Category Archives: Home Loan

10 Aug

Why We Love Home Loan (And You Should, Too!)

Home buying decision depends on to the great level of the amount of Home Loan you can have the benefit. In this perfect world, everybody would have much money for all his requirements. In particular, many of us have little option except to borrow to meet the goals, both real and unexpected.

Getting home loans involve a lot of paperwork and documentation and it can be time overwhelming and very tiring to hunt for a home and also apply for a home loan.

Earlier than you choose a home loan in Delhi, here are some things that you should keep in mind:

EMI affordability:

The main factor which influences home loan from a borrower’s point of view is probably is the EMI, the monthly loss that will go towards repaying the loan for at least next 10-15 years. EMI exceeds 40-45% of the net monthly income. If you earn more, you can always pre-pay the loan with additional disposable the funds as most banks do not have pre-payment penalties are nowadays.

Tenure of the Loan:

This is where you will require choosing between lower EMI to start and higher interest payment or lesser term and higher EMI but lower payments. If you want a higher loan than what your EMI affordability allows you, you can choose for a longer tenure. This will decrease your EMI and banks may fund your higher loan amount. Though you will pay more interest in the long run, but you can get the loan at affordable monthly cost today.

Charges and Penalties:

As such there be supposed to be no extra charges apart from for the processing fees, legal verification charges in some cases, stamp duty on home loan amount and certain switching charges if you were to change your EMI or transfer your loan to another bank. There may be some charges for releasing your property documents for photocopying purposes or any other, during the tenure of the loan.

Insurance for Loan:

This is the most important step you must do once you get the home loan disbursed. Get home loan insurance or get yourself an insurance equivalent to the home loan amount. In the case of any unfortunate event, your loved ones will still be able to live in the house and your home loan insurance will pay for the pending loan amount. There are also certain insurance policies that will provide you benefits in the event of disability, loss of job, some critical illness diagnosis for the borrower etc. This cost also should be considered in the overall affordability criteria as it is cost above your EMI.

30 Jul

Should you refinance your home loan?

Refinancing the home loan is taking a new loan to pay the current mortgage. There are many widespread reasons why homeowners should refinance.

Lower interest rate
Option of lowering tenure if one has monthly extra
Increase the loan tenure to decrease TMI payments
Shift from floating rate to fixed rate or vice versa

The factors leading the EMI payments or loan amount, the interest rate of the loan and the term of the loan. Three factors which affect the refinancing decision:

Loan Amount:
EMI payments or a combination of principal refund and the interest paid on the principal amount. So while one will opt for the refinancing, it is the exceptional principal that is being transferred.
Interest Rate:
The interest rate is the leading factor in defining the EMI payments. It is important to evaluate the helpfulness interest rate before refinancing.
Loan Tenure:
Loan Tenure is inversely comparable to the EMI payments. That means higher the loan terms lesser the EMIs and lesser the term, the higher the EMIs. Likewise, the interest paid is directly proportional to the term. The higher the tenure, the higher the total interest paid. So if one has an increase in salary, but it does not have a considerable amount to go for down payment, refinancing the home loan at the lease’s term is worthwhile.

Remember that refinancing your home loan comes at an indicting, which differ from bank to bank.

02 Jul

Things you need to know about Home Equity Loan

Home loans consist of a flexible or fixed interest rate and payment terms. Buy a Home is a dream of an individual. We are giving an opportunity to make your dream come true.

A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. Equity can be defined as the differentiation between the market value of your house and the amount which you are indebted to it. It can also be recognized as the financial value of a real estate property away from any sum you owe on it for the claim, loans or mortgages.

This kind of a loan is protected as the lender get the home as security and the loan amount depends on the amount of equity. The interest rate in this type of loan starts structure only when the person actually makes a buy.

Loans are categorized into two types – A home equity loan or a second mortgage and home equity line of credit.

A home equity loan or a second mortgage is the system through which one can have a loan of an amount worth your guarantee in the lump sum. With this type of home equity loan, interest begins building as rapidly as the bank issues you the money. With such a loan is paid off by the borrower over a set amount of time, come with a fixed rate of interest and fixed monthly payments. It also is known as a close-ended loan.

On the other hand, there is home equity line of credit that is additional like a credit card. It facilitates the borrower to have a loan off in installments. Here the borrower issues a cheque book or a credit card by the bank which s/he can use against her/his home’s equity to make the purchase. S/he can use only a sure quantity of loan wealth which s/he needs instead of borrowing and trust the total lump sum amount.

20 Jun

Finheal Home Loan – Eligibility EMI Calculator and Interest Rate

A loan which is granted to purchase/construct a new home based on the borrower’s integrity and ability to pay.

Home loans consist of a flexible or fixed interest rate and payment terms. Buy a Home is a dream of an individual. We are giving an opportunity to make your dream come true.

Mortgage Calculator is available for the clientele to check how much EMI they have to reimburse. We are the best Home Loan Company in Delhi NCR. Refinancing a home loan is taking a fresh loan to pay out your current credit.

Home Loan with Bad Credit has some features:
• the clientele does not have some EMI Bouncing
• Cibil score should be good
• the property should not be in the negative area.

13 Jun

Home Loan Eligibility, Calculator – Finheal

Home loan consist of a flexible or fixed interest rate and payment terms. Buy a Home is a dream of an individual. We are giving an opportunity to make your dream come true.

The parameter on which a possible borrower’s eligibility for a home loan is determined includes employment status, duration of current employment, personal income and credit status.

The credit history of a borrower is chiefly important to banks, who require verifying whether there is any record of non-payment with another financial institution. Most banks also need that the borrower takes out an insurance policy to protect the home loan. This is to make sure that they will get their money back if the borrower dies or is for some other reason incapable of servicing his or her loan. After all, such an agreement between borrower and lender is over extensive periods of time. A home loan is generally repaid over several years, if not the borrower finds the financial means to repay it in part of in entirety.

Mortgage Calculator is available for the clientele to check how much EMI they have to reimburse. We are the best Home Loan Company in Delhi NCR.

Banks and NBFCs are providing the home loan on rate home starting from 9.40%.

Document Required:

ID proof (PAN Card, Driver’s license, Voter ID, Passport, and Aadhar)
Address proof (Electricity bill, Telephone bill, Ration card, Bank statement, Credit card statement)
Passport Size Photo
3 month’s Salary slips
3 month’s Bank statement
Last 2 years Form 16
Sale Agreement
Property documents
Receipt of Booking/Advance payment (If any)

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