SBI Home Loan is most preferred among the borrowers. This is based on a study done by me during last 6 months. On my blog, i receive maximum queries on SBI Home Loan. Though i always take neutral approach and suggest options like SBI, ICICI Bank or Axis Bank to potential borrowers. I personally interacted with many borrowers to understand why they prefer SBI Home Loan. Through this post, i would like to share the experience of blog reader's on SBI Home Loan. Towards the end of the post, i have highlighted few cons/problems faced by my blog readers so that potential borrowers can make an ... Read More
Tips to Increase Home Loan Eligibility Amount
Home Loan Eligibility Amount is a nail-biting suspense during the home loan process. From buyer's perspective, it's some secret recipe or a sort of exam whose outcome is eagerly awaited. There are multiple factors which impact the Home Loan Eligibility Amount. Through my posts, i keep highlighting these factors which directly or indirectly impact the Home Loan Eligibility Amount. CIBIL Score is one such factor which i have covered in detail through my posts on CIBIL Score. In this post, we will discuss some tricks and tips through which you can increase the Home Loan Eligibility Amount. Though ... Read More
Is Your Home a Collateral for Other Loans?
Collateral means to pledge an asset as a security against repayment of a loan. A collateral can be forfeited if there is a default on the loan. When you take Home Loan, you pledge your Home as a collateral for repayment of a Home Loan. But what if bank say that besides Home Loan, you have to give your Home as a collateral for any other loan or borrowing from the bank. On top of it, you also provide the commitment that this clause will cover all the past, present or any future borrowings from the Bank. Sounds Scary !!! But it is TRUE. Knowingly or Unknowingly, whenever you avail Home Loan, ... Read More
How Prepayment Interest is Calculated?
Home Loan Prepayment Interest calculation is one of the grey areas from the borrowers perspective. As the average Home Loan tenure in India is 7-8 years therefore Home Loan Prepayment is very common. Borrower prepays Home Loan as and when he/she receives an annual bonus or on the maturity of the past investment. Instances of overpayment, wrong effective date, calculation of Prepayment Interest etc are common points of dispute with the Home Loan Provider. In my post, Home Loan Prepayment - 5 Important Points, i discussed the general points. Based on the feedback/queries of my readers, i decided ... Read More
Revised Guidelines on Home Loan from HFC
It's all over for small HFC's (Housing Finance Companies). As i highlighted in my posts Home Loan from Housing Finance Company and Subvention Schemes that higher Loan to Value ratio and Subvention schemes were 2 critical USP's of the HFC's. In comparison to banks, potential borrowers preferred HFC / Housing Finance Company because of higher home loan disbursement. It was also beneficial for builders as HFC's were disbursing substantial Home Loan amount upfront to the builders under subvention schemes. RBI already banned subvention schemes for banks. HFC's are governed by NHB therefore they ... Read More
Home Loan from Housing Finance Company
Home Loan from Housing Finance Company, Regular readers of my website must be confused. I always suggest my readers to avail Home Loan from banks like State Bank of India, ICICI Bank, Axis Bank etc. The main reason is benchmark rate for calculation of Interest Rate. On the service front, almost everyone is at par i.e. below average :). Home Loan of Housing Finance Company is linked to benchmark rate known as BPLR / RPLR / PLR whereas Home Loan of a bank is linked to Base Rate. Base Rate is more transparent & beneficial for a borrower in a long run. I explained it in my post, Floating Home ... Read More
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