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Planning to apply for a loan? Or if you have unsuccessfully applied for one, are you wondering why your application was rejected? Applying for a loan seems a straightforward thing to do but many people unknowingly reduce their chance of securing a loan by making some very avoidable ‘loan mistakes’. What are some of the things that trip up your application? And more importantly, how can you avoid them when you next apply for a loan? Some common ‘l
Bank of India currently offers an interest rate of 4% per annum for savings bank accounts. The rate is subject to change at any time.Bank of India Interest rate on savings accountMost banks, including Bank of India, offer an interest rate of 4% p.a. on savings bank accounts. Earlier, the RBI had laid down a uniform interest rate on savings accounts for all banks which meant that there was no difference in the amount you earned as interest, regardless o
EMIs are probably one of the most substantial outflows from our monthly income and it is always a good idea to try and decrease the burden! But first, what exactly is an EMI? EMI stands for Equated Monthly Installment. It is a fixed amount you have to pay to your bank/lender on a fixed date, every month, for the entire tenure of your loan period, until you have fully repaid the loan with the interest due. The loan could be for any purpose – housing, auto, gold or
A home loan can be one of the most significant loans that an individual can take in terms of the long standing financial commitment that can stretch to decades. Both the loan amount and the tenure on a home loan can be considerable and it is important to think carefully before you make a decision on your home loan.Eligibility for an Axis Bank home loan There are age criteria for salaried employees, professionals and self-employed individuals. The minimum age
A home loan is a loan that is offered to individuals who wish to purchase a house or want to construct a new house. Your eligibility for a home loan depends on various factors including your income, employment status, tenure of the loan, loan amount etc. Since a home loan is a secured loan, the lender holds the title deed of the property until the borrower repays the loan in full along with the interest due. In general, lenders can of
Buying a home is probably one of the most important personal financial decisions you will make during your lifetime. What kind of loan to take is an equally significant decision as it has an impact on your life for decades, given the long repayment period of most home loans.
One of the main factors when deciding on a home loan is the interest you will pay over the entire tenure of the loan. The interest you pay the lender is basically how much it will cost you to take the loan.
In simple terms, interest is what lenders (banks or other financial institutions) charge you for using their money. The interest rate charged is a percentage of the money that you have borrowed.
So, for example, if you have borrowed Rs. 500, and the interest rate is 10%, then the interest you pay for using the bank’s money is 10% of Rs. 500, which is Rs. 50.
Principal (Loan amount): Rs. 500
Interest Rate: 10%
Interest to be paid: 10% of Rs. 500 = Rs
SBI is the largest bank in India and offers a variety of home loans to suit the needs of different individuals. It is possible to submit the loan application online and upload the necessary documents or you can visit a branch and apply in person.Loan approval and credit score: In general, you stand the best chance of securing a home loan if you have a credit score of 750 or above. Before you apply for a loan, ob
A home loan is offered to individuals who wish to buy an apartment or other residential property. A home loan is a secured loan meaning that the bank/finance company extends credit to the borrower with the home (or property) as collateral to safeguard against default. Once the borrower pays back the loan amount in full, including interest, the ownership of the property is fully transferred to the borrower’s name.The cost of borrowing money from a lender is known as interest.&nb
A home loan is a loan advanced to a person to assist in buying an apartment or other residential property. You can also apply for a Home Improvement Loan to carry out renovations to your home, or you can apply for a Home Extention Loan if you want to construct additions to your home. You can avail of a Land Purchase Loan if you simply wish to purchase land for purposes of constructing a home or as an investment.
How can I apply for a home loan?
There are sever
It is much easier to apply for a home loan now than it was some years ago. It is possible to apply for a home loan online, without visiting the bank branch or spending time talking to a representative. You can sit in the comfort of your home, at a time convenient to you and fill out the application online and upload the required documents.
It is important to note that each bank/financial institution will have its own set of documents required. It is best to check the concerned lender&
Understanding how to calculate interest on loans will help you identify the most suitable loan for you. It will let you learn how much your loan will actually cost you so that you can make an informed decision among all the offers available.
Here are some tips to help you maximise your chances of being approved for a home mortgage/ loan of your choice. Lenders look at several factors when determining whether to approve of your housing loan application.
Planning to apply for a home loan? Check your credit report first.
Home loans with overdraft facility can potentially reduce interest burden
Applying for a home loan? Here are some key things which you need to keep in mind in order to ensure your loan application is not rejected by the bank or any financial institution.
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