It is easier to get a loan if you are a salaried employee. Not so much if you are self-employed, proprietor or a professional. If you were not salaried when you applied for a home loan, you would know. By the way, most bank offer loans to non-salaried under the same loan products. Just that… Continue Reading
You just booked an under-construction property. You spent months finalizing the right property for you. You paid the booking amount from your own pocket. For the remaining purchase amount and construction linked instalments, you are banking on a home loan. Unfortunately, your loan application gets rejected or the bank is not willing to sanction the requested… Continue Reading
You are planning to move from your existing house to a bigger house. You plan to sell your existing house to fund the purchase. However, there is a minor problem. To purchase your new house, you need the sales proceeds of your existing house. Now, closing a deal (acceptable to you) may take some time. How do… Continue Reading
What is Earnest Money Deposit? As per Investopedia, Earnest Money is a deposit made to a seller showing the buyer’s good faith in the transaction. Earnest Money Deposit is useful in transactions where the buyer has an option to back out at a later date for any reason. If the buyer backs out of the deal,… Continue Reading
Expecting a hefty annual performance bonus? It is the time of the year many of us start getting excited about the salary hikes and annual bonuses. Not everything is in your hands but the anticipation and excitement is palpable. There is much time spent in cabin gossip over a cup of coffee speculating over the… Continue Reading
When you take a loan, you take a responsibility to repay it too. And it may happen that you may struggle to repay the loan. The reason for non-repayment could be many, ranging from loss of job and improper financial planning to poor health, disability or even demise of the borrower. In extreme cases, you could end… Continue Reading
Home loans are offered at a spread over the benchmark. Typically, the benchmark is related to cost of funding for the bank. For instance, MCLR (Marginal Cost of Funds based lending rate) and Base Rate are based on cost of funding for the bank. The quantum of spread depends on multiple factors including quantum of loan, nature… 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