Do you also dream of getting that perfect little house for you and your family? Are you still confused about all your available loan options? Do people have a lot of financial advice for you, but you cannot rely on them? Then come to the financial experts themselves! First things first, let us get the confusion out of the way. We are aware of the ongoing home loan vs. loan against...
Everyone knows that paying off a home loan can be one of the most taxing commitments in our lives. That is because customers tend to opt for 15-20 years to pay off the entire loan. Imagine putting aside a certain percentage of your income every month without fail for such a lengthy tenure! As such, if you fail to plan, a high home loan EMI can negatively impact your financial...
We all dream of buying the best home possible. But, with property prices sky high and soaring, turning the dream into a reality could be a step too far. Here, the good old home loan comes to the rescue. Taking a home loan can be a huge step. From the sheer amount of financial planning to the lengthy process of getting approved for one, a home loan can often sound...
Are you wondering how much you’d have saved in terms of interest and principal amount if your existing home loan was at a much lower lending rate today? Well, you’re not alone. With home loan interest rates in India circling above 7% per annum since 2020, many like you are worried if they are paying too much. Given how hefty the outgo is on a typical home loan, even a...
Buying a home is one of the most crucial and landmark decisions you make in your lifetime. Everything about your home loan, right from the research, application, documents, and the lender you choose to go with, has to be perfect. Ample research and knowledge about the entire home loan process is the best way to avoid any surprises later. Bookmark this post right away if you are still in the...
A loan against property (LAP) is a secured loan that banks, housing finance companies and NBFCs provide against residential or commercial property. These loans are usually offered at a lower interest rate as compared to a personal loan or business loan and are disbursed at a reasonable time. Anyone with a pre-owned property can avail such loans, whether they are salaried or self-employed in a business or professional setup. The...
As a form of secured loan, this is available on more benign terms since the property papers are kept as collateral by the lender. Loan against Property (LAP) is a secured form of loan borrowed from a loan provider. As the name itself reveals, it is a loan given against property, which should be physical and immovable (residential/ commercial). A loan provider or lender can be a bank, NBFC or HFC...
We all have a desire to travel and explore the world in our own way, and we often tend to put it under the carpet. This is because we think our income or savings will fall short of meeting the expenses and can derail our financial well-being. However, this does not hold true, and you can easily fund your travel plans through smart and planned investments without affecting your regular...
You may be familiar with the process of opening a new FD account at your bank using your savings or current account. But, it follows a different process, when it comes to opening a new corporate fixed deposit account. At a bank branch, where you maintain your account, you just need to submit a filled-in application form and a cheque to get a new FD certificate. But, at an HFC...
When it comes to investing your savings, fixed deposits turn out to be a natural choice for many. For decades, it continues to be one of the preferred choices of investment and is considered a sound investment avenue. So, let us examine all the features that make it an evergreen investment option. FD Gives Guaranteed Rate of Return Once the funds are invested in a fixed deposit, the depositor is...
Fixed Deposits are one of the most preferred investment avenues for people of all ages especially senior citizens and parents of young children. The primary reasons being that it carries minimal risk and help in fulfilling both short and long term goals. Senior citizens, especially retired persons, can enjoy interest on their deposits on monthly, quarterly, half-yearly or annual basis depending upon their requirements. FDs come with the option of...
There is more to buying your dream house than taking a home loan and repaying the principal and interest over a fixed period of time. A home loan — often one of the most important decisions in an individual’s life — can be stressful and exhausting if the applicant fails to do proper research and read the fine print before signing on the dotted line. With a range of options...
India is among the few countries that offer high returns on financial investments in the global scenario and fixed deposit is one such instrument. With the count of non-resident Indians (NRI) soaring high with each passing day, many find it lucrative to invest their corpus back in India. Investments in fixed deposits, is usually preferred, amongst other Indian financial instruments, owing to low risk returns and as a hedge against...
Fixed deposits, more commonly known as FDs, are one of the most sought after instruments for investing money for a stipulated period in lieu offering good returns. FDs offered by corporates and housing finance companies (HFC) offer a pre-determined rate of interest and even render special schemes for some segments like senior citizens. This helps organizations to raise funds and deploy them for business intents while on the other hand,...
Once the final dues of your home loan are paid, you become a proud owner of a home. It is an exciting and emotional moment and a time for celebration. But, before you head on to celebrating, certain tasks in the home loan closure process need to be taken care off. Without these tasks the home loan closing process will be incomplete, which will lead to complications in the future....
Fixed Deposits (FDs) are the safest and most preferred investment option available to those averse to investing in risk instruments such as equity and mutual funds. FDs allow you to manage your financial risks and help fulfil your goals aspired for different stages of your life. These could involve securing your child’s future, his or her education and marriage, or as a hedge against unexpected expenses. Such deposits are also...
Necessity of additional funds over and above one’s income and savings is a common phenomenon, especially with rising requirements in current scenario. Although there are various ways of sourcing these funds, one much sought after way is personal loan. The quick sanctions and even faster disbursals makes it a lucrative way of availing funds. But, this is not the only loan of this kind. Loan Against Property (LAP) is a...
Until recently, entrepreneurs and self-employed found it easier to set up their businesses than obtain home loans. Their success and sustainable vision did not necessarily guarantee housing loans because financial institutions often viewed them with skepticism and questioned their financial stability. Though the self-employed account for a large share of the housing demand in India, their access to institutional credit has been considerably lower than the actual house purchases. Consequently,...
There’s no shortage of home loan providers these days. Banks, housing finance companies and NBFCs are constantly trying to pitch their home loans services, often confusing customers for choice. Given the many options available, it can be tempting to choose between home loan providers based on a single metric — the interest rate that’s being charged. Choosing based on the interest rate has its advantages: it’s comparable across providers, which...
It is one thing to dream of owning a home and quite another to actually buy one, since there are liabilities attached to it, especially if you are taking a home loan. It means committing a part of your monthly salary to repay the loan over several years. Once you decide that you can afford a loan, you have to look at other aspects, such as the loan amount you...
Pradhan Mantri Awas Yojana – The interest subsidy scheme CLSS (Credit Linked Subsidy Scheme) introduced by MHUPA (Ministry of Housing & Urban Poverty Alleviation) was announced by our honourable Prime Minister Sh. Narendra Modi with a vision of housing for all in 2022. Under PMAY scheme, Customer (i.e. the beneficiary) is eligible to avail interest subsidy on the purchase/construction/enhancement of a house. PNB Housing Finance offers “Credit Linked Subsidy scheme...
Buying a home which you can proudly call as your own is a life-time experience. It requires a lot of planning by the family members about the exact necessities and research about prospective home and its developer etc. Once these are done, you finally require finance to buy your dream home. While planning about the necessities and identifying a right home may take some time, you should do another homework...
Home is where the heart is, goes an old English idiom. Indeed, for many of us, our homes will always be the place for which we feel the deepest affection, no matter where we are. A home is also one of the most important assets that we invest in our lifetime. Given the high real estate rates in most urban centres across the country, buying a home is quite capital...
We often wait for a perfect time and situation to buy or invest in something that is of significance to us. Careful planning is a must but sometimes, we wait for far too long for that right moment and in the process miss the opportunity. Buying or investing in a home for yourself demands diligent and careful planning too, in terms of your current and expected future financial situation, your...
One spends a lot of money when living in rental accommodation for years. The rising real estate prices in the country might make the home loan purchase difficult if one defers the plan of purchasing. Hence, it is better to avail a home loan and buy a house when one is quite young. There are plenty of reasons that differentiate a home loan offer for an early buyer vis-à-vis a...
With scores of Indians leaving the country every year to work or settle abroad, the term ‘NRI’ (Non Resident Indian) has become an integral part of popular parlance. Every India wherever they are settled wishes to be connected to its roots. A home back in India is one asset that emanates a sense of belongingness. And buying a home mostly entails applying for a home loan as well. Eligibility norms...
Owning a home isn’t just a keystone of wealth, it’s what gives us and our families, stability and emotional security. If you’re hesitant about buying a home because you feel that getting a home loan is a daunting task. Don’t worry! Applying for a home loan, is an incredibly simple process. If you take care of a few important details at the very beginning, securing a home loan is easy....
A home purchase is probably the biggest financial decision and transaction in a person’s financial life. It is a decision that has an impact for many years to come. It is also a transaction that requires planning around your income outflow for many years to come. A home loan is a prolonged financial commitment that typically stretches for 20 to 30 years during which time, interest rates can change, depending...
Buying a dream home isn’t something you do every day. The same goes for your home loan. It’s a big financial decision, and will affect your wallet for a long time after the purchase is over. Which brings us to the matter of choosing the lending institution. How do you go about it? It is important to give it careful consideration. After all, there’s much more to a home loan...
A home loan helps you realize your dream of having your own home. A home loan comes with its own financial commitment, in the form of EMI (Equated Monthly Installments) that has to be serviced by you diligently over the tenure of the loan. It is important that you strike a fine balance between your monthly EMI commitments and Loan Tenure. Now first, What is an EMI? EMI is a...
Should you rent a house or should you buy one? Is it better to pay EMI than pay rent? Well, the answer cannot be simply a ‘yes’ or a ‘no’; the argument continues and there is merit in both the views. The choice would depend on a variety of factors unique to every person’s life. Here is a deeper look into both the options, with the objective of choosing the...
When you act responsibly with your finances and make your payments on time, your credibility, which is what the CIBIL Score is all about, will improve and so will your credit worthiness. Anyone who has purchased a home on a loan will advise you to check your CIBIL Score aka Credit Score even before you consider applying. This all-important CIBIL Score is simply a rating assigned to a loan applicant’s...
Buying a home is an expensive proposition. For a large chunk of the masses, it is not possible to buy a house for themselves without availing a home loan. A home loan suffices your primary need of credit to buy your dream home. But it also comes with a topping on tax benefits In this short article, we will discuss the major tax benefits of availing a home loan Tax...
Purchasing a house is a major financial decision. It requires large investment due to high property rates across leading cities in India. Higher property rates would mean higher loans but sometimes, single income is not enough to make one eligible for a higher amount that one requires. Under such conditions, a joint home loan is a suitable option which helps you to get higher credit/loan. In simple terms, it just...
Your portfolio should contain a diversified set of investments for optimal performance. While you would have invested in shares, mutual funds, bonds and bank fixed deposits, company deposits is an investment option that you may have overlooked. Here is why you should consider company deposits as well: Diversification: Fixed and safe returns in an investment portfolio play a key role in limiting portfolio risk. When you have predictable returns, you...
Company Fixed Deposits (FDs) may offer a higher rate of return than normal bank deposits. As a part of diversification of your portfolio, it is advisable to invest in company FDs. But you have to be look for a few important things before you invest Here are 5 things that you must look for before you pick a company FD: Credit rating: A rating is assigned by a rating agency,...
