We have reviewed many home loan products on this blog. However, most of those loan products were for established self-employed professionals and salaried individuals working with Government Organizations or established corporates. However, the desire to own a home is much deep rooted and almost everyone wants to own a house. And most need a home loan… Continue Reading
In an earlier post, I had discussed how you can take loan against your LIC policy to take care of loan requirement. I had also discussed certain aspects as your loan eligibility and the applicable rate of interest for the loan. You can read the various aspects of loan against LIC policy in this post.… Continue Reading
Your credit score plays an important role in getting your loan/credit card application approved. Not just that, your credit score has also started being a determinant in the interest rate you pay for the loan. Therefore, if you plan to apply for a loan in the near future or foresee the need for a loan in… Continue Reading
While browsing for various home loan products, you would have come across terms, Monthly Reducing Balance and Daily Reducing Balance. Home loan products from many banks including State Bank of India work on daily reducing balance method while the home loan products from some banks work on monthly reducing balance methods. What Is the Difference?… Continue Reading
You have been planning to purchase a house. A completed property is quite expensive. For an under-construction property, you understand it will be difficult to manage both EMI and rent at the same time. You have heard about the concept of pre-EMI and full EMI, that are typically available for under-construction properties. You understand a Pre-EMI… Continue Reading
ICICI Bank has recently launched a scheme where new home loan borrowers will get 1% of EMI as cash back. Most of us would associate cash backs with credit card or online purchases. However, as banks try to find competitive advantage in relatively commodity like home loan market, cash back has found its way into plain… Continue Reading
I recently came across a news item that Tata Housing, a prominent realty company, has tied up with Indiabulls Home Finance to offer home loans at 3.99% p.a. The loan will offered by Indiabulls Housing Finance and the special interest rate of 3.99% p.a. applies for purchases in select projects from Tata Housing. As per the… Continue Reading
A home loan is a long term commitment. Therefore, if you are planning to take one to purchase a house, here are a few things you must keep in mind when you take a home loan. Focus on the Property First, and Then the Home Loan I am quite sure you can save a lot… Continue Reading
Axis Bank has a unique offering where the bank waives off your last 12 EMIs if you have maintained a good repayment record. Looks like a really good deal. Who wouldn’t like to save on 12 EMIs? You would, right? Why will a bank waive off the EMIs? Banks never do charity. Clearly, there is… Continue Reading
Ever since MCLR (Marginal Cost of funds based Lending Rate) came into existence from April 1, 2016, a question that I have been asked multiple times is “Should I switch from Base Rate to MCLR?” The frequency of these questions grew after various banks cut their MCLR sharply after the demonetisation drive. How Can I… Continue Reading