...

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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...

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