4 Essential tips to pick the best home loan lenders from the market

We all dream of owning a house and reside peacefully in it. Hence most of us opt for housing loans to turn our dream into reality. But not everyone is well-versed with the pros and cons of the housing loan segment, the tedious documentation, and way how to negotiate for better interest rate deal. Home loan is an intricate product and has a possibility of getting disapproved easily if you don’t meet the eligibility factors of a particular loan lender.

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Before you apply for a home loan it would be great if you invest your time and effort to scan through the housing loan deals offered by reputed players in the market. Applicants can visit some of the leading aggregating sites, which would suggest customized loan products as per the financial capability. It would also be ideal if you go through the terms and conditions, evaluate loan product on your own. And to make this task easy, follow these 4 essential tips that would help you shortlist the ideal home loan deal for you:

Finding the right quotes online

Usually, the tenure options availed on home loans are for a longer period, which makes it comfortable to repay the loan amount. It is good to try multiple options in EMI, the rate of interest rate and tenure choices to pick that would prove affordable on your wallet. It is of utmost importance to choose the right home loan quote else it would put you under the stress of loan burden and the installment value. To make the right decision, you can use home loan EMI calculator that would suggest ideal EMI quote, and let you know your interest outgo. You can pick the loan as per your financial withstanding.

Look beyond the interest rates

The attractive interest rate deals on advertisement campaign can easily lay a trap for you. However, there are other factors that matter while applying for a home loan and neglecting them would make the wrong choice for you. These are processing fees, prepayment charges, late charges, cheque bounce charges, stamp duty and other expenses related to your loan process. You should aim to find a housing loan deal that would reduce the overall costs. There are many ways to reduce the interest rate such as good credit score, additional income source, higher down payments and more.

Check your loan eligibility

It is wise to check your Apnapaisa home loan eligibility and then approach any lender. Your eligibility is judged based on your age, income details, company profile or nature of the business, additional income source, existing debt, financial commitments, property value and lastly your credit score.  These factors will determine your repaying capability and place trust on your behalf in the lenders.

The right loan lender

There are many financial institutions that offer home loans; however, choosing the right loan lender would make your journey go smooth and happy. It makes sense to evaluate the lenders in terms of pre and post-sale service, reviews from other customers, market reputation and the turnaround time for documentation, evaluation, sanctioning and disbursals. Private Banks and NBFCs are rather efficient in loan processing and offering customized loan solutions. For better understanding about a particular loan lending firm, you can refer to online forums to know the customer's feedback and then take an informed decision.

Tips to smoothen your loan application process for easy approvals

A personal loan can help you fulfill your immediate financial goals such as debt consolidation, wedding expenses, take a foreign trip, buy electronic appliances, car repairs, home renovation or may cover up an unexpected medical expense, etc. They are offered based on the credibility of the borrowers, along with their income details and repaying capacity. You can procure a loan amount that varies between 50000 to 25, 00,000 with a repayment tenure that would range from 24 months to 60 months.

Thanks to the leading aggregator sites you can now compare quotes of private finance companies, banks, and online lending agencies under a single platform and take an informed decision on a personal loan.

These sites bring the best players of the market under a single umbrella wherein you can compare interest rates, processing fee, principal amount and apply for personal loan online. Online lending is rather fast and slowly gains the trustworthy amongst the borrowers because of the quick and easy digital application procedure. They offer faster loan sanction and instant disbursal of the loan amount to your bank account as well.

Since the sector is vast there are few terms you should be aware of so that you make a successful personal loan application for easy approvals:

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Purpose of taking the loan

The loan can be availed for any purpose as long as it’s not about dealing in any illegal activity. You neither have to specify any reasons for taking a loan nor pledge any collateral to take the loan. The loan could be availed for home renovation, medical emergency, wedding, pay for sibling's higher education, travel, etc. You can buy a new automobile as well or make a down payment for the residential/commercial property, cover expenses such as business expansion, inventory setup as well. It's important you get a clear picture of the purpose so that you borrow only the requisite amount

Check your loan eligibility

You can't just choose any ballpark figure to avail the amount. It basically depends on your eligibility and lenders will evaluate it before they offer any loan amount to you. It's important that if you're a salaried professional or self-employed individual you follow the minimum salary or earnings criteria to avail the loan. For salaried individuals, you need to have a salary of around 20-25K to take the loan. Your age and occupation will come in the picture to decide the personal loan eligibility.

Credit Score

It's one of the most important checks by lenders to test your repayment ability. It decides if you repay your dues on time and you are a responsible citizen or not. It is vital you maintain a score of around 750+ to negotiate with the lenders for low-interest rate deals.

 

Interest Rate and Duration

 When you compare  Apnapaisa personal loan on aggregator sites you can see that some lenders are willing to offer loans starting at just 10.99% which is far lower compared to traditional finance. A steady income source and good credit score would be the key to reduce your interest rates. The duration can range from 12 to 60 months to repay the loan amount. You can make payment in EMIs and through the auto-debit process.

Additional Charges

When any bank, NBFC or e-lending firm offers you loan there are many charges other than interest rates such as processing fee, late payment fee, pre-closure charges, etc. You should talk to the lenders and try to get a waiver as it will help you save more money.

Here are some tips to shortlist the best home loan available in the market!

It is hard to deny the importance of a thorough product comparison when you’re planning to borrow such large amounts of funds! Hence many loan aspirants invest their time and efforts to scan all available home loan to find the best offerings that meet their requirements. Applicants often use loan aggregating websites, which suggests loan product as per your financial capability. But it would be more ideal if you go through product description and evaluate loan products on your own. And to make this task easy, you can follow below tips to shortlist the ideal housing loan products & ultimately make the right decision.

 

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Know your eligibility!

The choice of EMI, tenure, and rate of interest of home loan are defined as per your financial eligibility. Hence it is wise to know your eligibility before you apply for a housing loan. Besides the collateral, your eligibility will be judged on the basis of your credit score and overall economic condition. Such factors not only reflect your loan repayment capability but also make you qualified for some added benefits. These benefits include a reduction in the rate of interest and ability to stretch the borrowing limits.

Although lenders keep the rate of interest reasonable, each home loan provider follows their own norms to allow such benefit. You can compare the difference in the interest rate on the loan amount you are hoping to get.

Finding the right loan quotes

It is good to have multiple options as far as EMI, the rate of interest and tenure choices are concerned. It is of utmost importance that you choose loan quotes as quotes that do not match your needs can put you under stress. And to make the right decision you use home loan EMI calculator, which suggest you ideal loan quote based on your financial withstanding.

Everything beyond the rate of interest

It is easy to get blinded and start shortlisting home loan based on which loan product is availed at lowest interest rates. But there are other factors that matter while applying for loan and negligence could make you choose a wrong home loan option. Other factors like processing fees, prepayment options and many other expenses related to the documentation process are also very important. The aim should be to find a housing loan that costs less when you calculate other factors too. Know this, there are many ways you can reduce the rate of interest but the processing fee remains almost similar to some degree of changes.

Important of choosing right loan lender

Since there are so many financial institutions offering just as many Apnapaisa home loan, you have plenty of options to choose from. So it makes sense to evaluate home loan lenders and their processes to get the best product options from them. Public banks mostly offer a lower rate of interest but applicants are still reluctant to apply as the quality of service is most questionable. Whereas private banks and NBFCs are more efficient in loan processing and deliver better service terms before and after applying for home loan. Each ending entity has their own norms to allow benefits of credibility to the applicants. You can refer online forums to skim through customer feedback about the lenders you’ve shortlisted.

Once you are done shortlisting home loan, you can pay a visit to the loan lender to discuss loan terms and apply for a housing loan. Most loan lenders keep online customer support and you can even call helpline number if you have any queries regarding the loan process.  

Opting for a housing loan is indeed a big deal for everyone, irrespective of which economic class you belong to. Many loan aspirants invest a lot of time scrolling through loan lender’s websites to find the ideal loan product. But it might seem absurd to find how applicants can make such a mistake when finding the lowest home loan interest rate is their ultimate motto!

It is indeed crucial to choose the right home loan interest rate as it will affect your financial management, every month. Hence you can refer some of these common mistakes that most applicants make and try your best to avoid them, and they are here as follows:

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Forget to use their loan credibility to the full extent!

Each housing loan lender suggests certain loan quotes to an applicant appropriate to their financial withstanding. In this process, their current monthly income and credit history will be judged to know the loan repaying capability. And following are some ways you can increase chances to improve your loan credibility:

  • Include rent from the property you own, if any
  • The profit you receive from share trading.
  • Include spouse as a co-borrower
  • Clear each loan you’ve borrowed and been unable to pay off.
  • Follow a regular EMI cycle on each loan you’ve borrower so far.

All these factors will eventually give you the benefit to get lower home loan interest rate and other loan quotes.

Fail to choose right tenure option!

A good thing about housing loans is that each lender provides ample number of repayment tenure choices. And most applicants prefer choosing longer repayment time to reduce home loan interest rate and make EMIs comfortable to pay. But the idea is to pick right quotes while applying for a loan and it is not necessary that longer tenures will ensure you are following in right.

While paying your monthly installments, you also pay interest rate while repaying the principal amount. So when you pay installments for a longer period of time, you might end up pay extra interest payment. Hence, it is wise to calculate and choose the right tenure period when you applying for the loan. You can use home loan EMI calculator to compare various tenure options available in front of you.

Prefer paying lower down payments!

Principally, home loan lender will only allow 80% of the loan amount of the property value. And the rest amount needs to be arranged by the applicant! This might add stress to determination but paying a higher down payment has its benefits. When you arrange a higher down payment, you would eventually need less loan amount to buy the property proposition. And since the Apnapaisa home loan interest rate is charged as per the loan amount you borrow, you have some relief from that side.

Choosing a right home loan interest rate isn’t that rocket science if you take the decision right! Keep in mind, one miscalculation or misjudgment while applying for a home loan might put you under loan burden and eventually cost you a lot.

These were a few kinds of mistakes that the applicants makes while choosing the home loan interest rate!

 

 

If you are planning to opt for a home loan, try these tips to make the right decisions!

It takes a lot of courage to plan your home loan as the level of financial liability and responsibility to pay back the loan can be stressful. But since it fulfills your dream to own your own home or redecorate your existing adobe, any amount of stress is worth it! Fortunately, there are many public and private banks and other Non-Bank Financing Companies (NBFCs) that provide housing loans at reasonable interest rates. All you have to do is pick a loan product and plan it precisely – and to help you do exactly that, we have put together the following tips which you can use to make the task easy.

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Check all the options available!

Of course, there are benefits of doing market research since it lowers the probability of ending up with the wrong home loan product. Each lender offers comprehensive housing loan options at affordable loan quotes. You can visit their official websites, scroll through the range of options they offer. Keep in mind, no matter what interest rates are given in the catalog, the loan lender will offer loan quotes as per your loan credibility. Or you can log in to a loan aggregating websites which suggest ideal options from the best lenders in the market. You can shortlist a few options and visit loan lender to discuss terms and condition or discuss any query you have.

Choose the right type of loan lender!

The selection of ideal loan lender is also important as you need to find which one provides best deals on housing loans. Each lender follows their own norms to offer interest rates, EMI options, and tenure choices on a home loan product. Most lenders offer a reduction on interest rates and allow stretching your borrowing limit on the account of good CIBIL score. Although which loan provider gives how much discount differs from one lender to another.

Since a home loan takes at least 1-2 decade to repay the total loan amount, it would be ideal if the lender provides better service to their customer.  You can check out review website and know which loan provider offer best service terms.

Finding the right balance in loan quotes

Of course, you should choose an installment value which is comfortable to follow throughout the tenure period. Once you chose a right EMI, the interest rates charged on it will be appropriate. We know first instinct of every applicant is to choose longer tenure on a home loan to make repayments smooth to follow. But be careful as choosing an unnecessarily elongated tenure might make you pay extra on interest outflow. If you are confused in finding the right balance, we suggest using a home loan EMI calculator. Through it, you can calculate an ideal EMI on the loan amount you wished to borrow.

 Plan your EMIs right!

This might involve some planning and adjustments but you can actually save some money while repaying the Apnapaisa home loan. You can increase EMI each year to repay the total loan amount quickly. This is a good way to use extra income earned and lower the loan burden!

You can follow these basic tips to plan your home loan and focus on looking for a new house or finding the ideal interior idea to renovate your existing property.

Few pointers to easy home loan approval

Your home is a big ticket purchase and one of the biggest financial decisions that you make in your life. There are a lot of things running into your mind such as the property authentication, location, safety, travel convenience, better access to amenities like schools, malls, colleges, and most importantly how to fund it. Thanks to leading private lenders, government and private banks funding your home are quite easy and you can avail home loans at attractive interest rates of around 8.50% - 9% with longer tenure and flexible repayment options. However, the competition is quite stiff and many times borrower look perplexed on how to get the home loan approved with less hassles and quick turnaround time. So here are a few tips that will help you get a home loan approved without any problem:

Find a home within your budget

When you look for a property, banks will check your liabilities, your income source, and asset.  After this, the income would be stacked against your EMI. Lenders will see if you will be able to pay the EMIs regularly on the loan amount you eyeing on. So, choose a house within your budget and ensure you divert around 40-45% of the monthly funds towards home loan EMI payments.

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Choose RERA authorized property

The property you choose to buy would yield higher loan limits and better interest rates if it's a RERA authorized with property documentation and builder authentication. Secondly, it would be great if its anticipated value is higher in the forthcoming years. When you take a home loan, you keep property papers as security to the lender. So, they will make sure if they can recover the value in case you default. Thus, lenders will investigate construction, builder reputation, papers, permissions, etc. and then would approve your loan amount. Your loan application is more likely to be approved if the project has adhered to all state and central laws & regulations diligently.

Good Credit Score

An excellent credit score of around 750+ will help you get easy home loan approval. When you wish to apply for home loan, the first thing they would assess would be your credit score. It’s your history of repayment towards your debt that you have been taking so far. The score ranges from 300-900 points. And when you repay on time you score reaches near 900. It means you're a responsible citizen and you are capable of repaying the debt on time.

Steady income source

Your Income source will help you decide your home loan eligibility. Lenders want to ensure that after clearing all your existing debts you're in a comfortable position to repay the home loan EMI. An additional income source like spouse/parents earning will help you get higher loan limits.  It's important to have a stable job for around 1-2 years before you apply for a home loan. Your regular ITR filing and bank account statements will talk on your behalf to the lenders that will display your steady income source. A well-known company especially being listed, better job position and future growth prospect will help you yield higher loan limits.

Margin Money

Any lender will sanction 80-85% of your property value and remaining costs of around 15-20% has to be paid by borrowers. Lenders will check if you're ready with this amount will applying for Apnapaisa home loan. Ideally, the more down payment you make lesser you have to borrow and less would be your interest rate.

Find a co-applicant

If you have co-applicant like your spouse, parents, your ability to repay the money will increase. It automatically places trust in the minds of lenders for comfortable loan repayments. Thus, they will consider your home loan application and will be ready to negotiate on the interest rates as well.

Keep these factors in mind; apply for hassle-free home loan approval online!

Compare personal loan interest rates to make an ideal choice

A personal loan is an ideal financial solution when you have to meet any short to medium scale financial requirements. The loan is extremely beneficial when you have to meet urgent financial goals such as renovation/repairs for home, quick vacation, pay medical bills, meet up wedding expenses, meet sibling's college funds, etc. With the help of online aggregator sites, you can avail finance with best personal loan interest rates, better loan eligibility, and quick loan sanction within a couple of minutes. However, one of the common concerns amongst individual is how can they avail the loan that will suffice their needs yet prove affordable on wallets during the repayment process? Well, the first thing to consider would be your personal loan interest rates that would decide the pace of your repayment. It’s the interest rate that would make your repayment affordable and smooth. So, there's a need to study loan interest rates, do a thorough comparison of the rate offered by players in the market, and then go for your choice.

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Until a couple of years ago, comparing personal loan interest rate was all about hopping into banks or finance companies, picking up information leaflets and do all the brainstorming at your home or financial expert office. It used to waste a lot of time and energy as well. However, thanks to some of the leading online personal loan aggregator sites you can compare loan and its features right from the cozy corner of your homes or offices. You don't even have to sit during the working hours as you can access the internet through your mobile phone, computers or laptops anywhere and anytime of the day or night. Thus, comparing has now become easy and convenient. There are sites with live chat that can assist you on all your concerns regarding the loan amount, the EMIs and other charges incurred on it. It will help you comparing and pick the best loan for you.

Your credit score is one of the most important elements before you start comparing your loan interest rate. It's the creditworthiness assigned by RBI in terms of number ranging from 300-900 based on your history of credit repayment. A score of 750+ is usually considered ideal to bank a personal loan and lenders are convinced you're a responsible citizen who believes in paying the debt on time. You can maintain a good credit score by simply paying the dues on time and thus empower yourself to negotiate with the lenders for low-interest rates deal.

Apart from checking out the Apnapaisa personal loan interest rates, it’s the need to understand the function of the EMI calculator. Online calculators help to compute the EMI - Equated Monthly Instalment. It takes your interest rate, loan amount and tenure into account before displaying an amount towards monthly EMIs. A clear picture in advance will help you prepare for your repayments with ease and convenience. You would know where you'll have to cut down the expenses and make little adjustments in your routine to accommodate the EMIs. It also gives you an insight into the interest rates you would pay over the course.

A solid income source, strong repayment capacity, and credit score will help you get the best personal loan interest rates. So, strike a balance between the three and avail a personal loan now!