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Home loans help one to fulfil their aspirations of owning their house, but this comes with a considerable cost of paying higher interest payment for a more extended period which drains one's income. Individuals must try to decrease the repayment tenure by paying a higher amount in the form of down payments and make part payments whenever they get a chance. It will reduce the interest amount paid and will further minimise the home loan burden. In addition to this, individuals can also opt for balance transfer of home loans to a bank with a lower interest rate on home loans and must pay the principal amount first.

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...

So, now we know how we could easily calculate the EMI on the home loan applied with the lender to buy the dream house of your own. This article will give you a brief understanding of what EMI is, what factor its constitutes, what is the practical approach to calculate EMI in excel as well by using a mathematical formula. Apart from these, one should also be aware of that amount of EMI may differ under two similar circumstances. This may due to the system of calculation followed which may either be a flat-rate system or the reducing balance system while calculating EMI on your home loan. There are a lot of options available with you using which you can calculate EMI on your loan amount in a hassle-free manner which will help you to determine in advance that whether you would be able to pay your loan well on time or not before it falls due which might attract you a penalty. So, before you make a plan to apply for a home loan to meet your housing requirements and the several expense...

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...

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...

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...

Buying a new flat or apartment for yourself is one of the most crucial decisions of your life. It involves huge financial investment and hence, you must keep few things in mind before buying the property. Before looking for an apartment, it is important to set a budget for yourself and look for the property in that price bracket. Once the builder quotes the price for the apartment, compare it with neighbouring areas to verify the price. Next, you should check the location of your apartment. You should look for a place that is conveniently located near your place of work or an educational institute that you’re attending. You must also make serious inquiries about the plot of land, its legalities, and various other aspects to avoid any legal disputes in the future. As a buyer, you should have a clear knowledge of the timeline for possession. Generally, most developers seek a 3-6 month grace period for final delivery of the project. If you don’t get the possession on time, they will be...

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 ...

Every individual wants his own house and one who has his own house requires renovation after 15 or 20 years. Home needs care and attention to maintain elegance and for the renovation of the home, an individual requires huge amount as the cost of labor and material become higher day by day. There are many types of loan type available in the market for repair and renovation of home like a personal loan for home renovation and top up loan for home renovation. A personal loan is a hassle-free loan in which an individual can get the loan amount the same day or within 2 or 3 days. Moreover, the tenure of the personal loan is shorter as compared to the other loans like home loan or loan against property and as a result, the interest amount is lower in case of a personal loan. So, it is better to take a personal loan for home renovation. One more benefit of personal loan for home renovation is that it is totally a collateral free loan and you don't have to mortgage your property to ...

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...

Before applying for a home loan, it is important to determine your home loan eligibility which is dependent on several factors. The first important factor that you need to keep in mind is your age. The early you apply for a home loan, the more is the possibility of a bigger amount getting sanctioned to you by the bank. Next is your qualification and experience. If your academic credentials and work experience are impressive, the banks may sanction a higher amount of loan. Your qualification and work experience predict stability and progress fairly well. Also, a credit score of 650 and above is considered good for a housing loan. A lender can use credit score to assess your repayment capacity before approving the loan. Further, having a regular and stable income is a necessity if you want to get your loan approved. This varies according to your profession. Missing EMIs regularly on your existing loans, or making EMI payments after the due date are also a cause of concern for you...

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...