Should You Seriously Consider Opting For Home Loan balance Transfer


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

Comments

Post a Comment

Popular posts from this blog

Blog Collection

Hi All, we have got the collection of some of the amazing blogs. You can have a look 1)  http://www.theranthole.com/important-things-to-consider-before-transferring-your-home-loan/ 2) https://www.thehickeyunderworld.com/how-to-apply-for-pradhan-mantri-awas-yojana/ 3)  https://dhowd.com/top-5-lenders-for-home-loan-balance-transfer/ 4) https://gingerkids.org/how-can-home-loans-help-you-save-big-on-your-tax/ 5) http://oneeyedmonstermovie.com/rbi-keeps-repo-rate-unchanged-heres-what-it-means-for-home-loan-borrowers/
Read more

Tips To Get Quick Home Loan Approval

Image
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
Read more

What is Pradhan Mantri Awaas Yojana Gramin (PMAYG)

The Pradhan Mantri Awas Yojana Gramin has been introduced after restructuring the Indira Awas Yojana, which was launched in 1996. This restructuring was done to achieve the government's ambition of providing 'Housing For All' by 2022. Under PMAYG , the pucca house is to be provided along with basic amenities to the beneficiaries of the scheme. These pucca houses will be disaster-resilient, along with fit as per the socio-cultural and geo-climate factors. The benefits under the scheme include; loan upto Rs. 7 lakhs, subsidy on interest for up to 3%, maximum subsidy on principal amount is Rs. 2 lakhs and the maximum subsidy that can be availed for a payable EMI is up to Rs. 38,359. However, to be eligible for the scheme, you need to satisfy any of the following criteria: Houseless family A household without any literate adult above 25 years. A household without any adult between 16 to 59 years. Various minorities plus schedule castes and scheduled tribes. Family having a
Read more