4 Home Loan Facts, You Must Know

In the present situation, it is hard to purchase a house without taking any home loan. You can find various options in the market such as Bank of Baroda home loan, SBI home loan, Axis Bank home loan, BHW Birla home loan, etc., which makes your dream of purchasing a house into reality. It is a good asset as it helps in building an asset with the loan and moreover, you can also enjoy tax benefits. But you must act carefully otherwise it will become a cause of concern to you. Let's have a look on some of the useful tips which can help in getting a good home loan deal-

You can borrow only up to 80 per cent of the total value of the property which you are intended to buy. In such a case, you should start making arrangements for paying remaining 20 per cent down payment amount. Make sure you are planning for at least five years in advance as it will help you in accumulating enough funds. It is advisable to accumulate a high amount as down payment so that you will bear less EMI burden.

While applying for a housing loan, you should see your repayment capacity and should not consider your loan eligibility. It is advisable to limit your EMI within 40 per cent  of your take home home salary, if you are the only member in the family who is earning.

If your spouse is earning then you should go for joint home loan. In this way, you will be able to get high loan amount and can also get maximum tax benefit.

If you will take loan from your friends, parents or any other person then also you can get tax benefits for the interest on the loan, up to Rs 1.5 lakhs per year. However, it is not possible to claim the principal amount under Sec 80 C, which is applicable only if you will take loan from banks or financial institution.

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Personal Loan Guides & Tips

By availing personal loan, you can easily meet your funds requirements to plan your expenditures. The entire loan process also becomes easy and more customer-oriented. In today's internet driven era, everything you want is only one mouse click. The entire loan process has become easy and more customer-oriented. However, there are some points which you should considered before applying for personal loan. Let's have a look on some of them-

It is important to do a complete and detailed survey of varied available loan options, such as Reliance personal loan, SBI personal loan, Axis Bank personal loan, HDFC personal loan, etc. You can compare these options on the basis of varied factors, such as interest rate, terms & conditions, fees/charges, etc.

Interest rate is the crucial of all the costs which you pay. So, one should go for the cheapest options.

Apart from interest rate, there are other costs also, such as processing charges, etc. You should select that option which comes along with zero processing fees and zero pre-payment penalty. If it is not possible then you should go for the one which has lowest cost. Make sure you have enough investigated to find out which option will in totality prove to be costly and which will not.

You would be required to repay loan in the form of EMI. However, many people opt to lower and long tenure which makes the loan costly in the long run.

You should be sure that all deals and offers are supported by relevant documents and paperwork.

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Taking A Personal Loan? Some Useful Tips

Most of the financial experts are of the view that personal loan can have negative effect on your balance sheet. It is simply due to the reason, it comes at high interest rate, which can vary anywhere between 12-50 per cent on the basis of profile of the person. If you are also planning to take the personal loan then it is crucial to get some clear view of varied things. For starters, it would be useful to shop around to get an idea of interest rates. There are various options in the market such as Citi Bank personal loan, SBI personal loan, HDFC personal loan, Fullerton India personal loan, etc. Every loan option comes along with different interest rate. If you are working with any of the bank then you should search for a bank which has an official agreement with it. In this way, you will be able to get a better deal.

You should also look at the default clause. There are some banks which charge Rs 250 for first default and Rs 500 for the second default. You will come across to varied other clauses also. Make sure you are reading all these clauses well in advance before proceeding. You should also check the foreclosure clause in your loan document. It is due to the reason, most of the lenders do not allow prepayment of the loan in the first six months and after than prepayment penalty is required to pay. So, it is better to get an idea of the same before proceeding.

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Home Loan Eligibility Requirements

In India, the status quo of home loan/housing finance is such that it is one of the most indispensable financial assistance during the time when an individual needs to finance a new home. But there are many factors involved with housing loan that have somewhat made the loan sanctioning procedures a never ending task for prospective borrowers.

Although, housing finance has its significance in the time when a home buyer needs urgent financial assistance, some procedures involved with this require borrowers systematically comply with them to facilitate sanctioning procedures.

Most financial institutions in India have their respective home loan eligibility criteria and terms and conditions that are mandatory to follow by any prospective borrowers. The article mentions some conspicuous eligibility criteria that borrowers normally come across during the time of applying for housing finance.

Eligibility

As said before, most financial institutions in India have their mandatory set of norms over housing loan. Borrowers are supposed to confirm their repayment capacity, income and credit score by showing relevant financial documents and other documents pertaining to availability of home finance.

More so, borrowers with bad credit score are not considered for housing finance by top notch banks like HDFC, SBI, ICICI and LIC. Even SBI home loan  or standard chartered bank home loan involves the same and identical eligibility criteria and requires borrowers comply with them to facilitate loan sanctioning procedures from LIC bank.

In addition, repayment capacity is determined to ascertain that borrowers may or may not repay the outstanding loans in time. In this context, borrowers should club income of kindred like parents/children/parents in order to increase eligibility for housing loan. This also increases your repayment capacity and helps your bank or financial institution consider you an eligible applicant on the basis of the combined income.

For the first time borrowers, using home loan emi calculator is an optimal choice to calculate possible equated monthly incomes against the housing loan applied. Most banks or financial institutions have their online emi calculator facilities to help potential borrowers quickly know about payable emi without wasting much time in this regard. More so, the emi calculator is handy and can be operated easily. Just enter the loan amount and its tenure plus interest rate and hit the command button.

After initial process, the calculator machine pops out result showing the detail of emi. This way, you can also determine whether or not you can pay for emi against the finance borrowed. In addition, you should be careful about some hidden charges including processing fees and lawyer’s fees imposed by various bank over their housing finance scheme.

In home loan, there are various criteria that need to be taken into account. Most financial institutions in India have their respective criteria in this regard. You have to follow eligibility criteria of your bank to get home loan. Moreover, you can also use home loan emi calculator to get an exact detail of your emi.

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Points To Consider Before Accepting A New Credit Card

In current scenario, it is becoming difficult to live without a credit card. Whether you want to do travel arrangements, restaurant reservations or want to place orders via telephone, you all need a credit card. You can find various card options in the market such as Kotak Mahindra Bank credit card, HDFC credit card, Citi Bank credit card, etc. Let's have a look on some of the basic things which you should consider before applying for a new credit card-

(1) Don't apply for too many credit cards – There is hardly any reason of applying for too many credit cards or overflowing your wallet with too many options. You would only required one or two credit cards. You should be selected and pick only those cards which work best for you.

(2) Check your spending habits- Just because you got various credit card offers in your mailbox every day, doesn’t mean that you will be able to afford more cards. You should carefully check your spending habits before taking any decision.

(3) Don't get attracted towards promotional rates- Card issuers do their best to attract more and more people by offering teaser rates. These are lower than average interest rate but are offered only for limited period. Once the time period is over, interest rate shoots up again.

(4) Understanding late payment charges and other penalties- Make sure you are checking card terms carefully. It is necessary to understand how late payment charges and penalties will be charged to your account, if you will delay your payment.

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Home Loan – Truly Financial Assistance For Your Costly Home

Home loan can solve your exorbitant housing projects. There are a lot of banks and housing finance companies which can extend you significant monetary assistance in respect with your needs. If you find yourself in pitiable monetary condition with no hope to get rid of it, you should make a choice of the loan and solve it. The acquisition procedure of such housing finance is quite easy and hassle free. Banks or lenders gleefully offer such finance for all the respective customers.

You can make your future housing project good if you appreciate the beauty of home loan. In other words, the beauty of importance of owning housing finance is all about solving monetary liability associated in a variety of housing projects such as home purchase, home refinance, home construction etc. Considering the fact of people’s inability to finance costly homey affairs; such finance is all time favourite assistance.

The prospective advantage of any housing finance is conspicuous with its terrific financial protection in needs. Borrowers can maximise such finance for their costly home affairs. The acquisition procedures of bank home loan is quite satisfactory where borrowers just need to apply for the loan with submission of few of the most important documents such as proof of age, identity proof, income and residential proof along with bank statement and business continuity proof (for self employed).

A home loan can solve your financial problem provided that you are credible and qualified for it. In other words, you need to prove your credit worthiness with sufficient income ability to pay off the loan as well as good credit history that you have never been defaulter with making payment against past credit card bills or loans. Unless you convince your lender about credit worthiness, you have fat chance that your loan application will ever be approved. It is mandatory to take bank into confidence with your credit worthiness to ensure approval of the finance that you apply for.

Some borrowers, who don’t have exact income up to the extent to fulfil eligibility requirement of particular lender, can also club income of kindred. Some banks do offer such opportunity to prospective borrowers in respect with increasing income eligibility up to the extent required by particular lender. Eventually, the applicants can have loan approved on the ground of backed up combined income from family relatives like spouse.

Home loan has its importance of solving costly homey affairs of borrowers. If you experience financial problems, the home loan can give you sufficient monetary assistance to solve your problems. However, there are some very important things that are must to know for all the borrowers.

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A Summary Detail of Home Loans In India

Nearly all the people with dire monetary necessity, who wish to purchase a new home, favours acquisition of home loan or housing finance. In fact, a home loan has literally become one of the indispensable requirements of people especially for expenses involved in buying a new home or piece of land or even refinancing their own home. When it comes to improving the beauty and dimension of a house, the housing finance can be taken to mitigate the cost in such home improvement project. Apparently the need for a housing loan becomes quite indispensable for such people, eventually.

There are a lot of banks or housing finance companies that offer housing loans in India. For Indian customers, an option of taking such huge monetary help becomes conspicuous during the time when they are involved in any big housing project. Banks home loans have become quite popular among Indian customers followed by the enormous monetary support that one avails out of it. The importance of this financial assistance can’t be ignored or neglected considering monetary deficiency of people to bear the cost of buying a new home or flat.

There are a large number of banks which are involved in merchandising different types of loans including the housing loans. The subjective benefit of this fiscal assistance is notable during the time when someone is embroiled in buying a new home. However, banks do have different home loan eligibility criteria which customers or loan consumers are supposed to follow in order to get their loan sanctioned easily.

One of the banks called State Bank of India offers its housing finance to those consumers with good credit score, income and repayment capacity while the age of the consumers should be as required in the eligibility criteria. In fact, such eligibility requirements are identical in literally all the banks commercialising their hosing loans in India.

When it comes to availing a housing finance, you should not be unfamiliar with bank’s eligibility requirements. You should also understand that to avail such secured financial assistance, you need to have an asset for collateral. That collateral must have good liquidation value as well. More often that not, applicants with poor credit history and long-held unpaid loan amount are rejected from availing the loan. Hence, make sure that you are following all the required terms and conditions associated with the kind of housing finance that you want to avail for your housing purposes.

A home loan or housing finance is a kind of monetary assistance that you can avail during the time of purchasing a new home or other home related projects. However it is good to ensure that you are familiar with home loan eligibility requirements from banks before availing housing loans.

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How To Pick The Right Home Loan Lender In India?

In recent times, the housing sector of India has witnessed a tremendous growth. Many people are applying for home loan to buy their dream house. There are varied options available in the market, such as Axis Bank home loan, HDFC home loan, SBI home loan, etc. Every lender will look good to you but it is necessary that you choose that lender which can give you favorable terms. Let’s have a look on some of the tips which can help you in choosing the right lender-

• There are various big and small companies which are offering good interest rate. You should not fall for it as these rates can change over the time period. In many cases, these companies offer low interest rates but after some months they increase the interest rates. So, it is recommended to properly take care of this fact before choosing the lender.
• You should try to negotiate for home loan rates received from varied lenders. You might be able to get 0.25 to 0.75 percent rate lower than normal interest rate.
• You should not make a mistake to apply for 5-6 banks at a time because by doing so, you can lower your credit score by nearly 10 basis points. Too many enquiries can prove costly to you and can hamper your credit score. So, it is necessary to first do some research work on available options.
• Home loan is taken for a long term; therefore, it is necessary that you choose the lender only after carefully analyzing all related facts.

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Citibank Rewards Cards Vs. Kotak Mahindra Bank League Platinum Card

Both Citibank and Kotak Mahindra are famous and very reputed in the market of banking services in India. Since their establishment in Indian market, they have been consistently involved in offering a wide variety of services of loans and cards. Here, we discuss Citibank rewards cards and Kotak Mahindra bank’s league platinum cards.

Citibank Rewards Cards –

This Citi bank credit card consists of multiple key features. As the name itself suggests, it offers sumptuous reward points on your spending. Spending at Apparel and Department can let users earn 10 times the Reward Points. You can earn one point for every Rs 125 spent.

Additionally, the cards come up with many key bonus reward points that would certainly entice you. They include birthday, sign up bonus points for statement on additional cards and email, expenses made quarterly and others. If any of your first expense amounts to Rs 1000, it entitles you earn 1000 reward points.

Other additional features worth discussing include no joining fee and no annual charge (if the expenses amount to Rs 30000 or more in a year). Moreover the card also entitles you have exclusive features including Premier Choice in Redemption, unending points and Rewards Privileges.

Kotak Mahindra Bank League Platinum Card –

Under premiums rewards program, the card offers you exclusive services such as 10 times more reward points if each expense amounts to Rs. 100 in selected categories such as departmental shopping, consumer durables and departmental airlines. They are high value expenditures and accordingly allow you earn highest rewards.

If the card is used in other retail spends, the card members are allowed to have five times reward points.

Kotak Mahindra bank credit card comes up with fuel surcharge waiver of 2.5% across all petrol pumps in India. Therefore, if the spend on fuel transaction ranges from Rs 400 to Rs 4000, fuel surcharge waiver is applied and you save money accordingly.

Near about 1.8% waiver is applicable on railway surcharge. This is indicative that the stated railway surcharge waiver is applicable if railway ticket is purchased with the use of the card. It also offers you exclusive travel offers.

The card offers you league shield security. It signifies potential safety against fraudulent or theft of your card. if the card is fraudulently used for almost 7 days pre-reporting, you get a cover of Rs 100000. However you are advised to contact the bank right away to deactivate the card in case it is stolen.

Conclusively, Citibank and Kotak Mahindra bank’s cards feature exclusive benefits respectively. The choice is absolutely yours to go for either of the cards.

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