Looking for a cheapest home loan option? Try these tips to find the ideal one!
Home loans are indeed the biggest financial decision one could opt for; irrespective of which economical class an individual belong to. And like everything we buy, we want to get the best deal in housing loan products possible. Most of the loan aspirants scroll through all the availed loan option and invest time and efforts to get the cheapest home loan they could find. This makes sense too, as choosing right loan product as tenure options on home loans are longer and borrower have to pay EMIs till the total loan amount is paid off!
The task of finding cheapest home loan becomes hard when the rates of interests are reasonable and lenders offering tenure options are somewhat similar. But it can be easy if you visit online aggregator sites and compares quotes of leading housing loans provider under single umbrella.
The different between cheapest and the best!
Before you go ahead in scout for all availing housing loan options in the finance market, get the thought across cheaper product might not give you best loan quotes. For most loan aspirants the idea of cheapest home loan means getting lowest interest rates, which might blind you to see the hidden factors that would equally affect your loan quotes. Other factors like processing fees, documentation charges, foreclosure norms, after disbursement service from the loan lenders should be taken under consideration before applying for a housing loan. And before we suggest you tip to get the apnapaisa cheapest home loan, you should be prioritizing in getting a complete package than just low interest rates.
Check your credit credibility!
In simple words, your credit rating aka CIBIL score! This is the most easiest tactic to get cheapest home loan as having higher credit score would get you a chance to earn brownie points in your loan application. the general standards of CIBIL score for home loans is 750+ but the credit benefit norms set by the loan lender might differ from one lender to another. In case if you have a greater credit score, you would be offered with lower interest rates and negotiating ground to quote more loan amount. Hence it would be wise to improve your CIBIL score before you even decide to opt for a housing loan.
Pay higher down payment!
This is one tip to get the cheapest home loan that most people don’t take seriously. But as per the principal of loan product, the EMI, tenure and rate of interest would be charged as per the loan amount you borrow from the lender. Hence it becomes an ultimate tip to quote and pay higher down payment as it would reduce the principle loan amount. And if the principal amount is reduced, the other components will also be more favorable. We know it could be hard to collect down payment arrangements, but it would be worth decision to get the best deal. Hope these tips will help you crack the cheapest home loan deal online!
Does home loans comparison seem a tedious task? Follow this strategy to make it easy!
Indeed everyone wants to be 100% sure of the financial decisions they make, especially when you opt for a home loan. Hence many loan aspirants spend their spare time looking for all availed options and bringing home loans comparison to find the best housing loan option for them. Given the amount of money one need to borrow to buy a new house and the number of installments it would need to repay the loan amount makes it more crucial to compare and evaluate the home loan product.
One might assume home loans comparison is one of the stressful tasks of all. But if keep your head clear and use various tools like home loan EMI or eligibility calculator to help you in evaluating the housing loan option. You can follow below tips will help you in strategizing your product search.
Know your eligibility well!
For most home loan aspirins just kick-start their home loans comparison drill by pitting rate of interest charged on the availed housing loan options in the market. But it is pointless to even begin the product searching without checking your eligibility to apply for the home loan. Your loan borrowing eligibility will be judged upon credit history, current financial withstanding and also the overall assessment to estimate how well you would repay the total loan amount. These factors would greatly influence the EMI values and the rate of interest charged on you.
Official websites or loan aggregating site!
We ask, why not both! When you actually start the apnapaisahome loans comparison, you might find yourself in this dilemma! At one corner it would be good to go through the official websites of housing loan lending institution to get the exact quote, right from the loan factory. But then, it would be a one-sided and basically a written sale pitch for the loan lender to cater new customer. Whereas, a loan aggregating sites will present all home loan products availed in the market on one web page so that you don’t have to jump from page to page to compare and get the best home loan option as per your requirements.
It is not only about the rate of interest!
Let’s get this fact across; if you are doing home loans comparison just to get the lowest interest rates possible, then you are doing it wrong! There are many other elements of a home loan product that need to be evaluated and choose as per your requirements. Product-wise factors like you should check out REPO rates, APR rates, availed tenure, and EMI options and also need to estimate how much interest amount you would pay at the end of the tenure period. You should also root for an ideal loan lender that offers proper pre-payment policies, the quality, and speed of loan approval, eligibility criteria and so on. It is important to calculate these factors as negligence to it might increase the risk of bearing loan burden!
The shortlisting stage!
It is that phase of the home loans comparison where you need to shortlist at least 3 loan options to consider to apply. Once you are done shortlisting the loan product, it would be suggested to visit each loan lenders to know more about what documents you would need to submit, what more a loan lender could offer on the loan quotes, what sort of benefits a lender offer accounting your CIBIL score and so on. By the time you will be done visiting all three lenders, you would get the fair idea as which loan product would be ideal for you.
A few things that will help you lower your personal loan interest rates
The standard of living is way better than what it was in the past- this is all thanks to the easy cash flow and access to technology. However, there are still a few pieces of this puzzle missing; such as the higher costs of living and increasing inflation rates, in order to successfully enjoy modern life. Therefore there are many people who have to borrow money in the form of loans to meet with the increasing demand for cash. This financial assistance can be from friends and family or from a financial institution. The best option would be to opt for a loan through a financial institution; as it would help you save face in front of family and friends. Also, the personal loan interest rates charged by banks and NBFCs (non-banking financial companies) are way lower than the ones given out by traditional financiers.
The reasons why personal loans are so great is because you can make use of the money to purchase anything and everything that you want; you can purchase that brand new gadget or even fund your last-minute trip expenses. This money can also be used in your times of financial crises- you can cover your medical expenditures or use it for debt consolidation. As these loans are unsecured in nature; you don’t even have to provide any sort of collateral to the financial institutions. The repayment of the loan amount is done in the flexible form of EMIs (equated monthly installments). These EMIs are calculated on the basis of your principal borrowed amount, personal loan interest rates charged and the repayment tenure opted by you. The financial institutions even provide you with an EMI calculate on their online websites for you to get a quote. However, we always look for ways to lower the apnapaisa personal loan interest rates we have to shell out; thus, we have compiled a list of few things that will help you lower these interest rates of yours. And they are here as follows:
- The first thing that you must do is compare amongst the loan options in front of you. This is because; there are numbers of banks and NBFCs (non-banking financial companies) that offer personal loans. Thus, it might be possible that one financial institution could offer you the same personal loan at a lower interest rate- comparison is the key.
- The financial institutions check your credit score and credit history before sanctioning the loan amount. This is done by the banks and NBFCs (non-banking financial companies) to scrutinize the risk factor. Thus, ensure that you have a good credit score and history to negotiate and obtain the lowest personal loan interest rates Therefore, make sure that you have cleared all of your past and current debts on time.
- Income is the most important factor on which your personal loan sanctioning depends upon; thus, make sure to have a stable income source before applying for a personal loan. A good source of income will help you to get the lowest interest rates possible.
Compare Personal loan interest rates to make an ideal choice
When it comes to choosing a financial option to meet your quick financial needs, a personal loan would be an excellent choice. No doubt, by now there would have been several banks and financial institutes that would've bombarded you with lucrative personal loan interest rates deal, flexible repayment tenures and affordable EMIs. While these offers are tailored to suit your needs and fit into your budget, there are specific factors you need to consider while opting for a personal loan.
Until a couple of years ago, you had to collate the information on personal loans and sit with your financial expert to choose the most affordable loan product. It was a painstaking job for you and it would waste your several hours. However, with the help of the internet, you can now compare loans right from the cozy corners of your homes or offices. Today, comparing personal loan interest rates is easy with online tools. There are several personal loan aggregator sites that will help you compare and pick one that will best fit into your budget and meet your financial requirements. They give better transparency on personal loan interest rates, principal amount, EMIs and loan tenure.
Although the interest rate is an important aspect of any form of a loan, however, it’s equally important to understand the functioning associated with the interest rate calculators.
They help you compute your EMI - Equated Monthly Instalment, taking into account the interest rate, loan tenure and principal amount. Getting a clear picture about the monthly installment would help you stay prepared with the repayment journey. You can make those adjustments in your day to day expenses and manage to comfortably repayment your personal loans. Also, it gives an insight of the total personal loan interest rate likely to be paid over the course of your debt. These calculators are available online and absolutely free of costs. You won't require any registration free to compute the loan installments.
One thing experts suggest, 'Although low-interest rates seem to be a lucrative deal, you should not fall for them. It’s better to do a thorough check on apnapaisa personal loan interest rates especially if it’s a flat interest rate or reducing basis. Flat rates are offered at low-interest rates but prove costlier compared to reducing basis.
Other than personal loan interest rates there are other charges as well we need to take care off such as processing fee, late penalty fee, pre-payment fee, etc. Normally, lenders consider a charge of up to 1-2% of the processing fee on the loan amount. If you negotiate with the lenders and prepay it, you can save thousands on the interest rates. Thus, any incentives, investment maturity returns, rewards could be diverted for early loan repayment. This should only be considered if you have future anticipated growth. Late payment charges will also impact on your loan to a considerable extent.
Avoid applying with the very first lender who approves your loan. Instead, do shop around for different personal loan interest rates. Maintain a healthy CIBIL score before you make an application. And also try to repay the money on time!
Searching for the right housing finance? Follow these simple tips
Buying your first home is like stepping into your dream world, embarking on the journey of happiness and excitement. For you, home is not just a piece of land but the reflection of your hard work, lifestyle, and dedication to create your own space. However, with the skyrocketing price of real estate sector it nearly impossible to buy your dream home dealing in full cash. Also, there would be prior responsibilities as well. You would definitely search for funding options. Traditional finances are way too costly and might burn a big hole in your pockets. Therefore, it would be wise to approach leading non-banking finance companies, banks or public banks for apnapaisa home loans. It’s one of the most promising ways of turning your dream into reality with affordable EMIs and flexible repayment options.
If you're a first-time home buyer and plan to apply for home loans, there are a lot of technical jargons and terms you should be well-versed with. Else the entire home loan availing process would turn out to be a tedious and cumbersome task.
So, here are few tips that would give better transparency for first-time home buyers and the loan applicants across India:
Meet the Eligibility Criteria
Every lender has its own parameter and assessment method. As a borrower, you will have to fulfill their eligibility criteria. Firstly, you should hold a decent credit report. Lenders would pre-assess whether you're financially stable to repay the loan amount. They would check your income source, job stability, company listing, additional income source, existing debts, and age. It would help them gauge your repaying capacity and accordingly sanction a loan amount.
Interest Type
It’s the crux for entire loan process and it's of prime concerns for borrowers. There are two types of interest rates: Fixed and floating interest rates. For a fixed rate, the interest rate would remain constant throughout the loan period and in floating rate loans, the ROI along with EMI's would vary based on the market fluctuations. However, the final call is taken by the lenders. If you opt for longer tenure you would enjoy low EMIs but end up paying more interest rates. And if you choose smaller tenure you would enjoy less interest rate payments with slightly more EMIs.
Additional Details
Other than interest rates, there are other charges associated such as upfront fee, processing fee, pre and post penalty charges, cheque bounces charges, etc. Lending companies will sanction 80-85% of the property value. So, it’s better to be prepared with the margin money costs of 15-20% before you apply for home loans. You can save a little extra to combat with situations like job loss, recession, fund shortage due to medical treatment, child's school fees, or other perils that don't come knocking at your doorstep. It shows your good preparedness towards the home loans and has more probable chances of getting it approved.
Avoid Penalties
Lenders would be happy if you maintain steady and timely repayments towards the EMI on home loans. There are chances that a penalty might be levied for defaulting on EMIs. This is a hefty amount of 2-3% of the EMIs. It might seem negligible but will make a big hole in your pockets if you often default on repayments. It's better to pay EMI’s on time and save BIG on your home loans.
With the help of online aggregator sites, you can compare apple-to-apple right from the cozy corners of your homes or offices. It will help you crack the best home loan deal and save significantly towards the interest rates.
So, compare home loans online and pick the best one now!
How personal loans will help you meet your financial needs?
Sometimes when you're in dire need of finance it becomes difficult to decide which financial tool can help you meet your needs and won't cost a bomb on your wallet as well. If you're facing financial contingencies due to an unexpected expense, personal loans online would be an ideal solution to meet your needs as well as prove lighter on your wallet. Borrowing personal loans have now been quite easy due to online facilities and pioneer players offering innovative solutions to the borrowers.
People get stuck in a financial emergency and need money to fulfill the goals on time. It could be about renovating your home or remodeling your bedroom, drawing room, kitchen, go on a dream vacation, pay medical bills, pay college fee for your sibling, or debt consolidation, etc. It's the personal loan that will help you tide over the financial situation whether it could be big or small.
With online apnapaisa personal loans, you don't have to step out of your house during sultry afternoons or bone-chilling winters to fill up the forms or submit them. You can apply for loans right from the cozy corners of your home and get instant cash in a more secure and convenient way. There are leading aggregator sites that can bring information of reputed players at your fingertips. One can search and apply for a personal loan at any time of day or night that meet your financial requirement and fit into your budget. There is an online chat team that would help you clear all your doubts and help you make an informed choice.
Since personal loans are an unsecured form of loans you don't have to pledge any collateral. All you need to display a strong bank statement, good IT returns, income stability and credit score. And you're ready to negotiate with the lenders for low-interest rate deal. Online sites will help you compare loan in terms of interest rates, principal amount, processing fee, EMIs, loan tenure and other charges associated with it.
However, while applying for personal loans through an agent you should be careful about the extra commission and other unnecessary charges else they might dupe you.
One thing you should be aware off is that not every moneylender will be genuine and dedicated to offering great post-sale service. Most of them in the market would be there to book profits and later disappear as such to make your life stressful. They might initially display a genuine relationship and later opt for an illegal way to recover money if delayed a little bit at the time of repayment.
Therefore, an online comparison would help you opt for trustworthy and genuine moneylender. You can read the reviews of other customers, the star ratings and gauge the reputation of the particular lending firm. Check their loan sanctioning and disbursal way and pattern for loan repayment.
Today, the internet has the list of top licensed and trustworthy lending firms that will help you avail finance in a quick, convenient and secure way. Although online deal and platform would be a rather convenient and hassle-free mode to avail loan, it would be a better idea to have a signed copy of an agreement letter and some written proof of the loan terms and condition for avoiding any confusion or issues.
3 important tips to reduce your home loan interest rates
With the continuing skyrocketing prices of the real estate properties in today's time, it’s nearly impossible for common man to buy their dream home by paying the entire costs. They wonder if they could win some kind of lottery and buy their home. However, not every person is lucky enough to win a jackpot and buy the home. In real terms, you will have to arrange a housing finance to fund your home buying.
Looking at the stiff competition amongst the lenders it’s a daunting task to choose the home loan that's right for you. There are large numbers of financial institutions and banks who offer attractive apnapaisa home loan interest rates try to lure potential customers. However, once you make a loan application, doesn’t mean that you should grab the first deal that you get. Lets' understand that home loans are usually availed for a good period of around 25-30 years.
So, it’s important you make sure you do thorough research before you shortlist the best deal which doesn't give a pinch on your pockets. Firstly, you should check your loan eligibility for the housing loan. It’s usually based on your income source, age, existing debt, repayment history and most importantly your credit score. Luckily, there are home loan eligibility and EMI calculators on the websites of reputed banks and non-banking finance companies or download the app that will help you determine your principal amount, home loan interest rates applicable, EMIs with just a few clicks on the laptops or smartphones. No more tedious calculation, No more paperwork! Thanks to the digitalization.
Once you know your loan eligibility, it’s time to focus on home loan interest rates. You should try to negotiate with the lenders to offer the best rates after careful comparison. This is something you'll be able to figure once you track the market for a few weeks or months. You can follow blogs, get expert opinion online, and keep track of Non-banking finance company ads, and deals. Some lenders out there offer a home loan with interest rate starting as low as 8.30% with a mere processing fee on it. Thus, with good credit score and stable income source you can grab the best deal as soon as possible. Interest rates have a direct impact on your overall repayment costs. So, here are there important factors you can consider to reduce your home loan interest rates:
Compare and Negotiate
Now that you know the importance of interest rates, it would be wise to compare home loans of reputed players in the market and then zero in on a particular lender. You can compare it in terms of interest rates, principal amount, processing fee, repayment options, loan tenure and other charges implacable. Further, with a good repayment history, credit score and stable income source you have the power to negotiate with the lenders to reduce the interest rates. The financial institution will offer loans at highly competitive rates, thereby saving you a good deal of money.
CIBIL Score of 700 & above
Your CIBIL score is one of the important factors that would determine the interest rates on your borrowings. A higher CIBIL score would display your disciplined payment efforts. It will lower your interest rate. Usually, lenders consider a score of 750+ as a good platform to negotiate and offer some attractive home loan interest rates deal. A good credit history will imply lower risk, and thus lender would be willing to offer a lucrative deal to such potential borrowers.
Home loan Re-finance
Many times the existing lenders prove costly on customers' wallet. At such point of time, they can compare interest rates across different lenders on aggregator sites online and then plan to migrate to them. A lower rate will save thousands of rupees and prove affordable on your pockets. With low-interest rate deal, you can reduce the tenure and clear the loan as early as possible.
