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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