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Getting a land purchasing loan can be a bit difficult as there is no collateral involved, but it is not impossible. But there are few things that you need to take care of for a land loan. These are important because it makes your work easier and does not pose difficulties after you get the approval of the loan. Also, getting more knowledge about anything can never be harmful. You first need to go for a location which is suitable for you. Like it should have basic utility facilities, useable public access, and future development plans, etc. It saves your time and money on later expenses. The next would be to have a definite plan of what are you buying the land for. The building which requires only some improvements, getting a loan for them is less tricky. Down payments for them are also not very high in comparison to other types of land loans. Land purchasing loans for the speculative purpose may gain you profit soon, but at present, availing them can be a huge cost incurring. The next

RBI has recently reduced the repo rate to 5.15%. This reduction has shifted the RBI’s stance from calibrated tightening to neutral. Determination of Repo Rate RBI makes its monetary policies based on the Consumer Price Index and inflation. Repo rate is the rate at which banks borrow money from RBI against government securities. An increase in repo rate discourages banks from availing the loan, while decreases in repo rate encourage them to avail loan from RBI. Controlling inflation is the central aspect behind making any changes in the repo rate . The effect of repo rate cut falls on all entities, be it companies, individuals, or firms. Effect on Companies Lower repo rate means lower borrowing rates. This makes it cheaper for companies to avail loan from banks and expand their business. Effect on Individuals Individuals usually celebrate the reduction of repo rate, as the general thought process is, lower the repo rate lower will be the interest rate on loan. However, it is

Land loan is a good choice to finance your land purchase. However, the amount of loan will be decided by the bank before sanctioning the amount. The maximum loan-to-value ratio in the case of land loan is around 70%. Banks approve the land loan only after proper verification and scrutiny of all documents and the land you want to purchase.  Here is the list of documents required: 1. Original land ownership documents 2. Detailed sketch of plot location approved by the municipality. 3. Revenue receipts and land records, which has been paid by the previous owner. 4. Tax receipts 5. Original sale deed with index II. 6. Copy of property’s registration card on the name of the borrower 7. Search and Title reports of the land in detail in the last 30 days. ‘ 8. Order certificate’s copy, which is issued by the Urban Land Ceiling Act. 9. Building Permission copy issued by the Local Corporation 10. Cost of construction which is estimated by the certified architect. Other documents:

With the banking system getting digitalized, the popularity of home loan has increased. Along with buying a new house, it also helps in the renovation and extension of a portion of the house. While availing the home loan, you have the option to chose from two home loan interest rate :  1. Under the fixed home loan, the rate of interest does not change irrespective of market changes. 2. Under the floating home loan, the rate of interest fluctuates from time to time.  Both interest rate types are different in their form and nature. Following are the advantages of fixed home loan interest and floating home loan interest: a) under a fixed home loan rate, there is no fluctuations in the rate of interest along with immunity from the changes in the external market. It makes budgeting for the dues easier. b) the floating home loan rate is comparatively lower than fixed rates, so a rise in rate to a certain extent will not have any effect. Disadvantages of fixed and floating

Owning a house is a big milestone in anyone’s life, no matter its size. Most people buy their homes with the help of a home loan, which is a smart decision. However, continuing the home loan until the end of its tenure may not be that smart a decision. Depending upon the interest rate, the total amount you might end up paying in the form of interest throughout tenure can be close to half the portion of the principal amount or even more. That’s why it is better to start thinking of closing the home loan as soon as possible: 1. Choose High EMIs: At the time of availing the loan, your income was less than what it is now. With the increase in income, you can opt for higher EMI, which will reduce the overall tenure of the loan and help you repay it sooner. 2. Pre-payment Options: You can also pre-pay home loan when you get a lump sum amount or certain investment of yours. Most banks do not charge for a pre-paying home loan. 3. Balance Transfer: You can look for another lender who is pro

A home loan is availed to buy a residential property. The bank takes the property you buy as collateral. It is released only after the complete payment, which includes the home loan interest and principal amount. The maximum repayment tenure for a home loan can be up to 35 years. How is EMI calculated? In today’s time, you can easily calculate the home loan EMI through the home loan EMI calculators. All you need to do is fill the principal loan amount, tenure of the loan, and the rate of interest. The calculator will then give you the monthly EMI along with a detailed amortization of the table which contains the principal opening and closing balance, principal and interest component in each EMI. What is home loan interest rates? There are two types of interest rates that a bank fixes for the loans it advances. a) Fixed-rate: if you choose the fixed-rate, then your EMI