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Home is the basic necessity of an individual. Everyone has a dream of his own house, that dream can be fulfilled with the help of a home loan. Home loan is the longest financial commitment which one can make in his life. After taking a home loan, the most important thing you have to do is manage monthly Home Loan EMIs . Management of monthly EMIs is something extremely crucial, you have to think about it before taking any loan. Few tips to manage your home loan EMIs are you should try to find a cheaper rate of interest in the market. You have to do proper research before buying Home Loan so that you can get a better deal. Always try to pay higher EMIs so that you can manage your loan in a better way. It will help in reducing your loan tenure as well as the interest you suppose to pay the lender. Regularly pay all your EMIs on time, missing EMIs not only create a financial burden on you but also affects your credit score. If you are not paying your EMIs regularly, it will result in red

Nobody wants to be defaulter but situations arise in life when fulfilling the commitment become difficult due to some unforeseen situation and you become a defaulter. At that time you become financially broken. You should always prepare yourself in advance for all the worst scenario. You must aware about the rights of the defaulter. Some of the rights for home loan borrowers are: Right to have noticed. It is a right in which defaulter has a right to get a notice before starting of a loan recovery process. He/she must get a notice period of 60 days. If within the notice period lender didn't get any response then the lender has a right to take legal action against the borrower. Defaulter has a right to raise his voice if his property get possessed by the lender and he feels that his property is being undervalued. You can raise the objection and declare the price which you feel reasonable. The borrower has a right to check the Identity card of the collection agents, agents

Joint home loans with co-applicants help in improving your loan eligibility. In a joint home loan application, the eligibility is improved by the co-applicants independent source of income and credit history. When you take a home loan jointly with your wife, daughter or mother, and the property is owned by her individually or jointly, some states offer a lower fee for property registration. Succession and other legal issues are reduced if you jointly own home with your husband or wife. If one of the applicants is unable to pay the loan amount due to unforeseen situations, the bank doesn’t need to fear about defaulting on loan payment since there is another borrower who can pay the EMI. The bank combines incomes of both the applicants involved which means a proportionately higher loan amount of loan will be sanctioned to them. You can also earn tax benefits if you opt for a joint home loan. Each co-applicant is required to fill separate application forms and provide individual do

To have one's own house is everyone's dream. We all make sincere efforts to turn our dream into reality. Sometimes along with your savings, you have to borrow a loan to meet the fund requirement, as buying a house is an expensive affair. With a large number of banks and NBFCs offering home loan across India, it has become very easy to avail it. If you decide to take a home loan, it implies a long-term debt liability. While taking a home loan you have to ensure that you don't commit some common mistakes that will cost your dream house. Some of the common mistakes are choosing wrong agents who work to maximize gains of the seller. Therefore before selecting an agent inquire about him. using all your savings for buying a home is another mistake, as one should always keep some cash in hand to meet unplanned expenses like a medical emergency etc. Buying a home with a loan requires you to select the right lender whose interest rates and other charges are low. As selecting a w

Balance transferring a home loan can do wonders for you if done with caution. When you decide to balance transfer your loan from present lender to a new lender that is referred to as balance transfer. A home loan balance transfer is generally done to take advantage of lower interest rate or due to poor customer service from the existing lender. If you have a running home loan and you are planning to Home Loan balance transfer it, then you should keep the following points in mind to take the maximum advantage from it:  Before you switch from one lender to another do a thorough research and a comparative analysis of prevailing interest rates and select a lender who offers a lower interest rate. When planning to balance transfer your home loan it is important that you keep all the required documents ready for quick processing of your loan.  Confirm all the costs to be incurred while balance transferring your home loan in advance to avoid any confusions later on. It is adv

Everyone desires to buy his/her own house. In present times due to the persistent rise in prices over a period of time, it has become very difficult to buy your own dream house. Buying a house requires a lot of funds, if you don't have sufficient savings for the same then you can take a home loan. There are different kinds of home loan available like a new home loan taken for the purchase of a new house or plot. Home extension loan which can be availed if you wish to extend a portion of your like you want to construct a new house or for adding new balcony etc. If you desire to change the interiors of your house or you wish to change the floor tiles etc., then it would require a huge amount of funds which can be met by borrowing a home improvement loan. If you have a fluctuating income then you can take a home loan overdraft, as you can deposit the additional funds available any time in the overdraft account.  Additional Reading:-  What are the types of Home Loan in In

If you are planning to buy a new home, but are still having second thoughts about it, then just sit back and relax. The best and easy option for you is to apply for a home loan . A home loan should not be looked as a mere debt but as a tool of convenience. We have listed a few reasons which prove that a home loan can be beneficial for you. You will benefit from the rise in prices of the property over time. Your home’s appreciation, in most cases, is likely to surpass the amount of interest you end up paying over the home loan tenure. Also, you have the option to rent it out and earn income. There are no prepayment penalties in case of floating rate home loans. So, whenever you have surplus funds, you can use it for making prepayments on your home loan. A home loan can also help you save a tremendous amount of tax. As a borrower, you can claim deduction both on interest paid and the principal amount of the loan under Section 24 and Section 80C respectively of the Income Tax Act. In

Nowadays buying a home is a herculean task because a huge investment is required for buying or purchasing a home. You can fulfill the dream of having your own house, by simply taking a home loan. Many Banks and Non-Banking Financing companies (NBFCs) are offering home loan at the best rate of interest. It is the best time for taking a home loan because, in the competition scenario, all the financial institution tries to offer the best rate to attract more and more customers. They offer a number of benefits like Nil prepayment charges, foreclosure charges etc. Some of the eligibility criteria for taking a home loan are: the minimum age of an individual should be 18 years and the maximum age goes up to 70 years. You must have a regular source of income for getting a home loan. Self-employed should have Income Tax Return of 3 lakhs. You must have a good credit history with a score above 650 and 750+ credit score is considered as a healthy credit score. Some essential document requ

Every individual has a dream of his own house, but purchasing a home is a herculean task because it requires a huge investment. To fulfill the dream of own house, a requirement of joint home loan arises. A joint home loan is a housing loan which is taken by more than one person and the repayment is done with equal financial responsibility. The co-applicant for the join home loan can be the family members, including spouses, siblings etc. Buying a home is not an easy task because it is the biggest financial commitment that an individual makes in his life as the tenure of repayment of the home loan goes up to 30 years. There are various benefits of taking joint home loan such as your loan eligibility become better when you take a joint home loan because of the income of two individual involved in it. Banks are ready to offer higher loan amount as you the repayment capacity increases because more than one person is involved in repayment. Special rates are offered for the women applica

CIBIL score represents the customer's past loan history. Based on this score, lenders assess the risk they face in a lending loan to a customer. If you are looking for a home loan, having a good credit score is important as it brightens the chance of approval of your loan application. On the other hand, with a poor score, your application may or may not get approved. In case your loan gets approved, the rate of interest will be a bit high for you. A lender will give you a lower LTV. Hence, it is advised that you work on your CIBIL score first if it is low as it will improve your bargaining power in terms of getting a lower home loan interest rate and higher LTV. Let's discuss how you can improve your CIBIL score: First is pay all your loan EMIs and credit card bills on time. As late payments and defaults affect your credit score. Avoid multiple loan queries. Avoid settling the previous loan and credit card bills, instead, choose a late payment if necessary. As a late paymen

Owning a house is everyone's dream and buying a house requires an adequate amount of funds. If you don't have the much-required funds then you can easily avail a home loan, as there are numerous lenders offering home loan at affordable interest rates. Lenders offer varied kind of offers to seek customer's attention. As a loan applicant, your major concern would be the interest rate applicable. Different lenders charge a different rate of interest while selecting lender you should check home loan interest rate across different lenders.   Home loan is available at two types of interest rate. First is the fixed interest rate, it remains fixed during the entire loan tenure irrespective of the market conditions. Second is a floating interest rate, it keeps changing in response to changes in market conditions. Floating interest rates are low in comparison to the fixed interest rate. Home loans are available at a flexible interest rate as well. A flexi home loan is a ki

Taking a home loan is one of the most crucial steps in building or buying a new house. Hence, it is important to be aware of the reasons that might impact the approval of the same. We have listed a few reasons for which your home loan can be rejected. The first and foremost reason for your home loan getting rejected is a poor credit score. A low credit score means that you have a history of defaulting on loans or credit card bills repayments. Thus, always make sure to pay your EMIs and credit card dues on time. Job stability is also an important aspect that lenders check before approving the home loan. As per the bank’s requirements, you should be employed in a particular organization for at least three years to apply for a home loan. Further, your home loan may get rejected if your age is close to the retirement age. Try to rope in your spouse or employed children to increase the chances of your loan approval. Banks also do not accept all types of properties as securities for ho

Planning to sell your house but have an outstanding loan to pay? Here are a few options that can help you with the sale of your home, even when you have an outstanding loan against it. The first option is when the buyer pays from his own savings. In this process, the seller can request the bank to provide a loan outstanding certificate. In return, the buyer can directly pay the down payment to the seller's loan account. So, when the liability is cleared, the bank will hand over the property documents to the seller. Thereafter, the seller will transfer the property in the name of the buyer. The second option is when the buyer takes home loan from the seller’s lender. In such situations, the buyer, the seller, and the bank will enter into the tripartite agreement. If a buyer’s home loan is approved, the amount required to settle the loan of the seller is taken care of and the residual amount is given to the seller. Lastly, the buyer can also take a loan from a different lende

Buying a new flat or apartment for yourself is one of the most crucial decisions of your life. It involves huge financial investment and hence, you must keep few things in mind before buying the property. Before looking for an apartment, it is important to set a budget for yourself and look for the property in that price bracket. Once the builder quotes the price for the apartment, compare it with neighbouring areas to verify the price. Next, you should check the location of your apartment. You should look for a place that is conveniently located near your place of work or an educational institute that you’re attending. You must also make serious inquiries about the plot of land, its legalities, and various other aspects to avoid any legal disputes in the future. As a buyer, you should have a clear knowledge of the timeline for possession. Generally, most developers seek a 3-6 month grace period for final delivery of the project. If you don’t get the possession on time, they will be

Generally, everyone faces a dilemma of choosing between renting versus buying a home. There are multiple factors which guide your choice like a long-term goal, available funds, career plan etc. Each option has its own merits and demerits. Let's discuss the pros and cons of renting versus buying a house. A rented accommodation is a good option for you if you have no spare funds, you are into a job and you have plans to switch your job in near future. In this situation buying a home will only add to your financial burden as along with rent you will be paying regular home loan EMIs . Home loan is a long-term loan, should be taken after proper financial planning. On the other hand, buying an own house is everyone's dream. Buying your gives you a sense of security. If you don't have spare funds you can take a home loan to purchase a house. There are several benefits attached to buying a house like tax benefits, good returns in long run, helpful at the time of any financial

Every individual wants his own house and one who has his own house requires renovation after 15 or 20 years. Home needs care and attention to maintain elegance and for the renovation of the home, an individual requires huge amount as the cost of labor and material become higher day by day. There are many types of loan type available in the market for repair and renovation of home like a personal loan for home renovation and top up loan for home renovation. A personal loan is a hassle-free loan in which an individual can get the loan amount the same day or within 2 or 3 days. Moreover, the tenure of the personal loan is shorter as compared to the other loans like home loan or loan against property and as a result, the interest amount is lower in case of a personal loan. So, it is better to take a personal loan for home renovation. One more benefit of personal loan for home renovation is that it is totally a collateral free loan and you don't have to mortgage your property to

Home loan balance transfer is the process of paying off one home loan by getting another loan at a cheaper interest rate. The primary motive to opt for a balance transfer is to save money on interest payments. If a new lender is offering you a lower interest rate, then you can save considerably on the interest payments and you can surely make a switch. However, a small difference in the interest rate is of no benefit as banks charge 1% processing fee in the case of loan transfer. If there is a significant difference then a switch is worth the effort and cost involved. Further, before applying for a home loan balance transfer, you are required to fulfil certain eligibility criteria such as the minimum age at the time of application must be 21 years or above and repayments have to be completed before the age of 70. You should have been in employment/ business for at least 3 years of which current employment should account for at least 1 year. In addition, you must be running a hom

Before applying for a home loan, it is important to determine your home loan eligibility which is dependent on several factors. The first important factor that you need to keep in mind is your age. The early you apply for a home loan, the more is the possibility of a bigger amount getting sanctioned to you by the bank. Next is your qualification and experience. If your academic credentials and work experience are impressive, the banks may sanction a higher amount of loan. Your qualification and work experience predict stability and progress fairly well. Also, a credit score of 650 and above is considered good for a housing loan. A lender can use credit score to assess your repayment capacity before approving the loan. Further, having a regular and stable income is a necessity if you want to get your loan approved. This varies according to your profession. Missing EMIs regularly on your existing loans, or making EMI payments after the due date are also a cause of concern for you

Delhi, India's national capital is well known for its cultural heritage. The desire for better jobs and higher education has led to an increase in migration of population from other parts of India. This had further led to an increase in demand for owned houses. But due to rising prices of property, purchasing a housing loan  in Delhi ain’t an easy thing. You can turn your dream of owning a house in Delhi into reality, as there are many lenders offering home loans at attractive prices. Following tips will help you to get best home loan deals in Delhi:  Before applying for a home loan always compare interest rates offered by different lenders. Along with interest rates compare tenure, eligibility criteria, processing fee and various other factors of different lenders.  Having a good credit score is an important factor, as it can help you in getting a home loan at the lowest interest rate. Usually, a credit score of 650+ is considered good for a home loan. Use online EM

In order to build a secure financial future for your child, it’s important to plan the investments which you think will help you to meet your financial goals. We have listed few investment options that you can choose from. A life insurance cover is an important component of your financial plan because you can name your child as a beneficiary. Your child can make the use of funds in case of a parent’s untimely demise. You can also buy a property for your kid as it will not only help them save their income by eliminating the need for buying a new house but will also secure their future housing Loan . You can also open a savings account in the name of your child if he is less than 18 years of age. It is also known as ‘minor account’. For accounts of minors below the age of 10 years, the guardian must operate the account. They are also allowed to set the limit on the withdrawal amount. Next on the list is Fixed Deposits – they offer a higher rate of interest than a regular savin

Transferring your home loan means replacing your existing home loan with a new home loan, with different terms and conditions. If your existing home loan rate of interest is high, then you can opt for a Home Loan balance transfer . Besides interest rates, there may be several other reasons to transfer your home loan as the desire to increase your loan amount or tenure, unsatisfactory service from existing lender, etc.  Following are some of the important things you need to consider before you opt for the balance transfer of your home loan: Choose to transfer your home loan only if the new loan is offered at a lower rate of interest as it will help in saving on cost in the form of reduced interest payment. Transferring your home loan towards the end of loan tenure is not considered a good idea, as you have already paid interest part. So, always choose to balance transfer your loan during the initial years of the loan tenure. There are different costs involved in transferring your h

Mumbai is the capital of Maharashtra and is one of the fastest growing cities in India. From Bollywood to fashion to delicious street foods, Mumbai has something to offer for everyone. If you are also planning to move to Mumbai and need funds to buy your dream house, you have the option to avail a home loan in mumbai .  There are several banks and NBFCs that offer home loans at attractive interest rates. However, before applying for a home loan, you are required to fulfill certain eligibility criteria such as – you should be 21 years or above at the time of application and repayment have to be completed before the age of 70. In addition, you must have a regular source of income along with a good credit score of 700 and above. You are also required to submit few important documents to avail a home loan in Mumbai. The important documents that you need are: KYC documents (Aadhaar Card, PAN Card, Driving License, Passport), bank statements and latest ITR with the computation o

When we talk about home loans, SBI is one of the largest facilitators of home loan in India . It offers a wide variety of home loan products meeting the requirements of different customers. The bank offers lowest interest rate with a tenure of up to 30 years. Some of the salient features of SBI home loan are: Special discount for women borrowers, flexible payment options, no hidden charges, exclusive packages depending upon individual needs of customers. You can apply for SBI home loan online as well as offline. Process to get offline home loan from SBI is as follows: You are required to keep all property related documents ready which includes booking receipt as well as the copy of the cheque. Then you need to visit the advocate to get the property documents verified. Post legal stage, a property valuator from the SBI panel will evaluate the property and issue a letter to the borrower. After this, the borrower must visit SBI along with all the required documents and the applic

Home loans are quite in demand because they allow you to become the owner of your dream home. Borrowers of the home loan have a facility of transferring their home loan from one bank to another. This is called home loan balance transfer . Choosing balance transfer is beneficial for borrowers in a number of ways. Borrowers of home loan can opt for balance transfer if they find interest rates of other lenders low.

Home loan provides the necessary funds required to help you invest in a home to fulfill your dream of own house. By doing some basic homework, you can easily get your home loan application approved.  Let’s discuss some simple preparatory steps you can follow for the easy approval of your home loan application:  Having a good credit score (650 and above) is considered good. Check your credit score before applying for the home loan . In case of a bad credit score, it can be improved by paying your existing loans and credits on time without fail. The amount of loan you are eligible for is directly proportional to your disposable income and inversely related to your EMIs on existing debt. So try to get rid of your existing debts. Home loan is usually allowed 75% to 90% of the property’s value.  The rest is to be paid as down payment. So keep your down payment ready for the quick approval of your application. Prepare the list of the documents required and keep them rea