To Buy House with Home Loan is quite tedious & exhaustive process. Buying a house itself is a major financial decision. Some people delay this decision as they would like to buy their first property from own funding. Best bet is to buy house with home loan. Reason being property prices keep increasing and secondly, during the later part of life financial commitments will increase. When i bought a house, i struggled to understand steps to buy house with home loan. After going through this cycle, now i am in a position to explain step by step process how to buy house with home loan. Step 1: ... Read More
Floating vs Fixed Interest Rate Home Loan
At the time of availing Home Loan, the biggest dilemma is to select Floating vs Fixed Interest Rate. Any wrong decision can put big hole in your pocket. Normally, risk averse customers opt for Fixed Interest Rate. If you decide to switch loan from Floating to Fixed during loan tenure then you might need to shell out charges upto 1% of outstanding loan amount. Let's find out pros and cons of both to solve this riddle of Floating vs Fixed Interest Rate Home Loan Floating Interest Rate Home Loan Between Floating vs Fixed Interest Rate, In Floating Home Loan interest rate is linked to Base ... Read More
15 Home Loan Hidden Charges Banks Don’t Tell
Home Loan hidden charges are back in limelight as the banks are finding newer ways to make more money out of you. Home Loan hidden charges is a grey area & there are no clear cut guidelines regarding same. In India, transparency takes a back seat and regulatory bodies are also turning blind eye towards Home Loan hidden charges. I receive lot of complaints from my readers so i decided to write a post on this topic. Like the amount charged there is no standard definition of home loan hidden charges as banks keep moulding the definitions as per their convenience. Lets go though each of these ... Read More
Home Loan Transfer
As i mentioned in one of my previous post "Step Motherly Treatment to Existing Home Loan Customers" that existing customers always pay higher Interest Rate compared to New Customers. First thing which come to the mind of borrower is Home Loan Transfer from existing lender to new lender who is offering lower interest rate. Besides Interest Rate, sometimes Service issues also force borrower to opt for Home Loan Transfer though Interest Rate remain single most imp criterion for Home Loan Transfer. Before deciding upon Home Loan Transfer, it is critical to consider following 5 points to avoid any ... Read More
Why Home Loan Closure Adversely Impact CIBIL Score
As i mentioned in my earlier posts that Home Loan is a secured loan and it impacts your CIBIL Score positively i.e. after availaing Home Loan, your CIBIL Score will increase because of its secured nature. Contrary to popular belief, closure of Home Loan negatively impact CIBIL Score. Let's understand why Recently i cleared my Home Loan and i was very happy about this fact but this happiness was short lived. As i mentioned in one of my article Home Loan Closure - 5 Important Points that it is very imp to check that your Home Loan account is closed by lender in CIBIL Score database after Home ... Read More
Review: Axis Bank’s Happy Ending Home Loan
Yesterday Axis Bank launched quite a innovative Home Loan scheme (As projected by Media). Today morning when i checked my mailbox, i was surprised to see lot of mails from my reader's seeking my opinion about this path breaking and industry first "Home Loan Scheme". After going through the Press Release issued by Axis Bank, it looked quite compelling scheme on paper and anyone can go ahead with the same without giving any second thought. Only visible catch is that all the EMI payments should be paid on time. Somewhere in my mind, i was not convinced about the scheme becoz there are "No Free ... Read More
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