Loan against Property vs. Personal Loan

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...

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Making Home Loans Easier for Self Employed

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,...

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Should The Interest Rate Be The Only Criterion While Choosing A Home Loan?

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...

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How to improve your loan eligibility

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...

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Introduction to PMAY – Pradhan Mantri Awas Yojana – Credit linked subsidy scheme

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...

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The facts that first time home loan applicants should know

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...

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Tips on applying for a joint home loan

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...

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Waiting for the right time to buy a house? The right time is now !

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...

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In your early 30s or later 20s? These are the advantages of taking a home loan when you are young

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...

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NRI home loans: The general eligibility norms*

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...

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