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Buying a home is a major financial decision that most people will make. Being a very big investment, most people cannot pay the full cost of a home in a single payment. This is where a home loan comes in, it gives the buyer the ability to buy their dream home for which the borrower will repay the loan and interest in Equated Monthly Installments. It is when choosing the interest rate that the dilemma comes in – to choose fixed rate or floating rates.
The times have changed a lot where a person cannot pay the full cost of a home as the cost of properties have gone up so high. It used to be that if you can save money you can get a home but now it is not so. With the cost of rent also increasing with the owners looking at them as a source of retirement income many people are thinking it is better to buy a home through home loans and pay the EMI instead of paying rent which nowadays are almost equal.
A home loan is a long-term investment for both the lender and the borrower. Most people cannot pay for a home with a single payment. Therefore, the tenor is as important as the interest rate for a home loan. In this article we are going to look at the factors that affect a home loan tenor.
With the cost of homes skyrocketing, it is not possible to pay the full down payment without taking a loan. With home loans a little easier to get and the added advantage of tax benefits home loan application has increased dramatically.
A decade ago, for an individual to buy a house was considered a great achievement. Today, the scenario has changed with the arrival of multiple Housing Finance Companies. Applying for home loans have become much easier with online options which have simplified the application process.
Following the buzz of ‘Go Cashless’, ‘Go Paperless’ has become the next popular catchphrase. When realized it should bring about a reduction in processing time and effort in the lending system. Both banks and NBFCs have adapted to smarter banking methods through digital transition.
The prices of homes in India have sky rocketed in the last decade, to the level that it is almost impossible for individuals to buy a home with just their savings. Even the slight chance of possibility comes with compromise made on location or space.
Buying a home is a major decision for any person. A lot of thought goes behind such a big purchase decision of the home.
How do I apply for SBI home loan - This article details on how a customer can avail a housing loan from State Bank Of India.
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If you are a student and opted for a student loan then you need to read this article to know about the education loan subsidy offered by the Government
Banks vs. NBFCs - A comprehensive analysis on Banks Vs. NBFCs and who offers the best rate of interest on loan amount, repayment tenure and features for all your financial requirements
Taking a Home Loan is a big responsibility to shoulder. There are multiple factors associated with a Home Loan and it’s not always possible to take this on single-handedly. Sometimes, things like eligibility, income, and the loan amount and tenure can be a tad difficult to handle with a single income.
Syndicate Bank Loan for All Your Financial Needs - Get to know about the details of various loan products offered by Syndicate bank.
Why Credit Card Growth Is Higher Than Home Loan - This article explores the reasons why home loan has taken a back seat in credit growth but credit card has become a driving force with the growing demand for credit in India.
Is It Your Dream to Own a House? Your Dream is About to Come TrueThe middle-income groups are often neglected when the government brings up any welfare scheme. But things have turned around for good with the introduction of interest subsidy scheme on housing loans which will benefit the large number of middle-class families in India. If you are still living in a rented house and your income is between 6 to 18 lakhs per annum, good news is in store for you. Read t
Home Loan Becoming Too Much of a Burden? Here's how you can manage your loanFor most Indians owning a home is the ultimate dream, although a very costly one, something which they might not be able to fulfill using their own finances.People fulfill their wish of owning a house by taking loans. The duration of repayment is usually longer, up to 30 years which almost covers the most important part of your life.An unexpected turn of events like unemployment, ill-health
Is Transferring Your Home Loan a Good Idea?Over the last two years, RBI has steadily reduced the lending rates which would have a direct impact on the new loans. This will enable the banks to slash the interest rates on various loans.When it comes to home loans, the existing customers always pay more interest rate than the new customers. Hence, naturally, the borrower looks for options to transfer the home loan to another bank to lessen the burden of interest rate. Th
Dena Bank Reduces Interest Rate on Home LoansFounded in 1938 by the family of Devkaran Nanjee, Dena Bank is now a public-sector bank constituted under the Banking Companies Act 1970. It has emerged as the most preferred Bank of customer choice in its area of operation.Following State Bank of India, Dena Bank too slashed interest rates on home loans to woo customers. Read on to know what prompted the bank to lower interest rates on
Retired? Not to worry, you can still get a home loanThe biggest worry that employees on the verge of retirement would be the worry of not being able to spend their retired life in a peaceful house of their own, without having to face the hassles of a rented place. If this is one of your worries, then this article is for you!As a Government employee or an employee of any reputed company that offers living quarters to their employees, you might not have worried about a plac
Tax benefits on home loansOwning a home is a dream that every person has. Nowadays the trend is owning a home by applying home loans for either buying a new home, construction, reconstruction or renovation of a property. Apart from knowing your credit score, choosing the best loan with best interest rates, it is also important to know the tax benefits a person gets on home loans.This article is for people who are looki
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