Home Loan
Despite your lifetime of savings, you may find yourself in a position where you are unable to pay the full cost of your dream home. As a result, obtaining a home loan may appear to be the best option. However, before you commit to a long-term financial commitment, it is critical that you understand the key aspects of obtaining a home loan, including eligibility criteria, process, and more!
How to Get a Home Loan
Step 1: Filling out a loan application. – A formal application to the bank is the first step in getting a home loan. In addition to the application, you have to give the bank your personal information so they can check it out and see if you are eligible for a loan. Most banks will want to see the following papers from you: READ MORE…
How to Choose a Home Loan Provider
When we think about buying a house, the first thing that comes to mind is getting a loan from a commercial bank. There are, however, other ways to pay for your home. These include loans from Housing Finance Companies (HFCs), Non-Banking Finance Companies (NBFCs), and mortgage loans. Let’s look at each of these options separately: READ MORE…
Fixed Rate VS Floating Rate
When you are looking for a new loan, you will hear terms like “fixed rate of interest” and “floating rate of interest.” Whether you’re getting a home loan or a personal loan, knowing these terms can help you choose the right type of interest rate for you, taking into account your financial needs and your ability to pay it back. Here is all the information you need about these two words. READ MORE…
Home Loan Insurance
For salaried Indians, buying a home is a must, but it’s also very expensive, so they have to get a home loan. Even if you’re sure you’ll be able to pay back the loan, there are a lot of things that could go wrong along the way, like death, illness, disability, or being out of work. Getting your home loan insured helps you pay off the rest of the loan, even if you’re going through hard times and there’s a chance you might lose your home. Usually, the insurance plan, which is also called a Home Loan Protection Plan (HLPP), comes with a home loan from the bank. READ MORE…
Home Loan Eligibility Checklist
Applying for a home loan is most likely the most common type of financing sought by those considering a home purchase. Banks typically approve home loans up to 60 times your net monthly take-home pay. However, your home loan eligibility is determined by a variety of factors such as your monthly income, obligations, age, expenses, and the number of dependents, among others. Let’s take a closer look at the variables. READ MORE…
