Use the interactive house loan EMI calculator to calculate your home loan EMI. Get all details on interest payable and tenure using the home loan calculator.
Tuesday 31 January 2017
Wednesday 25 January 2017
Home Loans Offer 5 New Ways to Get Your Dream Home
Use the interactive home loan EMI calculator to calculate your home loan EMI. Get all details on interest payable and tenure using the home loan calculator.
Tuesday 24 January 2017
5 STEPS TO A SUCCESSFUL OPEN HOUSE
Use the interactive house loan EMI calculator to calculate your home loan EMI. Get all details on interest payable and tenure using the house loan calculator.
Friday 20 January 2017
6 uncommon reasons for home loan rejection
After years
of search and brainstorming, Delhi-based Amit Khanna finally zeroed in on his
dream home in Gurgaon and subsequently applied for a home loan. However, as
Khanna waited for the approval came the bad news that his application had been
rejected. Khanna couldn't believe it because apart from having a high-paying
job, he had never defaulted on any loan and even the housing project was being
developed by a reputed builder. So why was his home loan application rejected?
Well, there
may be many reasons for a home loan rejection - some common and some not so
common or lesser known. Let's take a look at six uncommon reasons:
1. Builder not approved
This is one
of the most common but unexpected reasons for the rejection of a home loan
application. Not all banks give loans against the property of builders. It is,
therefore, critical to understand from the builders themselves which banks have
approved them and which have not.
"It's
possible that when you approach a bank or a housing finance company for getting
a home loan, you might come to know that the very builder is not approved by
it. If that is the case, then you might not only get the shock of your life,
but it will also make it impossible for you to get a home loan from the
concerned bank and you may have to go to a different bank for the same,"
says Parth Pande, co-founder of Finance Buddha, a marketplace for retail
lending products.
2. Builder approved but property not
approved
This is
another unexpected reason for a home loan rejection. A builder, for instance,
may figure in a bank's list of approved builders, but a specific project
launched by him may not have been approved by the concerned bank. In addition,
there are likely to be cases where particular phases of a project (if it's a
large one) may not have bank approval. Thus, to avoid unexpected home loan
rejections, it's important to check that apart from the builder, the entire
project - including its different phases - has got the necessary bank approval.
3. Valuation-related rejections
Imagine a
scenario where one is buying a house in the resale market. Both the buyer and
the seller mutually decide the price of the property and the buyer decides to
go for a home loan to fund
the purchase.
"The
bank or the housing finance company, however, would sanction the home loan on
the basis of the valuation of the property as ascertained by it rather than the
price decided by the buyer and the seller. If the valuation amount is higher
than the mutually-decided price of the property, then there is no issue.
However, if the value of the property is lower, then the bank may choose to
give a lower loan amount than required, or may even reject the home loan
application altogether," informs Pande.
4. If previous tenant was a defaulter
Many housing
finance companies (HFCs) these days blacklist both the defaulter and his
residential address. Therefore, if you are staying in a house which is in a
bank's defaulters' list because of the previous tenant who defaulted on a loan
or credit card payment, there are high chances of your home loan application
getting rejected. However, even if a particular address is not in the
defaulters' list, then there is a possibility that the very locality is not in
the good books of the banks/HFCs because of some other reasons. Your loan
application may get rejected in such a case.
5. Credit history issues
Many people
do not check their credit scores and are mostly oblivious to the same. For
instance, a survey conducted by credit health improvement company Credit
Sudhaar sometime back had revealed that more than 85% of the respondents were
unaware of credit bureaus, while a whopping 92% didn't know their credit
scores. No wonder loan rejection because of credit score issues comes as a
surprise to many loan takers.
Surprisingly,
even people with a credit score of 700 and above (out of 900) are sometimes
denied credit because of past mistakes. For example, there may be some old
payments or charges missed by them which they have forgotten about, or they
might have settled a loan long back. But the same can have a negative impact on
one's credit history and this alone can lead to the rejection of a home loan.
It's very important, therefore, that customers regularly check their credit
scores and fix issues, if any, around their poor credit history immediately.
6. Unstable employment
Lenders
place a lot of importance on job stability and certain banks even insist that
an applicant needs to be employed with a concern for three years or more to be
eligible for a home loan.
"Lenders
are very meticulous about the stability of an applicant's job. Before
sanctioning a loan, a number of lenders insist that one should have a stable
job and also be a permanent employee in a company. If these conditions are not
met, then one's application for a home loan will get rejected," says
Manish Shah, co-founder & CEO of financial services advisory platform
BigDecisions.com.
Conclusion
It is clear
that there are many uncommon/unexpected reasons for the rejection of a home
loan application, and one can't be 100% sure of getting a loan even if one is
earning a handsome salary or maintains a good credit score.
Wednesday 18 January 2017
HDFC Personal Loan EMI Calculator
Getting a HDFC Bank personal loan is
easy for good credit record holders
A personal
loan (PL) is an unsecured, guarantor-less borrowing that helps an individual
finance a sudden and urgent need for money. An individual may require money for
a marriage in the family, sickness of a dear one or to pay admission fees for
their kids.
An Online
EMI Calculator is a handy tool available online so that borrowers of HDFC Bank
personal loan can find out their exact EMI well in advance.
Advantages of HDFC Bank personal loan
HDFC Bank
personal loans offer several benefits such as simplified documentation, quick
loan disbursal in 2 days, competitive pricing and transparency of its
paperwork.
HDFC Bank
provides easy personal loans to its customers. These loans are available at
highly competitive interest rates. You can find out your personal loan eligibility
in 1 minute online and across all HDFC Bank branches. The bank also has special
offers, interest rates and charges for HDFC Bank account holders.
Women
employees have exciting loan offers from the bank. The bank also allows you to
walk into few select branches with your documents and get personal loan in a
day. You can also track your loan application online. Customers have the
convenience of contacting the bank through web chat, SMS, Click2Talk, phone
banking and across all branches.
HDFC
personal loan has an Online EMI Calculator is an online tool that can let you
know how much EMI you would pay for a particular amount borrowed for a certain
term.
How does HDFC Bank personal loan EMI
Calculator work?
HDFC
Personal Loan EMI Calculator
Parameters
required for using the HDFC Bank personal loan EMI calculator:
• By filling
in the amount as you seek as loan, prevailing rate of interest and number of
installments you plan to make the repayment, HDFC personal loan Online EMI Calculator
tells you exactly what your Equal Monthly Installments will be like. Suppose
you choose to apply for a personal loan for Rs.5 lakh and at interest rate of
15 percent and repayment period of 60 months, your EMI will stand at Rs.
11,895.
• Sliders
and input boxes provided in the calculator are helpful to provide various
parameters of lending.
• After you
fill in the details, let the calculator display the total interest you pay EMI,
amortization table and the timelines of your loan repayment etc. and help you
decide.
The
functionality of the different loan parameters are helpful to know the total
cost of loan and in case the applicant chooses to prepay the personal loan as
they display the outstanding interest and principal at any point during the
loan term. HDFC bank’s personal loan EMI calculator thus is a very practical
tool for personal loan aspirants.
How a better credit track record
makes personal loan application easy?
The Credit
Information Bureau of India Limited (CIBIL) maintains a database of people
accessing credit in India. This database is shared across subscribing banks and
financial lending institutions so it is very difficult for an individual to
default on loan and get credit from another source. Since your CIBIL score is
linked to your PAN card, banks can immediately see what your other financial
commitments are and refuse or grant credit to you.
While the
HDFC bank personal loan Online EMI calculator will tell you in advance exactly
how much EMI you are going to pay and whether you can afford it, it is also
important to maintain a good credit history and keep paying your other loan
installments in time so that you maintain a good CIBIL score. Your personal
loan from HDFC Bank has a higher chance of being processed if your CIBIL score
is consistent and in good standing.
Friday 13 January 2017
7 Tips to Help Save Interest on Your Home Loan
Here are 7
tips on to save on interest by paying your home loan faster.
Owning a
home is one of the most common aspirations among people from all walks of life.
No matter what his status in life is, every person will give anything just to
be able to build a home for his family.
There are
people who have been blessed with a fortune so they can easily build not one
but even two or more homes for their families. Some people who have made it
their life aspiration to own their own homes manage to fulfill their dreams by
availing of a home loan.
Owning a
home through a loan is not an easy task because first of all, the person has to
have a good credit history. He has to find a suitable mortgage provider that
can give him the amount he needs to buy or build his home. Not only that; he also
has to choose the best home mortgage he can get to maximize his financial
resources.
Before
finalizing his application for a home loan, any borrower should evaluate his
capacity to pay off his loan for a specific period. Loan providers prefer to
give long term loans because this is how they make money. Every borrower should
choose a pay-off period that is advantageous to him.
There are
advantages and disadvantages to getting a long term home loan. A long term long
can be beneficial to the borrower because he can negotiate minimal monthly
payments for his home loan. This would be advantageous for him especially if he
can negotiate a home loan with a fixed or locked interest. However, this can
also be disadvantageous for him if the interest rates go down.
On the other
hand, a long term loan can be disadvantageous for the borrower if the interest
rate is not fixed and sudden economic factors cause a notable increase in
interest rates. Getting a long term home loan can also
be more expensive because while the repayment term is long, the total amount
mortgaged can be twice or even thrice the principal amount loaned depending on
the terms of the lender.
In general,
paying off a home loan the soonest possible time would be more beneficial to
the borrower. For one, he is assured that he owns his home without worrying
about the property being forfeited and in effect losing all his investment.
1. Read and
review the terms of the home loan agreement, Check all the
Financial
and pay off terms to make sure the loan is not totally onerous for the
borrower. Calculate the total amortizations you have to pay and choose a term
that you can easily pay off in a monthly or quarterly period.
2. Always
make the home loan amortization a priority when it comes to budgeting. When the
family income comes in, the borrower should always deduct that amount needed to
pay off the home loan amortization to make sure it is not spent on other
expenses.
3. Ask the
loan provider if a rebate is given for early or on time payments. Some lenders
give a rebate every time the amortization is paid on or before the cut off
date. The savings you will get from paying early can be given to the lender as
an advance home payment. The amount may be meager but it will add up and will
later lessen the paying period.
4. Allot a
percentage or better yet, apply all the bonuses and other financial gains to
the home loan payment. This will be considered as an advanced payment and will
get you a breather in case there is an emergency and the money for the home
loan is used for a more important expense like health emergencies.
5. Always be
vigilant about how the interest rates go up and down. When the interest rates
fall down substantially, refinancing the home loan may just be the best option.
However, make sure that the refinancing scheme will lessen the financial burden
on your part.
6. Encourage
family members to take on extra work or projects to add to the family income.
The benefits of owning a home will redound to the whole family so it is
important to make the members aware that pitching in home loan payment will
always work for the benefit of the whole family. Each member who gets and extra
income can allot a portion of that income to paying off the home loan. No
matter how meager that extra income may be, it will add up and will help in
paying off the home loan the soonest possible time.
7. Save,
save and save. Owning a home is a project that requires the head of the family
and even the family members to save and scrimp to pay off the loan fast. The family
can help by saving on energy consumption or other household expenses. The
savings from other household expenses can be used to add to the home loan
payment.
For average
income earners, only a home loan can make the dream of owning a home a reality.
No matter how meager the monthly income is, there is always a chance of owning
a home. However, the family should find ways to pay off the home loan fast so
they can finally and totally own their home.
Wednesday 11 January 2017
Calculate Your Monthly Installments With a Car Loan EMI Calculator
Those people
contemplating buying a car with the help of a loan can often benefit from being
able to calculate anticipated costs. By having a rough guide on figures to
refer to, it can make it a lot easier to evaluate all the possible options
available. Online you can find many free examples of the car loan online EMI
calculator.
This useful
little web based number cruncher will be all you need to calculate your own
particular set of figures to work from. These special calculators can help you
work out possible monthly installments on credit variations.
The letters
E, M and I in the car loan online EMI calculator stand for equated monthly
installments. This explains perfectly what this adding machine does. It simply
computes the required monthly payment from the input details you supply. The
car loan online EMI calculator needs only the number of installments, the
annual interest rate and the loan amount in order to compute results. When you
give this handy gadget the information it needs it will reward you with an
estimated total for each four weekly payment. This will allow you to judge its
overall affordability for you. It can also be used to determine the level your
borrowing can be comfortably afforded at.
The car loan
online EMI calculator
is perfect for estimating the costing of fixed term borrowing and can often be
found on most good lenders sites. When looking through various options for
lending you should take a note of loan amounts, interest rates and installment
numbers for each offer. You can then use this useful computing tool to assess
the value and suitability of each. Cost is not everything of course however it
is an important consideration that is an essential element in your evaluations.
Being able
to add up how much you will actually be paying each month beforehand is a
sensible way to judge affordability. The car loan online EMI calculator is a
useful assistant in your quest to find the best value for money and the most
suitable term period. It gives those wishing to borrow a method to investigate
the potential costs in a straight forward and quick manner. If the installment
amounts are too high the car loan online EMI calculator can easily be revisited
again with a new loan configuration to calculate. This can be repeated until
the perfect loan amount, term and number of installments is discovered.
If you have
an idea in your head of the amount you have accounted for your repayments then
using the car loan online EMI calculator will be a good idea. It can help you
fine tune your choice of loan for maximum affordability. It will ensure that
you are opting for the right level of credit within your means and this guides
you towards sensible and realistic choices. Buying a car on credit can seem a
good deal until you analyze the true cost. By knowing the rough repayment
amount you can afford using the car loan online EMI calculator you will not
find yourself unnecessarily over burdened.
Wednesday 4 January 2017
How do I Calculate Income Tax on Salary?
Use the interactive online emi calculator to calculate your home loan EMI. Get all details on interest payable and tenure using the housing loan calculator.
Tuesday 3 January 2017
Role of a financial planner
Use the interactive emi calculator online to calculate your home loan EMI. Get all details on interest payable and tenure using the housing loan calculator.
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