4 Reasons for Refinance Your Home Loan

Sometimes, after availing a home loan, borrowers feel their lenders are levying higher charges, such as higher-interest rates, prepayment penalties, poor customer service etc. In such cases, refinancing their home loan is a good idea.  A home loan balance transfer or refinancing a home loan is an excellent way to reduce home loan liabilities. You may also think about refinancing your loan if a lender offers lower interest rates or...

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Is Prepayment of Your Home Loan a Good Idea?

Nobody wants to remain in debt, given a chance we all like to prepay our debts ASAP. Prepaying a home loan, however, differs significantly from prepaying other loans. A home loan has a variety of benefits that may make prepayment unappealing. You may save a few EMIs by prepayment, but you risk losing out on related tax benefits, investment benefits etc. and inevitably incur prepayment fees for your home loan....

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What are the Different Types of Home Loans in India?

At some point in their lives, everyone wishes to purchase a home. Because owning a home is regarded as a sign of a settled life, everyone strives to obtain one. With rising real estate prices, not everyone can afford to buy a home. This is why they obtain a Home Loan in order to realise their dreams. Financial institutions provide a variety of Home Loans to meet the needs of different applicants. For example, one person may require a loan to purchase a home, while another may require a loan to renovate it. As a result, financial institutions have provisions for various types...

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This 75th Independence Day, Get Freedom from Paying Rent

The term “freedom” may have various meanings for different people. Freedom is for some people the capacity to travel anywhere at any time. For others, it can be financial independence. Individual house ownership, in our opinion at PNB Housing, is one of the most significant indicators of such independence. An independently owned home means freedom from the whims of landlords and steadily rising rent. A property is the most valuable financial asset and, if owned, it can add tons of financial security especially for...

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How to Get Home Loan Without ITR or Income Proof?

The process of sanctioning a Home Loan is thorough and detailed. It essentially involves scrutiny of an applicant’s eligibility. That includes evaluating all the essential Home Loan documents required – right from KYC documents to income proof, income tax returns, credit reports and property documents. Since all these documents help the financial institutions verify an applicant’s creditworthiness,  they evaluate how much of a risk it is to sanction a Home Loan...

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What is CIBIL Score & How Does it work?

‘CIBIL Score’ or credit score becomes extremely important when assessing home loan eligibility or taking any other form of a loan. Applicants must check their score and figure out if it is above a certain number to understand their eligibility, the likely ROI they will be charged and plan their loan accordingly. To the unaware, a CIBIL score might sound like marks obtained in an important professional examination. But that...

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Here’s Why You Should Opt For Instant Home Loan Top-Up

Buying a home in this modern world is a dream for many individuals. With tremendous hard work of finalising the best property and proper financial planning, people apply for Home Loans to make this dream a reality.  The home buyer begins repaying the loan amount in equal monthly instalments (EMI) after making a down payment. Despite having a home loan, individuals could require more funds in some circumstances. In such a...

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Everything You Need To Know About Processing Fees For Home Loan

The acquisition of a home is a milestone in every individual’s life. To purchase a home, many times an individual uses financial assistance from a lender, this particular type of loan is known as a Home loan.  As a part of the Home Loan process, Financial institutions or banks carry out tasks like document verification, pre-sanction inspection, legal operations, etc. for which they charge a certain fee. This fee is...

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What is Repo Rate & How Does It Impact Home Loan Borrowers?

Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation. How Does Repo Rate work?  Repo rates are one of the most critical tools that any central bank has in its kitty through which it exercises...

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How Much Home Loan Can I Get on 40,000 Salary?

Today’s article will discuss what portion of your salary is considered when determining eligibility, what factors impact your eligibility, and how simple it is to apply for a house loan. Purchasing a home throughout one’s lifetime is regarded as a crucial step toward obtaining the status of ‘being settled’, particularly in Indian culture. However, with property prices out of reach for the employed people, this goal can only be realized...

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