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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...

CIBIL score represents the customer's past loan history. Based on this score, lenders assess the risk they face in a lending loan to a customer. If you are looking for a home loan, having a good credit score is important as it brightens the chance of approval of your loan application. On the other hand, with a poor score, your application may or may not get approved. In case your loan gets approved, the rate of interest will be a bit high for you. A lender will give you a lower LTV. Hence, it is advised that you work on your CIBIL score first if it is low as it will improve your bargaining power in terms of getting a lower home loan interest rate and higher LTV. Let's discuss how you can improve your CIBIL score: First is pay all your loan EMIs and credit card bills on time. As late payments and defaults affect your credit score. Avoid multiple loan queries. Avoid settling the previous loan and credit card bills, instead, choose a late payment if necessary. As a late paymen...

Owning a house is everyone's dream and buying a house requires an adequate amount of funds. If you don't have the much-required funds then you can easily avail a home loan, as there are numerous lenders offering home loan at affordable interest rates. Lenders offer varied kind of offers to seek customer's attention. As a loan applicant, your major concern would be the interest rate applicable. Different lenders charge a different rate of interest while selecting lender you should check home loan interest rate across different lenders.   Home loan is available at two types of interest rate. First is the fixed interest rate, it remains fixed during the entire loan tenure irrespective of the market conditions. Second is a floating interest rate, it keeps changing in response to changes in market conditions. Floating interest rates are low in comparison to the fixed interest rate. Home loans are available at a flexible interest rate as well. A flexi home loan is a ki...

Taking a home loan is one of the most crucial steps in building or buying a new house. Hence, it is important to be aware of the reasons that might impact the approval of the same. We have listed a few reasons for which your home loan can be rejected. The first and foremost reason for your home loan getting rejected is a poor credit score. A low credit score means that you have a history of defaulting on loans or credit card bills repayments. Thus, always make sure to pay your EMIs and credit card dues on time. Job stability is also an important aspect that lenders check before approving the home loan. As per the bank’s requirements, you should be employed in a particular organization for at least three years to apply for a home loan. Further, your home loan may get rejected if your age is close to the retirement age. Try to rope in your spouse or employed children to increase the chances of your loan approval. Banks also do not accept all types of properties as securities for ho...

Planning to sell your house but have an outstanding loan to pay? Here are a few options that can help you with the sale of your home, even when you have an outstanding loan against it. The first option is when the buyer pays from his own savings. In this process, the seller can request the bank to provide a loan outstanding certificate. In return, the buyer can directly pay the down payment to the seller's loan account. So, when the liability is cleared, the bank will hand over the property documents to the seller. Thereafter, the seller will transfer the property in the name of the buyer. The second option is when the buyer takes home loan from the seller’s lender. In such situations, the buyer, the seller, and the bank will enter into the tripartite agreement. If a buyer’s home loan is approved, the amount required to settle the loan of the seller is taken care of and the residual amount is given to the seller. Lastly, the buyer can also take a loan from a different lende...

Generally, everyone faces a dilemma of choosing between renting versus buying a home. There are multiple factors which guide your choice like a long-term goal, available funds, career plan etc. Each option has its own merits and demerits. Let's discuss the pros and cons of renting versus buying a house. A rented accommodation is a good option for you if you have no spare funds, you are into a job and you have plans to switch your job in near future. In this situation buying a home will only add to your financial burden as along with rent you will be paying regular home loan EMIs . Home loan is a long-term loan, should be taken after proper financial planning. On the other hand, buying an own house is everyone's dream. Buying your gives you a sense of security. If you don't have spare funds you can take a home loan to purchase a house. There are several benefits attached to buying a house like tax benefits, good returns in long run, helpful at the time of any financial ...

Home loan balance transfer is the process of paying off one home loan by getting another loan at a cheaper interest rate. The primary motive to opt for a balance transfer is to save money on interest payments. If a new lender is offering you a lower interest rate, then you can save considerably on the interest payments and you can surely make a switch. However, a small difference in the interest rate is of no benefit as banks charge 1% processing fee in the case of loan transfer. If there is a significant difference then a switch is worth the effort and cost involved. Further, before applying for a home loan balance transfer, you are required to fulfil certain eligibility criteria such as the minimum age at the time of application must be 21 years or above and repayments have to be completed before the age of 70. You should have been in employment/ business for at least 3 years of which current employment should account for at least 1 year. In addition, you must be running a hom...

Delhi, India's national capital is well known for its cultural heritage. The desire for better jobs and higher education has led to an increase in migration of population from other parts of India. This had further led to an increase in demand for owned houses. But due to rising prices of property, purchasing a housing loan  in Delhi ain’t an easy thing. You can turn your dream of owning a house in Delhi into reality, as there are many lenders offering home loans at attractive prices. Following tips will help you to get best home loan deals in Delhi:  Before applying for a home loan always compare interest rates offered by different lenders. Along with interest rates compare tenure, eligibility criteria, processing fee and various other factors of different lenders.  Having a good credit score is an important factor, as it can help you in getting a home loan at the lowest interest rate. Usually, a credit score of 650+ is considered good for a home loan. Use...

In order to build a secure financial future for your child, it’s important to plan the investments which you think will help you to meet your financial goals. We have listed few investment options that you can choose from. A life insurance cover is an important component of your financial plan because you can name your child as a beneficiary. Your child can make the use of funds in case of a parent’s untimely demise. You can also buy a property for your kid as it will not only help them save their income by eliminating the need for buying a new house but will also secure their future housing Loan . You can also open a savings account in the name of your child if he is less than 18 years of age. It is also known as ‘minor account’. For accounts of minors below the age of 10 years, the guardian must operate the account. They are also allowed to set the limit on the withdrawal amount. Next on the list is Fixed Deposits – they offer a higher rate of interest than a regular savin...

Mumbai is the capital of Maharashtra and is one of the fastest growing cities in India. From Bollywood to fashion to delicious street foods, Mumbai has something to offer for everyone. If you are also planning to move to Mumbai and need funds to buy your dream house, you have the option to avail a home loan in mumbai .  There are several banks and NBFCs that offer home loans at attractive interest rates. However, before applying for a home loan, you are required to fulfill certain eligibility criteria such as – you should be 21 years or above at the time of application and repayment have to be completed before the age of 70. In addition, you must have a regular source of income along with a good credit score of 700 and above. You are also required to submit few important documents to avail a home loan in Mumbai. The important documents that you need are: KYC documents (Aadhaar Card, PAN Card, Driving License, Passport), bank statements and latest ITR with the computati...

When we talk about home loans, SBI is one of the largest facilitators of home loan in India . It offers a wide variety of home loan products meeting the requirements of different customers. The bank offers lowest interest rate with a tenure of up to 30 years. Some of the salient features of SBI home loan are: Special discount for women borrowers, flexible payment options, no hidden charges, exclusive packages depending upon individual needs of customers. You can apply for SBI home loan online as well as offline. Process to get offline home loan from SBI is as follows: You are required to keep all property related documents ready which includes booking receipt as well as the copy of the cheque. Then you need to visit the advocate to get the property documents verified. Post legal stage, a property valuator from the SBI panel will evaluate the property and issue a letter to the borrower. After this, the borrower must visit SBI along with all the required documents and the applic...

Home loans are quite in demand because they allow you to become the owner of your dream home. Borrowers of the home loan have a facility of transferring their home loan from one bank to another. This is called home loan balance transfer . Choosing balance transfer is beneficial for borrowers in a number of ways. Borrowers of home loan can opt for balance transfer if they find interest rates of other lenders low.

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...