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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