Top Factors That Badly Affect Your Home Loan Interest Rates

One of the most prominent factors deciding your home loan affordability is the interest rate. It definitely does vary across lending institutions, depending on market conditions. However, many applicants might not be aware of how these rates can be negotiated depending on their property characteristics, eligibility, and financial habits. Here are some of the top factors affecting home loan interest rates and ways in which individuals can save on...

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Owning Multiple Home Loans? Know How to Deal Smartly

Contrary to popular belief, individuals can opt for more than one loan. In fact, there are families that might be having a car loan or home loan in India besides a personal loan. The biggest concern with multiple debts is repayment. While different financial products might offer you different benefits, they also come with varied interest rates, tenure, and other repayment conditions. Although multiple loans might cut down on your monthly disposable...

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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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Important tips to consider before taking a Home Loan

As per recent data, the RBI recently linked the risk weight of home loans to LTV ratio, as applicable to all new housing loan sanctioned up to March 31st, 2022. This particular facility seems quite beneficial for the real estate sector, as it is expected to generate more revenue within the next few years.  Even though all these aspects have made a positive impact in the home loan segment, individuals are still required to keep certain things in mind before availing this advance. Borrowers inevitably come across a few components of housing...

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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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