Follow These Easy Steps to Reduce Your Home Loan EMI in 2021

The process to compare different lenders and opting for the lowest interest rates is inevitably the modus operandi of most borrowers while availing a home loan. In order to help prospective borrowers out, most financial institutions offer a home loan EMI calculator where one can check the EMI payable beforehand and check if the same matches his/her repayment capacity. In case you think that the Equated Monthly Instalments will put severe stress...

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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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Smart ways to reduce your home loan EMI payments

While acquiring a home loan, two factors that mainly determine the amount payable as EMI are home loan interest rate and loan tenor. Apart from these factors, there are numerous ways to reduce home loan EMI payments. Some of them are mentioned below.Bigger down paymentA down payment is an initial advance payment borne by borrowers from their own pockets while purchasing a house on credit. For home loans, generally, an amount equal to around 10% to 25% of the loan amount is needed to be paid as downpayment. The remaining home loan amount is serviced...

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Important Documents Required for Home Loan Refinance

Many a time, individuals can suffer from sudden financial crises, making it difficult for them to sustain their current home loan repayment. Borrowers can also find themselves stuck with a high interest housing loan while current market rates have lowered. Under such circumstances, they can transfer their outstanding amount to a lender offering lower interest rates along with better offers like a top up loan. However, there are certain mandatory...

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How to Claim tax Benefits on Home Construction Loan?

 Amidst the launch of different housing loan schemes like Pradhan Mantri Awas Yojana by the Government of India, the real estate sector has witnessed substantial growth over the years. One of the key advantages that borrowers get to enjoy with availing a home loan is the tax benefits it offers. Since EMIs are ideal repayment methods for this particular loan variant, which includes paying the principal amount and interest rates, home loan tax benefit inevitably applies to both of them.  According to the Income Tax Act, 1961, borrowers...

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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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