Apply Here For Home Loan Services

A work order is an order placed by an individual claiming the purchase of specific goods or particular services. While dealing with property, a promoter or developer may make you sign a work order which would mean that you are going to bear the cost of furnishing and fittings. From the aspect of real estate, a work order signifies the purchase of goods such as floor tiles, windows, bathroom fittings as well as the service to fit them into the property. A property dealer makes an individual sign the work order ensuring that he bears all the cost. When one signs the work order, the stamp duty and the tax levied on the property increase and as a result the value of the property increases. When one opts for a home loan , he needs to borrow a greater amount as the property value rises. In the case of a home loan, one must be very particular about documentation. Thus, when one finalizes the deal of property with the dealer, one should be aware of the difference in the work order an...

The most important aspect in the process of applying for a home loan and successfully getting it is to apply after understanding the home loan eligibility criteria and making sure you are not failing on any of them. Since the popularity of home loans is only going to increase as suggested by a report, which also reported a 15% increase in home credit for Housing Finance Corporations in 2018. The 5 crucial home loan eligibility criteria are: a) Down Payment: A lender cannot finance more than 90% of the property's value. So the minimum 10% has to come from you. On this note, the more down payment you can manage the lower will be the loan amount. b) Credit Score: A credit score is a numeric representation of the creditworthiness of an individual. It ranges from 300 to 900. A score of 700 and above is considered to be good. c) FOIR: It is the fixed obligation to income ratio. It is the ratio of your fixed expenses against your net income. The lower the ratio higher the spare income...

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...

A home loan is not just about financing your purchase for a new ready to move in the house or for construction of a new house. There are various types of housing loans available , fulfilling specific housing finance needs. Check out their list below:  1. Home Loan: This is the popular and most common type of home loan. This loan is availed to buy a ready-to-move-in property or an under-construction property using funds availed through bank or NBFC. The loan amount depends on the value of the property. 2. Home Loan for Construction: If you have a vacant plot of land, then you can avail loan to construct your own house. The funds acquired will be used to cover the construction cost. The loan amount depends on the cost of construction. 3. Home Improvement Loan: You can avail loans to make improvements in your existing home as well as renovation, furnishing, or altering the structure of the house. 4. Land purchase loan: You can also avail a loan for purchasing a plot of land. ...

Yes, a credit score plays an important role when you apply for home loans . Usually, you need to have a credit score of above 700 to get a home loan from your lender. No lender would be willing to lend you if you do not have a decent credit score. Do you know why does your credit score drop? There are several reasons for the same: 1) When you make too many applications for credit cards or loans 2) If you fail to pay your credit card outstanding dues 3) If you do not make timely payments of your loan EMIs 4) If you over exceed your credit limit to meet additional requirements You can improve your credit score by following these steps to apply for a hassle-free home loan in the future: 1) Make sure you keep checking your credit score and report regularly to fix errors if any 2) Do not apply for a credit card or loan if you have been rejected earlier. You can apply after a gap of 6 months 3) Always pay your credit card bills and loan EMIs on time READ:- Does your Credit Scor...

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:- ...

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...

Home Loan is the go-to source for meeting the fund requirements to buy a house. You should set your budget before starting to search for the desired property and as and when you select your dream house check your eligibility for the home loan . The amount of home loan you can get is subject to certain parameters on the basis of which banks assess your credibility and repayment capacity. These parameters are: a) Credit Score – It is the measure of your creditworthiness. Higher your score lower is the risk for bank in advancing loan to you which will result in the higher loan amount and better rate of interest. b) Financial Stability – You need to have a regular income source. Your income level plays a crucial role in deciding the loan amount, as you can pay only within the extent of your earnings. c) Value of Property – You gets a home loan by placing the purchased property as collateral. The maximum limit of home loan is 90% of the property's value. d) Liabil...

The greatest joy of a person’s life is buying a home for himself/herself. But to make this dream come true, you need to follow certain guidelines and procedures. A home loan forms a major part of buying a house, and this process starts with submitting your home loan documents to the lender. Do you know the documents required for home loans? Do you have all the required documents? Before applying for a home loan, you need to ask these questions to yourself. You can find the answers to these questions in this article of ours. You will get to know how to process your entire loan as quickly and effectively as possible. You need to be very careful when it comes to your original documents, and you also need to know how to submit the documents. You should know the right person to contact to and also the process after document submission. So check before you apply for a home loan. Are you ready for the application? Find it out here. Also Read- Do you have these important home loan document...

Do you feel burdened with increased repo rates? Do you want to transfer your home loans? You will find the answers to your question in this article. The recently increased repo rates have become a burden for the people as it has increased the home loans rate of interests. Many people might not be able to afford the payable EMIs. In such a situation people often look for a home loan transfer to get lower interest rates. The transfer of home loan outstanding to a new lender not only helps the people to avail lower interest rates but also makes their EMIs affordable. But most of them must not be aware of what home loan transfer is? What are its features? How to get you home loan transferred to a new lender? Criteria for choosing a new lender? All these questions have been answered in this article. To understand what home loan transfer actually is and how to get it processed by choosing the right lender in the market that is the one offering lower interest rates follow this article and ge...

If you want to own a house and you do not have funds, then you may apply for home loans which generally comes with a longer tenure and the best part is that you can also take a top up on your existing loan to meet your additional requirements. You can avail a top up on your home loan wither from an NBFC or Bank from which you have already applied for a loan. The general tenure of a top-up loan is approx 10 years which could be stretch to 15 to 20 years if the tenure of the loan is very high. You can have several benefits on your home loan top up like: 1) The top-up loans can be used anywhere means to meet your emergency requirements, manage wedding expenses, funding your child’s higher education, etc. 2) They are ideal when you are looking for quick funds to meet your emergency requirements as they require very less documentation. 3) It is available at a very less rate of interest. Moreover, it also requires no mortgage to avail a loan which is hassle-free. 4) You can also ear...

Although it is believed that getting a home loan nowadays has become easier but there are numerous times when your home loan application might get rejected when you make an application with the lender of your choice even when you have everything in place. The reasons are many that may lead to you a disappointment when you apply for a loan.  If the lender denies your loan application, the first thing you have to do is to find out the specific reason that why your loan application has been refused by them and try to fix it as soon as possible to meet your financial requirement at the earliest. In order to avoid such situation, it is advisable that you need to be very active while managing your financial profile while making a fresh home loan application. You should try to check your CIBIL score, your previous credit history and certain other important factors that might bring rejection to your home loan application. You may also face a loan rejection in the case when you frequen...

The three rates namely, MCLR Rate, Base Rate and BPLR Rate are immensely used by both private and public sector to fix the pricing of their loans. But recently the government has brought some changes related to this. Home loan borrowers have to switch from base rate to MCLR rate from April 2016 since the introduction of MCLR rates that brings transparency in loan pricing and processing. These home loan interest rates are fixed by the government to help banks and NBFCs to set their loan prices. These rates are used as benchmark rates for the lenders below which they cannot lend any loan to the prospective buyers. These rates give a clear indication that no banks can lend below this rate. In short, these set rates are a clear cap on lending. Among the three rates, the Benchmark Prime Lending rate allows creditworthy customers an opportunity to avail loans at lower rate of interest. If you are a customer who is looking to avail at these rates, you need to talk to your bank online or ...

A home loan has a lengthy process and contains numerous conditions. That is why here we assess five major points in the home loan with low interest rate process of public and private banks. a) Interest rate Updation: Private banks are slow to move their interest rate even for existing customers as per the changes in repo rate by RBI. Whereas, in the case of public banks with the change in repo rate interest rate for new as well as existing customers is normally moved. b) Prepayment Charges: Private banks charges an additional percentage fee on outstanding loan amount when you prepay your existing loan. Public banks do not have any prepayment charges. c) Prepayment Limit: Private banks also tend to set the limit on the amount of prepayment which can be done at one time. They would for example have. 25% of outstanding loan as a limit for one-time prepayment. Public banks do not have such conditions. d) Prepayment Period: Private banks have a lock-in of 6 months to 1 year bef...

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...

Everyone desires to buy his/her own house. In present times due to the persistent rise in prices over a period of time, it has become very difficult to buy your own dream house. Buying a house requires a lot of funds, if you don't have sufficient savings for the same then you can take a home loan. There are different kinds of home loan available like a new home loan taken for the purchase of a new house or plot. Home extension loan which can be availed if you wish to extend a portion of your like you want to construct a new house or for adding new balcony etc. If you desire to change the interiors of your house or you wish to change the floor tiles etc., then it would require a huge amount of funds which can be met by borrowing a home improvement loan. If you have a fluctuating income then you can take a home loan overdraft, as you can deposit the additional funds available any time in the overdraft account.  Additional Reading:-  What are the types of Home Loan ...

If you are planning to buy a new home, but are still having second thoughts about it, then just sit back and relax. The best and easy option for you is to apply for a home loan . A home loan should not be looked as a mere debt but as a tool of convenience. We have listed a few reasons which prove that a home loan can be beneficial for you. You will benefit from the rise in prices of the property over time. Your home’s appreciation, in most cases, is likely to surpass the amount of interest you end up paying over the home loan tenure. Also, you have the option to rent it out and earn income. There are no prepayment penalties in case of floating rate home loans. So, whenever you have surplus funds, you can use it for making prepayments on your home loan. A home loan can also help you save a tremendous amount of tax. As a borrower, you can claim deduction both on interest paid and the principal amount of the loan under Section 24 and Section 80C respectively of the Income Tax Act. In...

Nowadays buying a home is a herculean task because a huge investment is required for buying or purchasing a home. You can fulfill the dream of having your own house, by simply taking a home loan. Many Banks and Non-Banking Financing companies (NBFCs) are offering home loan at the best rate of interest. It is the best time for taking a home loan because, in the competition scenario, all the financial institution tries to offer the best rate to attract more and more customers. They offer a number of benefits like Nil prepayment charges, foreclosure charges etc. Some of the eligibility criteria for taking a home loan are: the minimum age of an individual should be 18 years and the maximum age goes up to 70 years. You must have a regular source of income for getting a home loan. Self-employed should have Income Tax Return of 3 lakhs. You must have a good credit history with a score above 650 and 750+ credit score is considered as a healthy credit score. Some essential document requ...

Every individual has a dream of his own house, but purchasing a home is a herculean task because it requires a huge investment. To fulfill the dream of own house, a requirement of joint home loan arises. A joint home loan is a housing loan which is taken by more than one person and the repayment is done with equal financial responsibility. The co-applicant for the join home loan can be the family members, including spouses, siblings etc. Buying a home is not an easy task because it is the biggest financial commitment that an individual makes in his life as the tenure of repayment of the home loan goes up to 30 years. There are various benefits of taking joint home loan such as your loan eligibility become better when you take a joint home loan because of the income of two individual involved in it. Banks are ready to offer higher loan amount as you the repayment capacity increases because more than one person is involved in repayment. Special rates are offered for the women applica...