In my previous post on Affordable Housing - A Myth or Reality, I discussed the nitty gritty of Affordable Housing which is a new buzz word in the reality market. Today while going through property section of a newspaper, I observed that although a majority of the ongoing projects are positioned as Affordable Housing Projects, only a handful are indeed so in true sense. It does not cost anything for a builder to tag a project as Affordable Housing Project. Low cost housing is often referred to as Affordable Housing Project by small builders which we will discuss in detail in this post. As a ... Read More
Home Loan Prepayment – 5 Important Points
Home Loan Prepayment is financially beneficial for Home Loan Borrowers. It helps to reduce Interest burden thus overall cost of property. Any type of debt including Home Loan is not good for financial health of an individual. Average Home Loan tenure in India is 8 years which means Home Loan Prepayment is preferred by borrowers to clear off Home Loan. Normally Home Loan Prepayment is done when we receive annual bonus or any exiting investment mature. As i mentioned in my other posts also that Home Loan Interest increase the overall cost of property. Assuming, your current Home Loan ROI is 10% ... Read More
EMI Calculator or Amortization Schedule Calculator for Loans
When i took Home Loan, one of the problems that i faced was to find a right EMI Calculator. The EMI Calculator available on the web are not compatible with Home Loans. There is no option to change Interest rate, EMI or add pre-payment amount during home loan tenure. With the introduction of Marginal Cost of Funds based Lending Rate, the interest rates will become more dynamic. In short, interest rates will change more frequently. As a borrower, i find it difficult to check the financial impact of any change in Home Loan. One of the most common queries that i receive is on the impact of the ... Read More
HDFC Ltd Home Loan Experience – A Learning for Borrowers
Today i will share my worst experience till date i.e. availing Home Loan from HDFC Ltd. As i mentioned in my previous post that HDFC Ltd. and HDFC Bank are 2 different listed entities. Many potential borrowers fall into this trap considering both are same. After Pre Home Loan Review i finalized HDFC Ltd based on good experience with HDFC Bank. After processing fee was en-cashed, i came to know that both are different. It was too late. HDFC Ltd is largest and oldest lender. My personal philosophy is to always go with Market Leader and you will not face any problem. Unfortunately, this time, i ... Read More
Pre Home Loan Review of HDFC, ICICI, LIC, SBI and AXIS
Pre Home Loan Review is quite a tricky exercise. You have to judge and decide home loan provider based on a couple of pre home loan interactions. The problem is that you cannot apply with multiple home loan providers. For simplicity purpose, i will address home loan providers including HFC's as Banks only. In my post, How i am responsible for my low CIBIL Score i shared if you apply with multiple banks then it will impact your CIBIL Score. With this context, Pre Home Loan Review becomes more critical. When i availed home loan, i did this exercise of Pre Home Loan Review with top 5 lenders ... Read More
Floating Home Loan – BPLR or RPLR Vs Base Rate
While applying for a home loan, everyone come across 2 terms i.e. RPLR or BPLR Vs Base Rate. BPLR is a Benchmark Prime Lending Rate or RPLR is a Retail Prime Lending Rate. For simplicity purpose, i will refer BPLR or RPLR as BPLR only. What are these terms and why they are very critical while finalizing a Home Loan. In layman terms, all the Floating Home Loans are linked to either Base Rate or BPLR. Now the two questions which come to mind is why Floating Home Loans are linked to these 2 different ways of calculation? Why can't financial system follow single criterion to link floating home ... Read More
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