3 Types of Mortgage options

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.

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.

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.

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.

{Source: http://economictimes.indiatimes.com/wealth/borrow/6-uncommon-reasons-for-home-loan-rejection/articleshow/53428011.cms}

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.

{Source: http://personalloansanalyser.blogspot.in/p/hdfc-personal-loan-emi-calculator.html}

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.

{Source: http://ezinearticles.com/?7-Tips-to-Help-Save-Interest-on-Your-Home-Loan&id=327331}

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.

{Source: http://ezinearticles.com/?Calculate-Your-Monthly-Installments-With-a-Car-Loan-EMI-Calculator&id=5901871}

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.

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.