If you are planning to buy a house then the festive season is the right time to loosen your purse strings. Diwali is considered an auspicious time to buy a new thing like a new house. Buying a home is not an easy time task because it requires a huge investment. Diwali is the best time to buy a new home because most of the banks and NBFCs offers Home Loan on various attractive offers like a lower rate of interest, waive off processing fees, longer tenure and number of EMI options and so on.
On the occasion of Diwali, salaried people got bonuses, incentives etc and most of the people save in the preceding months in order to be splurge during festivals. People believe the Diwali deemed auspicious for buying a property. It is not enough to know the best time to buy a home and take the plunge with a herd. The more important thing is to know how to clinch the best deal at the most opportune time and it will be suggestable to apply for a home loan online as it will save your precious time.
Builders also offer attractive offer during Diwali because many new projects are launched during Diwali with a number of attractive offers. So, these are the reasons which suggest that the Diwali is the best time to a new home by taking a home loan.
Buying a home is a dream for many of us, but due to the high prices, only a few can afford to pay such a whopping amount. In such situations, buyers turn to banks for home loans. However, opting for a house loan is not that easy as the EMIs last for at least a decade and add to the burden for a majority. But, don’t worry, we have listed a few tips that can help you to repay your home loan faster. You can opt for a higher EMI. It will help to reduce the loan tenure which means that the total interest that you’re supposed to pay to the lender also goes down. Further, home loan buyers also have the option to prepay the entire or part of the outstanding loan amount. Windfalls like bonus or maturity proceeds from insurance policies should be used to prepay a part of the home loan from time to time.
Next option is that you can opt for a balance transfer. Under this option, you can transfer the entire outstanding loan amount to another lender at a lower rate of interest and other better terms and conditions. Lastly, you also have the option to maximize the down payment. Making a higher down payment when obtaining a home loan can reduce the principal amount. A lower principal amount means lower interest and EMI payments. So, in case you are struggling with debt-burden, take into account the above-mentioned steps to reduce your home loan interest rate burden. Also, don’t miss your EMI payments as it can severely affect your credit score.
With the increase in the price of the property, it has become almost impossible to buy a home entirely on your savings. And, this is where home loans come to your help. Getting a home loan is the best way to fulfil your dream of owning a house. And the best time of the year to apply for a home loan is during the festive season. We have listed a few reasons suggesting why you should take a home loan during this festive season.
Due to various customs and beliefs, people prefer to make huge investments during Diwali. Therefore, banks offer a range of deals and offer to make home loans look attractive. Not only banks but builders also come up with incredible offers to attract customers. During Diwali, getting as huge as a ten percent discount from the builders is quite common. If the festive season ends, there are chances that the banks will do away with festive offers and increase the home loan interest rates. So, it’s better to apply during the festive season.
Lastly, don’t get sidetracked with attractive offers. When searching for a home loan, it is important to pay attention to three attributes, interest rates, tenure, and fees. These factors will decide how much you will have to pay every month once the festive season ends. Therefore, instead of getting distracted by the seemingly attractive offers, evaluate your options carefully to make a well-informed decision. So, hurry up and grab the deal.
Additional Reading:-Why taking a home loan on this festival season is a good idea?
HDFC is the largest housing finance company in the country offering home loans at all customer segments across income, geography and property type. It offers loans to borrowers to buy, construct or renovate a house at attractive interest rates. You can easily apply for the home loan by visiting the bank’s branch or through various online aggregators. The steps involved in both the processes are almost the same. But, in the case of online aggregators, you can compare various loan products and offers, and choose the one meeting all your requirements. The loan representative will guide you through the entire loan process. To apply for a home loan, visit the bank’s branch or online loans marketplace.
Fill in the application form containing your personal and employment details. Submit the documents. Post this, the HDFC’s representative will call you for the verification of documents. Then you will receive a sanction letter from HDFC mentioning the details of the loan. The sanctioned amount will be credited to your bank account. Once done, you need to hand over the original property documents to the bank. In case of the offline process, you need to visit the nearest bank’s branch. The HDFC’s representative will help you out to fill the home loan application and you will be required to submit important documents to complete the loan process.
Hence, availing a housing loan from HDFC has become easy due to online processes. You can sit back at home and apply for the loan without any hassle.
A common dilemma faced by potential borrowers is where to apply for a home loan. Should they go to a bank, or approach a non-banking financial company? Both are financial entities that offer lucrative deals to customers with all kinds of borrowing needs. However, it is important that you should first clearly understand the differences between the two.
One of the major difference is that these two institutions are managed by separate government agencies. While the RBI keeps a check on the banks, the Companies Act regulates NBFCs. No NBFCs offer overdraft facilities. As far as banks are concerned, only a handful few offer overdraft facilities. While choosing between a bank and an NBFC, you should first compare interest rates. Choose the one offering the lowest interest rates with better offers and terms & conditions. Further, a credit score of 650 and above is considered suitable to obtain loans at better interest rates.
However, customers with a lower score may find loans from NBFCs to be less stringent in terms of eligibility requirements. Plus, documents required for home loans are minimum when it comes to NBFCs. The procedure in the case of banks is more cumbersome. State Bank of India (SBI) offers home loan at the lowest interest rate of 8.65% onwards, with special discounted rates for women borrowers. Other banks such as Axis Bank and Citibank also offer home loans at affordable interest rates. Hence, both banks and NBFCs have their advantages and a final decision must be made keeping in mind the interest rates, charges, credit score, and the loan disbursal timelines.
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Home loan is availed for a longer period of up to 30 years and is a big liability, so, it is very important that the loan is affordable. If the loan repayments are unaffordable, then the borrower might end up in a debt trap. In order to assess the affordability of the home loan, you can use the Housing loan EMI calculator available online free of cost. EMI calculator requires three inputs:
Loan amount, the rate of interest applicable and tenure to calculate EMI schedule. There are many benefits of using an EMI calculator: With the help of an EMI calculator, you can estimate your monthly repayments instantly and can assess your affordability.
If you find that EMIs are not affordable, you can reduce the loan amount or increase the tenure to make them pocket-friendly. EMI calculator provides you a complete EMI schedule. You can also see the statement of the outstanding balance of your home loan after each EMI payment.
EMI calculator is very easy to use and you can also compare EMI of different lenders. So, before you apply for a home loan you should use the EMI calculator available online free of cost, to calculate your home loan EMIs and to ensure that they are affordable.
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Everyone dreams of purchasing their own house. With the ever-increasing property prices, people find it difficult to fulfill their dream. If you too have a dream of buying your own house and you don’t have the required funds, then you can avail a home loan. Taking a Low interest home loan has become easy with numerous banks and NBFCs offering home loan at affordable rates.
You can apply for a home loan offline as well as online through MyLoanCare. Benefits of applying for a home loan through MyLoanCare are as follows: Different lenders charge a different interest rate. You can compare the interest rate of different lenders by visiting MyLoanCare website. If you are applying for a home loan online through MyLoanCare, then you don’t need to visit the bank and you can apply for it by sitting at home. MyLoanCare has various online tools like eligibility and EMI calculator, these tools are absolutely free. You can use them to check your loan amount eligibility and affordability i.e. whether the EMIs are pocket-friendly or not. When you apply for a home loan through MyLoanCare then a loan officer contacts you to explain the process and offers as per your eligibility.
Loan officer coordinates with you and partner banks throughout the loan process to ensure quick approval of your loan application. If you apply through MyLoanCare then you get attractive cashback also. MyLoanCare has a mobile app too, you can use it to apply for loans and cards, track loan status and apply for cashback, etc. So, keeping in mind the myriad of benefits discussed above, apply for a home loan through MyLoanCare.
RELATED: Benefits of Taking Home Loan From MyLoanCare