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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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...

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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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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...

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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...

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