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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...

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...

Balance transferring a home loan can do wonders for you if done with caution. When you decide to balance transfer your loan from present lender to a new lender that is referred to as balance transfer. A home loan balance transfer is generally done to take advantage of lower interest rate or due to poor customer service from the existing lender. If you have a running home loan and you are planning to Home Loan balance transfer it, then you should keep the following points in mind to take the maximum advantage from it:  Before you switch from one lender to another do a thorough research and a comparative analysis of prevailing interest rates and select a lender who offers a lower interest rate. When planning to balance transfer your home loan it is important that you keep all the required documents ready for quick processing of your loan.  Confirm all the costs to be incurred while balance transferring your home loan in advance to avoid any confusions later on. ...

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...

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...

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...