The Reserve Bank of India (RBI) has introduced new guidelines to ensure that banks and other lending institutions release property papers to borrowers within 30 days of full loan repayment. These guidelines are applicable to all loans secured by movable or immovable property.… Read more
Interest Unveiled: How Repo Rate Shifts Shape Your Home Loan EMIs!
Tags: Home LoanLoan Guide
The repo rate is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks. When the repo rate increases, it becomes more expensive for banks to borrow money, which means they have to charge higher interest rates on loans to their customers. This includes home loans.… Read more
Save Big on Your Dream Home: Banks Introduce Limited-Time Interest Rate Discounts!
Tags: Home Loan
Banks and other financial institutions provide temporary relief from high interest rates at a time when the economy is feeling the effects of inflationary pressures. Rebates on house loans have been announced by organisations like Bank of Maharashtra (BOM) and Bank of Baroda (BOB). Such plans give the real estate sector, which is struggling due to high input prices, a much-needed boost. Continue reading to learn more about the most current home loan incentives.… Read more
How will the higher repo rate affect the EMIs on your house loan?
The Reserve Bank of India (RBI) charges a repo rate when lending money to commercial banks. The repo rate influences the interest rate on home loans because it tells banks to boost their interest rates. Equated Monthly Installments (EMIs) for borrowers also rise as the interest rate on house loans does.… Read more
Loan Against Property: What You Need to Know Before Signing on the Dotted Line!
Taking a loan against property is a common way to raise funds for personal or business needs. However, it is important to keep in mind some key things before taking such a loan. Here are some things to remember:… Read more
Low CIBIL Score? No Problem! Tips for Securing a Home Loan
If you have a low CIBIL score and need a home loan, there are still options available to you. Here are some steps you can take to improve your chances of getting a home loan:… Read more
Composite Loans vs. Plot Loans: Understanding the Key Differences!
Tags: Home LoanRealty Guide
Whether to opt for a composite loan or a plot loan depends on your specific needs and financial situation. Here’s an explanation of both types of loans:… Read more
Tips for reducing taxes on a joint home loan – Tax Guide
All co-owners are eligible for the tax advantages connected with the solidarity mortgage under specific circumstances. Let’s look at it. All joint owners are eligible for the joint mortgage tax rebate. It should be emphasized that real estate tax advantages need “ownership” of the property. Even if you cosigned for the loan, you could not be qualified for tax benefits if you don’t own the property.… Read more
Is it a good idea to pay off a house loan early?
Tags: Home Loan
Not only is owning a home the biggest ambition of our lives, but it is also without a doubt one of the most significant financial chores in our lives. Paying off your mortgage early is one of the most creative methods to save money. To reduce your home loan‘s interest payments, you can prepay the whole balance owed on the loan or just a portion of it. The ideal thing a borrower can do is pay off their mortgage early. However, there are opposing viewpoints on this as well.… Read more
Who can be co-applicants on a joint home loan?
Tags: Home LoanRealty Guide
If you wish to take out a house loan, enlisting a co-applicant is a good idea because shouldering the financial burden alone for 15-20 years might be difficult. You may be financially secure now, but because a house loan is a long-term commitment, you must be future-oriented and prepare properly. This is especially important now, when the COVID-19 epidemic has blown things out of proportion and has significantly harmed the employment market. According to estimates, almost 12.2 crore individuals have lost their employment in India in the previous five months alone. Financial institutions have also been more cautious and are re-examining outstanding home loan applications by requesting applicants’ most recent pay stubs in order to avert bad debts. Nevertheless, not … Read more
