A few tips that will help you apply for home loan

Indeed it makes sense why one would be so nervous before applying for a home loan; as the loan amount and its liability is greater in general. But there are many public and private banks and even Non-Bank Financial Companies (NBFC) that offer home loans at the most affordable rates possible. These financial institutes have good experience in loan lending so they will guide you while explaining the process and help you apply for home loan without causing stress.

Whether you picked your housing loan option or not, it is wise to be prepared right before you apply for home loan. There are many cases where a loan applicants back out after being confused with the application process. Hence you can follow below tips to be on the right track.

Do your product research right!

You have a good probability of getting plenty of home loan options as private banks and NBFCs also offer affordable loan product compared to public housing loan banks. The key is to find the right loan product that will meet your need for funds to buy or develop a property. Product comparison is a must before you apply for home loan as it pretty much lowers the possibility of you being under loan burden.

Before you start the product search, do check your loan eligibility; it will give you a better estimation on the loan amount that you should expect. You can use loan aggregating websites that suggest various loan options as per your financial withstanding.

Get your documents in one place!

Documentation is indeed one of the most irritable parts as housing loans need a long list of documents to be attached to the loan application to go forward. No matter which housing loan provider you choose, the list of documents will be the same with a few exceptional documents being asked if the lender needs to verify your loan application. So before you ahead and Apnapaisa apply for home loan, note down the documents needed and compile all in a folder-so it would be easy to carry the wad of documents.

Check all the option!

Not many loan aspirants realize this but their economic withstanding and previous credit history play a vital role in what loan quotes they will be offered. For most loan applicants, the rate of interest holds most important barring the fact that other elements also matter. Every applicant should know the fact that their credit rating aka CBIL score can significantly reduce interest rates and even let them negotiate the limit of loan amount-if they have a good score!

Thus, before you sign up and apply for home loan, be sure to check processing fees, foreclosure norms, etc.

Getting assistance!

The concept of home loan in itself is quite tricky and thus, we would suggest you to get assistance. You might hope to get suggestions from friends or relatives who have previously or recently availed home loans.

Hope this article will help you with your home loan procedure. Good luck and all the best!

Tips for applying for a housing loan much easier

We get it; most of us have at least once dreamt of owning our own house and reside peacefully in it. Hence most of such dreamers opt for a housing loan to make that happen in real life. But not everyone is such a fan or the loan process as it involves tedious documentation and rounds of negotiation. Indeed home loan is an intricate product and also has a possibility of disapproving a loan proposal. So if you have such inhibition then following loan process might make that task little bit easier to wrap up.

Check your financial credibility!

Most of the things in the application process would be easier if just knows how much loan money you could borrow from housing loan lender. Besides collateral security, your loan credibility will be judged by the how well you earn at the time of applying for the loan and how is your credit history. Of course, working in a reputed company and designated at a good position would add some weight to your application. Or a self-employed person with a well-functioning business would be an ideal factor.

Such factors represent an individual’ an assurance factor personal is well capable to follow the EMI cycle and will eventually repay the borrowed housing loan amount. Plus, most loan lender also offers an option to add your spouse as co-borrower to increase loan credibility while applying for the process.

Also, mind your credit score!

Your credit score aka CIBIL score can make you qualified for many benefits! Most loan lenders offer reduced interest rate option on a housing loan product and also let borrow more if you have a good credit score. Your current income tells the lender how stable your financial status is! Whereas a credit score greater than 750 will define that you have been following your installment regularly, without any miss. Plus, it also sets your impression right and your loan proposition might move quickly. We’d suggest your CIBIL score updated to the current state before getting into loan applying race.

Negotiate with loan lender!

We assume, till this time you must have figured out which housing loan product is ideal for you after thoroughly studying the description. But it is always advisable to read even fine print in the product documents, calculate every possibility, and discuss what loan quotes are ideal for you. Because studying a product is one thing but signing on the dotted lines mean you are agreeing with the terms mentioned. Hence it is wise to discuss even miscellaneous query you could have. Tenure for home loans usually last for at least a decade or two and it would be wise to start off customer-lender relationship with clear transparency. Isn’t it!

Note down the whole process!

One smart way to make this stress-inducing process hassle-free is to gather all the required set of documents needed for a Apnapaisa housing loan product. The set of the documents asked by most loan providers is the same but a lender might ask some extra documents for further verification. The lender is more likely to suggest what other documents you would need.

Most private banks and Non-Bank Financial Companies (NBFC) appoint direct sales officers to look after the application process. These executives will explain you terms of the housing loan and undertake documents for the further process.

A few reasons why you should opt for home loans in India

The interest rates charged by banks and NBFCs (non-banking financial companies) are way lower than the ones given out by traditional financiers. These new-age financial institutions even provide us with a discount of 0.05% on the home loan interest rates. You can make use of financial assistance from a home loan to purchase your dream house or for home extension purposes. You can even renovate any of your existing properties. There are a number of other benefits of opting for home loans, and a few of them are here as follows:

• The best thing about opting for a home loan is that you can make use of the monetary assistance to purchase a property of your own in oppose to living in a rented apartment. The reason being, when you obtain a housing loan, you can still live in the property and gain higher equity with each repayment that you make. However, the same cannot be said about the rented property; because you don’t gain any sort of equity in the property, even after paying your rent on time.
• The repayment of home loans is done in the flexible form of EMIs (equated monthly installments). These installments are calculated on the basis of the principal amount that you borrow, the interest rates charged by the financial institutions and the repayment tenure opted by you.
• The banks and NBFCs (non-banking financial companies) have also started providing various tools such as an EMI calculator on their online websites. An EMI calculator is available for free and can be easily used by you to calculate your installment amount. A sturdy internet connection and an appropriate electronic device such as a laptop, computer, tablet, etc. are the only things that you need to compute your EMIs.
• A home loan is secured in nature and has a longer tenure as compared to the other unsecured loans. The maximum repayment tenure for Apnapaisa home loans can go up to 30 years; thus, you can easily plan your repayments without burning a hole in your pocket. Making timely repayments on the home loan amount will also help you to improve your credit score and history.

  

The financial institutions have set eligibility criteria that you need to meet in order to obtain home loans in India. These eligibility criteria have been set to ensure that you will be able to repay the borrowed amount, and it is here as follows:

• Income: The first thing that the financial institutions scrutinize is your income source and job stability. Thus, ensure that you spend a considerable amount of time with your current employer before opting for a housing loan. If you are self-employed then ensure that you have a stable source of income record for a minimum of past 3 years.
• Credit score and history: The financial institutions often scrutinize your credit score and history to determine the risk factor involved in lending you the money. Thus, make sure that you make timely repayments on all your previous and current debts. A good credit score is anywhere around 700; anything more than that will help you negotiate the interest rates with the lenders.

Few ways through which you can lower the interest rates for your home loans

The economy is on the roll and the cash flow throughout the country is on a high. However, the costs of properties and plots have increased greatly; thus, there are many middle-class citizens who are unable to purchase a property of their choice. Further, the interest rates charged by the traditional financiers and loan sharks are extremely high. But now there are a number of banks and NBFCs (non-banking financial companies) that have started providing home loans for the people at much lower interest rates; thus, they can easily make use of them and fulfill their dreams of purchasing a house.

The home loans given out by the banks and NBFCs (non-banking financial companies) can be used to not only purchase a new property or plot but also to renovate any of your existing ones. These loans can even be used by you for home extension purposes. However, the only thing that most of us are concerned about is the interest rate that we have to shell out from our pockets. Therefore, we have compiled a list of few factors that will help you to lower the interest rates of your apnapaisa home loans, and they are here as follows:

• Compare: The first thing that you should do to find the best housing loan at the lowest possible interest rates is to compare. There are a number of ways through which you can compare the interest rates- you can either visit the online websites of the financial institutions and make use of the EMI calculators or opt to check out the aggregator sites. An EMI calculator helps you to calculate and compare your interest rates on the basis of the principal borrowed amount and the repayment tenure that you opt for. This will help you to find the best housing loan for yourself at the lowest possible interest rates. A steady internet connection and an appropriate electronic device are all you need to make use of an EMI calculator.
• Credit score and history: The financial institutions scrutinize your credit score and history to determine your loan worthiness; thus, ensure that you make timely repayments on all your current as well as previous loans. A good credit score will help you to negotiate the interest rates for your home loans. A good credit score is anywhere more than 700- the CIBIL score range is from 300 to 900. Further, a good credit history is the reflection of your financial wellness.
• Age and job stability: The banks and NBFCs (non-banking financial companies) provide lower interest rates for the people who are in the prime of their age- i.e. 25 to 30 for most of the financial institutions. Also, if you have a good source of income and job stability then you can easily negotiate on the interest rates for home loans.
• Margin amount: The financial institutions never completely sponsor your purchase of property; they only sanction the loan amount up to 70%. You are the person who has to arrange the rest of the sum- this amount of money is termed as margin amount. The more amount of margin money that you invest, the lower your interest rates become.

The various benefits of opting for personal loans online in India

Life is as unpredictable as anything can possibly get. One can never predict as to when and to whom a medical or financial emergency can hit; thus, it is best to always manage our funds wisely and try to save every dime and penny. However, the costs of living have increased and the inflation rates have gone higher than ever; thus, at such times, many people aren’t able to save money. Therefore, when a medical or financial grievance occurs with such a person; he is often left bewildered and searching for financial assistance. He has two options in front of him- either to borrow money from family or friends or to obtain financial assistance through a bank or NBFC (non-banking financial company). There are many financial institutions that offer personal loans online at way lower interest rates than the ones given out by traditional financiers and loan sharks. Other than that, there are a lot of other benefits of opting for these online loans, and a few of them are here as follows:

• Better than borrowing from family and friends: The reason why opting for personal loans online is better than asking for financial assistance through friends and family is that you get to save face in front of them. After all, nobody would like to share his or her financial mismanagement with their close ones.
• Unsecured: The best thing about opting for a personal loan is that it is unsecured in nature; thus, you don’t have to provide any sort of collateral to the banks and NBFCs (non-banking financial companies). Further, there are not even any restrictions on the usage of these loans- you can use the financial assistance to consolidate your credit card bills or make use of the money to even purchase a new gadget. Personal loans are the best source of financial assistance to fund that last-minute trip of yours.
• Online quotes: The repayment of personal loans online is done in the flexible form of EMIs (equated monthly installments); these installments are calculated on the basis of the principal amount you borrow, interest rates charged by the financial institutions and the repayment tenure opted by you. Unlike the earlier times, when you would have to make numerous visits to the financial institutions in order to obtain quotes; now you can simply make use of an EMI calculator available on the online websites. A sturdy internet connection and an appropriate electronic device is the only thing that you need to make use of these online calculators.
• Fast and secure: The apnapaisa personal loans online are sanctioned and disbursed within a few days; thus, you get access to the monetary amount way quicker than the financial assistance provided by the traditional financial institutions. Further, the online interface of the financial institution’s website is way more secure than your offline means; thus, the chances of your data being leaked are nullified.

Hope this article helped you to understand the importance of opting for personal loans online in India.

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The factors that determine your home loan interest rates in India

The Indian property market is going through many changes; the cost of properties has increased way beyond the reach of the common man. Thus, the middle-class citizens of India are finding it difficult to purchase a property of their choice. Therefore, at such times, people often opt for loans through financial institutions or loan sharks. The interest rates charged by the financial institutions such as banks and NBFCs (non-banking financial companies) are way lower than the ones given out by traditional financiers and loan sharks. There is also a discount of 0.05% on interest rates provided on a home loan for women borrowers and co-applicants. However, we still look for ways to lower the interest rates further in order to enjoy the least amount of premium; but most of us are still unaware as to the factors that determine these interest rates. Therefore, we have compiled a list of few factors that determine the apnapaisa home loan interest rates in India, and they are here as follows:

• Margin amount: If you think that a housing loan finances you completely then you are wrong; because there is an amount of money that you need to shell out from your own pocket. This amount of money that you need to pay in order to purchase a property is known as a margin amount. This margin amount determines your housing loan interest rates in India.
• Repayment tenure: The repayment of a home loan is done in the flexible form of EMIs (equated monthly installments); this helps you to plan out all your present and future repayments in advance. These EMIs are calculated on the basis of the principal amount that you borrow; repayment tenure opted by you and the interest rates charged by the financial institutions. Thus, the repayment tenure that you choose has a major impact on your interest rates; if you opt for a lower tenure than you will have to shell out a lesser amount of money in the form of interest rates.
• Repo rate: The banks and NBFCs lend you monetary assistance when you face financial crises; however, at times even these financial institutions face such situation. At such times, they opt to borrow loans from the RBI (reserve banks of India). The RBI charges interest rates in exchange of the financial help provided to the banks- this rate of interest is termed as the repo rate and it plays a major factor in determining your home loan interest rates in India.
• Reverse repo rate: Just like the times when financial institutions face monetary problems, even the RBI might stumble across such issues. At such times, the RBI borrows loan from the financial institutions and the banks charge interest rates for the monetary assistance provided. The interest rates charged by the banks and NBFCs (non-banking financial companies) are termed at reverse repo rates.

Hope this article will help you understand the factors that determine your housing loan interest rates in India. Good luck and all the best!

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Want to avoid a loan burden? Consider doing personal loans comparison before applying for it!

Taking a loan will always be a cautious decision one can take as the person would be repaying its consequences in installments, every month! And especially when you consider the rate of interest charged on personal loan are moderately higher, it makes sense to a lot of loan aspirant to do personal loans comparison before choosing a loan product. It is good news for those financially helpless aspirants that many public and private banks and other Non-Bank Financial Companies (NBFC) that offer a wide range of personal loans at super-fast approval rate!

The personal loans comparison process is basically a filtration process, which takes out useless personal loan options out of the list and gives you the loan product that matters the most. And if you have the same intentions to save yourself from loan burden, you can follow below tips!

Little self-assessment first!

This tip is applicable for every type of loan products! So before you start you’re the apnapaisa personal loans comparison routine begin with estimating your loan eligibility and your borrowing capacity. Since personal loans are unsecured kind of loan, which means the maximum loan amount the loan lender would be sanctioning will be judged on the basis of monthly income your credit history. But most loan applicants quote inflated loan amount credibility-wise they were at favorable place. This should be avoided as the rate of interest is charged on the principle amount you borrow. So if you increase the prinicipal amount the interest payment would increase inversely.

Don’t make everything about the rate of interest!

This is one of the common mistakes loan aspirants make while doing personal loans comparison! Indeed the rate of interest on the personal loans is generally higher, but that doesn’t mean you should be making a big deal about it. There are other factors in the personal loan product like processing charges which can vary from one loan lender to another. The processing for availing a personal loan can go from 1% to 2% and course GST will also be charged on it. You should also go through other charges like foreclosure charges and also the documentation charges.

The power of credit score!

One can easily forget to mind the benefit of your credit score while doing personal loans comparison! In a simple term, your CIBIL score represent how much brownie points you’ve collected while repaying each loan you took and remain stable in paying the loan amount. The limit stretching ability of a good credit score mind entice you to over-quote the loan amount, but it can also give your ability to negotiate and get reduced rate of interest. And since the interest rates are moderate thanks to CIBIL score, it would be less of a burden to repay.

Choose a shorter tenure!

If possible of course! The availed options to choose tenure period on personal loans is up to 5 years and yet some applicants choose maximum tenure options availed to minimize the interest payment. We get applicants choose such longer tenures to make it comfortable to follow the installment cycle. But such applicant end up finding themselves under silent loan burden, as if you calculate how much interest amount you’ll be paying at the end of the tenure will give a shocker. The trick is to choose loan tenure as per your economic withstanding. Also mind the fact, the economic condition will eventually get better; hence you can ever choose a shorter tenure period to be free early from the loan burden!

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