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.

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.

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!

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.

Visit us…