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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...

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...

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...

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...