Apply Here For Home Loan Services

  Documentation plays a crucial role in the whole process, as it helps the lenders to know their customers in a better way. Since the home loan is a secured loan, therefore, the documentation process is a bit complicated. Financial institutions and banks ask for various documents required for a home loan because of the following reasons: 1. To know the age and the nationality of the loan applicant: As home loans are a long term loan and the applicant should be at a certain age that he/she could repay the loan. 2. Financial documents tell the lender about your credit history and repayment capacity. For example, if you have ever missed any EMI or due payment for an existing loan, then it will be clearly visible in your bank statement. 3. The credit score is of utmost importance as if it is not as per the requirement of the bank or NBFC, then they will reject the loan application. READ:- Home loan application – What Documents Do You Need?

A home loan balance transfer is a facility when you transfer your existing or old home loan to a new lender to lower your monthly EMIs. This option is exercised when a borrower finds that he is getting a lower rate of interest from another lender than the present one. One should opt for this facility after knowing its benefits. The benefits offered by a home loan balance transfer is given below: 1) With a home loan balance transfer, you get the opportunity to lower your interest rate on your present loan and so your monthly EMIs 2) You also get the flexibility of better repayment terms in case of a home loan balance transfer. IT helps a borrower to get free from debt burden quickly 3) Keep in mind that you would only get a lower rate of interest when you have a good repayment history in the past 4) You can also avail a top up on your existing loan to meet your additional requirements like home renovation, pay for your wedding or funding your child’s higher education READ:-  Sh

A home loan is based on two types of interest rates, fixed interest rate, and floating interest rate. Under the home loan based on the fixed home loan interest rate , the rate of interest does not change over the tenure of the loan. This means, if you have taken the home loan for 15 years @ 11% fixed rate, then till the end of 15 years your home loan interest rate will not change. However, in the case of a home loan based on a floating interest rate, the rate of interest on your loan does change based on the change in the bank rate. For instance, the bank rate when you availed a floating rate based home loan was 6.5%. You availed the loan @ of 11% for 20 years. Now, after 2 years, the bank rate has decreased to 6%. In such a case, it is likely that your home loan interest rate will also decrease. Some key differences between fixed and floating interest rate are: a) Nature: In the case of a fixed interest rate, the rate of interest is fixed throughout the tenure. Whereas for the float