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Buying a home is very difficult with the current market rates in most cities being very high. One will consider him/herself lucky if they are able to get a home that they like and are able to pay for the home. But there are a few who make their own luck by buying a piece of land and constructing a house the way they want it to look with all the amenities they desire.
Though most builders or sellers will give you time to arrange for a home loan or any other way to pay the money in full, they will look for that commitment from the buyer. This down payment will not be a small amount which is to make sure the buyer commits to the deal.
Buying a home is a dream that many hold on to since their childhood. But as we grow we understand the cost of buying a home and salary we have might not match and that we need to save a lot before you get the ability to buy a home.
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.
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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