Repay your home loan quickly in few steps.

Buying a home in this skyrocketing property prices is easy and exhaustive, now you must be thinking how an easy thing would be exhaustive, right? Let’s explain you this in details, in this article. Purchasing a home is easy in this market of expensive property prices owing to the various home loans available for the potential buyers. It is exhaustive because of the long repayment tenure. Though the long home loan tenures help you get affordable EMIs but it can raise the interest cost you pay on the loan. So home buying can be easy and hassle free if you plan the venture beforehand and squirrel away some amount of money from the beginning of your career.

If you have a good credit score, impressive bank statement and good financial profile; then you can expect your home loan to get disbursed within a week or two once the required documents are scrutinized & verified. With the aforesaid factors you can expect to get maximum of 70-90% of the property value, depending on the price slab. They can also help you to get affordable interest rates, which are nearer to the lowest rate the concerned lender is offering.

Once your home loan is approved, the exhaustive phase of the venture starts.It is the debt repayment phase, because it absorbs almost 20-30 years, depending on the type of loan you have taken. Experts advise borrowers to repay the loan amount sooner to avoid unnecessary increase in the interest cost. There are certain steps, which can help the borrower to repay the housing loan sooner, like:

• Avoid taking any other loans while you are in the home loan debt phase. Analyze the outlets of hemorrhage money, cut short the unnecessary expenses and try to save maximum amount, so that you can repay your loan before the tenure.
• Replace the unnecessary expenses with necessity. It’s is better to save now and repay the debt, than spend now and end up paying the extra interest cost for the long tenure.
• As soon as there is salary hike or increase in the monthly incomes, don’t forget to increase the EMI cost, this can speed up your debt repayment by reducing the number of installments.
• Save the extra EMI cost, in case the interest rates come down in case of the adjustable rate of interest.
• Invest in life insurance policies, stocks & bonds early, so that it can give you high maturity amount after certain period that can help you to repay the loan amount.

The above mentioned few points can help you repay the housing loan quickly. Before taking the loan make sure that your lender doesn’t penalize your repayment with certain percentage on the balance money after the fixed lock in period.

Though getting an affordable loan for purchasing a home is not a difficult tax anymore, but debt is a debt. It is better to pay off the loan sooner, without hampering your existing financial commitments towards your family’s health and children’s education. After considering your affordability and other essentials like job profile and future, go for the prepayment of the loan for your home.

Know how your credit score can craft your best home loan.

In some cases best is not what others say, sometimes it’s you who can decide the best for yourself. Similarly in case of home loans, there are numerous financers sprawled in the market who declares themselves to be the best, but it may not fit in your wallet or may not serve your purpose. So before you take a home loan for purchasing your own abode just craft it to be your best home loan. To get the best financer and utilize the facility you need to be a responsible borrower, if you are not then make yourself the one. A loan term can only be hassle-free if you are a responsible and well-versed borrower, who knows his responsibility and the nitty gritties of his debt.

Did you know that your habit of expenditure can affect your home loan eligibility? If you are spendthrift then forget about best home loan, chances of getting a home loan also minimizes. If you have a credit score in between the range of 350-700 then it’s unacceptable for home loan, though some financers may give a second thought to your application. If your score is nearer to 900 then the financers have faith in you as a borrowerand chances are there you may get 80-90% of the property amount, decreasing your margin money requirement. As a borrower for you the maximum amount of property value as loan amount makes it a best home loan, so indirectly you make your loan good or best.

Lesser credit score may get you a home loan, but interest rate on the loan amount may be higher compared to those borrowers who have an excellent credit score. Those borrowers may enjoy the competitive interest rate and faster loan process. Again lower interest rate makes your home loan the best; ultimately your credit score decides the fate and nature of your loan.

The monetary value of the house you chose to invest is a matter of lump sum amount. It is beyond the reach of a normal salaried or self-employed person in this era of skyrocketing property prices to make the whole payment and own the keys. Home loans are the most preferred mode of finance. As a borrower when you take the loan, you need quality amount of time in repaying the loan amount along with the interest. Those magical figures in your credit score card can work wonder for you, by winning you a maximum of 30 years of loan tenure.

If you are planning for getting a home loan, then pull the reigns of your unnecessary expenditure. The credit card that you took to enjoy your age can be a helping hand or may be a trap to pull down your credit score. If you own one, here is a tip never spend more than 50% of the credit limit and pay the credit card bills in time. By improving your expenditure habits you can improve the bank statement, which will help you to get the best loan suitable for your purpose. Nurture the savings habit for your own good.

Role of down payment in your home loan.

Home is a place where you bask in the love & affection of your family. But the sense of self-accomplishment you feel to own the roof under which you create memories with your family has no comparison. To buy a home that you can call your own or any property in this era of escalating property prices is no longer a difficult task with the easy availability of an hdfc home loan. Majority of the people with basic loan eligibility and affordability can buy their own house, owing to the lowering interest rates. This easy availability and assimilating EMIs, often results in excess outflow of money in the form of interest cost.

Earlier people used to wait and save money to buy or build a house, but nowadays the working class doesn’t wait for the perfect age, they are investing money in paying the EMIs to pay the hdfc home loan for the house they own. It helps the borrowers to leverage the future income in a proper direction for lifetime investment. When you take a loan for buying your house, you have to pay certain minimum percentage of amount as margin money from your pocket to the builder, after which the remaining amount is paid by the lender. This margin money is termed as down-payment in housing loan terminologies.

The percentage varies from one lender to the other depending on the loan slab; it generally ranges from 10-40%. It is one of the essential factors to qualify you for the housing loan. On many occasions we find it difficult to arrange the funds to pay the margin money, here is a list of things that can help you to cope with the down payment burden:

• The simplest way to accumulate funds to pay the margin money is to build a corpus from the very beginning of your professional career. Nurture the habit of maintaining a budget & monitoring the cash outflow. This habit can help you to save the pennies, which can help you in future to pay the margin money. 
• There are many lenders in the market who provides proportionate release option, in which you can make down payments in portion for the under construction projects. The developers must be affiliated by the concerned lender. This helps you to pay the margin money in fraction instead of lump sum.
• You can invest in short term equity funds, shares & bonds; in order to use the matured amount to pay the down-payment. If the borrower has a stable job profile, then he/she can go for a loan from their provident fund.
• Take help of your parents & family members to pay the margin money.

After going through the above mentioned ways to cope with the margin money payment, now we would provide you certain benefits for paying maximum amount of margin money, for taking the hdfc home loan:

• As you pay the maximum amount, the borrowed amount is lessened. As a result you have lesser debt fund to pay off.
• Lower loan amount easily qualifies you to get lower interest rates on the hdfc home loan.
• Lenders give more preferences to the loan applications which has lower requirement of the loan amount, so your application gets approved quickly.
• The processing fees automatically comes down, when you have lower debt amount on your name.

Housing loan is essential to buy a home in this market, but down payment is necessary to get an hdfc home loan. So start saving money to enjoy a hassle free loan term by paying maximum margin money.

Every home buyer should use EMI Calculator tool.

Are you planning to buy a home or already a homeowner, this online calculator can be of great help in designing your monthly budget and channelize the funds accordingly. Home loan is an affair of lump sum amount of money, a little mismanagement in fund can create a tug of war between your savings and expenditure. Experts advise borrowers to plan their loan term in such a way that they don’t find it difficult in carrying forward the repayment process. Before the introduction of the HDFC EMI Calculator, the borrowers had tough time in calculating their EMIs and tallying them with the payments they make. The mind boggling calculations were often error prone leaving the borrowers at the mercy of the financers in getting the EMI structure, that varied depending on the balance amount, present interest rate (in case of adjustable rate) and remaining installments.

This online calculator increases the transparency in the EMI payments, because when you have an amortized table before you, you can directly approach the financer for your queries with a valid figure. This gives you quantum amount of mental peace; because you know what you are paying and can plan your savings accordingly after keeping the EMIs aside.

The online HDFC EMI Calculator has the following benefits:

• You can use the tool free of cost.
• It saves you from wasting time in big & confusing calculations.
• The tool provides you an error free figure depending on the figures you fed in.
• You can have the amortized table of the remaining EMIs that helps you in building funds accordingly.
• You can try different figures and combination to have the blueprint of your monthly expenses.

The long home loan tenure can be exhaustive or hassle-free; both depend on the amount of preparation you have, to take forward the monthly installments. When you have taken your home loan at an adjustable rate of interest, it is obvious that the rates will fluctuate depending on the market condition, financer & government policies. With the change of interest rate, the EMI also changes, similarly with each installment you pay your balance amount & the number of installments comes down affecting your EMI. All these calculations physically, can lead to bewilderment. So to have an exact idea it is wise to take the help of the budgeting tool available at the finger tips.

You don’t have to go to your financer for getting the tool; it is available at your tips. The financers know that it is a mentally painstaking task, for the internet savvy, sky-rocketing generation, they prefer everything at the finger tips. Keeping this in mind the financers have introduced, this useful budgeting tool; this solves your EMI calculations within a wink. Just visit any aggregator site or the website of the financer and click on the link to HDFC EMI Calculator and feed in the balance amount, interest rate and number of installments and get the EMI easily.

For your home loan endeavor use the EMI calculator.

Most of us always try to plan our things accordingly, that helps us to be prepared with the back-up plans when required. Then how come the biggest venture of your life, the home loan endeavor can go unplanned? HDFC EMI calculator is the perfect tool for people who believe in planning before executing. Unplanned loan tenure can dent your finances and increase your loan burden. For taking a wise and informed decision you need to plan properly. The borrower needs to evaluate his affordability before taking the loan, so that he doesn’t end up in financial crisis staking his property and future. This tool can be of great help for your home loan venture and evaluating your affordability as the borrower.

One can use this online tool anytime free of cost to get the EMI value for repaying his home loan. The home loan comprises of accrued interest for a stipulated period of time. It’s best to know your capacity before taking the loan and enjoy your new home peacefully without straining yourself with the EMI every month, especially when other financial emergency knocks. This calculator helps you to take a step ahead in deciding on the home loan for which the borrower wants to apply.

Some of the benefits of HDFC EMI CALCULATOR are as follows:

• Your EMI calculation is done within few seconds.
• Different combinations of principal amount, interest rates and loan tenure can be tried.
• The calculator is easy to use.
• Error free calculations of the inputted figures.
• You can use the calculator free of cost 24*7days owing to online availability.

The technology advanced generations have enough money, but they don’t have time to spare. Remember hard earned money is valuable for everyone and we must make sure that we don’t decide anything in haste that may affect our financial profile. In many instances we see that, tempted by lowering rates people make haste in buying a property, without any plans. When the market condition fluctuates their monthly budgets are very badly affected because of an unplanned decision.

In case of a planned borrower who had calculated the EMIs earlier, they can adjust the financial sails according to the market flow and very easily pass through the phase with little adjustment which is better than struggling with the fluctuations.

The calculator can give you the scope to craft your loan term according to your financial profile and affordability. You can take few steps to reduce your interest cost like:

• Increase the down-payment amount.
• Decrease the loan tenure.
• Try to increase the monthly EMI with increase in affordability.

Before taking the loan just utilize your day off in doing some online research about the financers and their home loan nitty gritties after that calculate your EMI with the property price excluding the margin money, present interest rates and the loan term. With rough idea you can plan your loan term perfectly. Utilize the tool for your own benefit and enjoy building home from the concrete structure of a house with your loved ones.

Here are 5 things to do before applying for a home loan.

Most major life events call for preparations. In our childhood, we prepared months in advance for our exams. Athletes prepare themselves before a major event; we prepare ourselves before an interview, so on and so forth. The truth is preparation ensures better execution and this hold true for many walks of life, even when applying for a home loan. In fact, sound preparation will ensure a home loan journey without any unexpected hiccups. This article will give you 5 ways to prepare yourself for a home loan.

The approval of HDFC home loan is highly dependent on your credit score. Therefore the first thing to do is work on your credit score. Check your credit score independently, see where you stand and then make plans to improve it. One way to do this is to make your credit card payments on time. If you have any debts, make sure these payments are also made on a timely basis. Try to stay under the credit card limit and use your oldest credit card whenever possible. Working on your credit score before applying will ensure your home loan application is approved in a speedy manner, it might also bring down your interest rate, or at least it gives you the power to negotiate it.

The next thing you can do is start saving for your down payment well in advance. Larger down payments will again speed-up the approval process. It will also lighten the burden of your home loan with a smaller EMI. Also since the interest is calculated on the loan amount, having larger down payment also helps you save on interest payable. After all, saving on your own is much better than borrowing and owing more.

The next step is to compare the providers of HDFC home loan. See their interest rates, their charges, their tenures, etc. This will allow you to choose from the best. Just finalizing on any lender might land you in jeopardy later on and force you to go for a complex balance transfer process to switch to another lender.

Once you’ve done the above two things, you can then use an EMI calculator to plot the repayment schedule of your home loan. Remember, HDFC HOME LOAN requires a lot of planning and the base to this planning is an EMI calculator. It will provide you a near-accurate EMI amount basis your loan amount and tenure. Key-in these details and hit enter, it should provide you the complete amortization break-up of your repayment schedule. Armed with these numbers you can budget your monthly income to cover your EMI without straining your lifestyle costs.

Lastly, you should read the offered documents carefully. Try consulting a financial expert to help you better understand the terminologies and intricacies of the document. Leave nothing to chance and understand everything before you sign your name on the dotted line.

Following these few tips before applying for HDFC home loan could help you with a smooth home loan process without any unexpected bumps.

After all the hard-work you deserve your own home

Home is a place where you bask in the affection and care of your family members, basking under one’s own roof can give unparalleled sense of accomplishment and security. When the property prices are increasing like the speed of a new SUV car, buying a home all by ourselves is not a cup of tea for the middle class strata of the society, which is the majority count. But home is something that is not only for your comfort, it is a necessity. After working so hard; every individual deserves to own a home for their family. The government and bank policies are making every conscious effort to help the common men to get their home with a home loan.

Every individual is unique, similarly the requirement of each borrower is different; to cater to different need financers are providing different home loan. You can get a home loan for buying a ready flat, resale property, under-construction property, a plot of land or to build a concrete structure on a plot of land and to extend or renovate an existing property. Your savings habit from the very beginning of your career can get you a good credit score to get a suitable loan. Another benefit you get by saving early is that you can save lump sum amount for your down-payment. Both these factors can not only help in your loan process but it will also help you to get a fair rate of interest and maximum loan amount according to the loan amount slab.\

Home loan are creating revolution in this age of zooming property price. Most of the salaried or self-employed people prefer home loan for funds to purchase their home. Why should they not? Because they can avail several of benefits like:

• Get lump sum amount of money to buy their selected property.
• With the lowest interest rate in the history of home loan, the interest cost has reduced.
• They get loan tenure of maximum of 30years to repay their debt.
• Get a tax benefit on the paid interest.

When you are getting the scope to buy your property by repaying your EMIs in time, then it’s wise to go for a loan while enjoying the benefits. The EMIs can easily adjust with your monthly budget, which is bit more than the monthly house rent you pay.

Before getting the home loan select your financer diligently after doing in depth online research and visit at least two to three financers, that are established and RBI authorized. Then compare the interest rates, processing and other charges, loan tenure, loan amount disbursement timing and debt repayment options.

If you consider few things, then you can ease off the debt burden, try to cut short the interest cost by paying maximum margin money, lessen the loan tenure and to some extent the rate of interest also plays a role, take the adjustable rate which is lower than the fixed rate. A tip for the potential borrower is that only go for adjustable rates if you can afford the rates when it increases depending on the market health.