One will be surprised to know that he/she can get a financial security along with “Home Loan“ because there are so many ways to save funds on it. The great thing about a home loan is that it can help you save on your monthly repayments. Therefore, one can save a lot on their home reading all the terms and conditions.

A great way to save money on home loan is to avail the most economical loan possible and then repay it off as earlier as possible. In this way, you can save money on interest rate while you are paying monthly installments on the principal amount that are smaller than charged for other mortgages.

A borrower should check and compare all the loan features with different lenders before you “Apply For Home Loan“ to get a best deal out of all. In this blog post, we have listed some of the easiest ways to save funds on your home loan:

Negotiate with lender: When you request a lower rate of interest on your home loan with a specific lender is known as negotiating and its rate depend upon your relationship with the lender. It is important to maintain a good financial relation with lender because if you are a good customer then it would be costly for a lender to lose you.

So, always request a negotiation if you are getting a better deal with other lender. Negotiation helps you to get lower interest rate and better terms if done properly. It would make you able to save more by using your skills efficiently.

Make a large down payment: The clever way to save funds on home loan is to pay large down payment so that you avail only necessary amount which will reduce your interest outgo on principal amount. It is always convenient to make large size down payment instead of taking an additional amount.

It is advisable to keep some part of funds as an emergency fund in case of exigencies. Hence, keep check on both these points and evaluate how much money you can spare for down payment.

Do thorough research: It may be an under-rated step that can help you save a lot of bucks on your home loan. One should do a thorough research on all the available deals and also compare the various rates that are being levied by different lenders. You can check on various lenders at different lending platforms, what they are offering and what you are getting into.

One can also research at regular intervals to know what kind of interest rate changes are happening in lending market and what you are giving in comparison of that.

Increase your EMI: Home loans always have longer tenure so you can increase your monthly installments with increase in your earnings. It will reduce the tenure on your loan as well as interest outgo on home loan. Always keep in mind that increased income would lead to increased expenses therefore, you would be required to account for increased living costs too.

Hence, these are some of the methods which you can follow to save funds on your home loan. One can “Apply For Home Loan Online“ with ShubhBank offering competitive interest rates with no hidden charges and experience best-in-class services.

Getting your dream home can put you in years of search, visiting different properties and short listing the sites you like the most to finalize a perfect house. After deciding a perfect house for you, next step is to arrange the funds to purchase a property. To do so, one needs to “Apply For Home Loan“ as buying a home is the biggest investment of their life.

Nowadays, real estate prices are soaring high; therefore home loans are the best option for majority of individuals to own their dream house. One can easily secure a home loan as they are secured loans and convenient to repay. In this blog post, we have mentioned some useful tips that can get you into your house quickly:

Achieve a good credit score: CIBIL is the most important criteria that lenders ask for. Most of the lending institutions do not accept the loan application with low credit score. To ensure a loan approval, one must work towards achieving a credit score above 700 before applying for home loan. Moreover, a good credit score makes you an attractive borrower to lender and helps you to grab lower interest rates.

Check errors in credit report: While approving your loan, lender always go through your entire credit history which is generated by credit bureau. Therefore, prior to placing a home loan application, you should check the accuracy of the information contained in credit report. If you spot any mistake, try to correct those errors as it helps you get easy home loan.

Choose maximum repayment tenure: Every borrower prefers the small EMIs coupled with long repayment tenure as it makes you able to maintain your financial health in long run. Also, it decreases the risk of loan default in most of the cases. One must also check with lender if there is an option of part-payment whenever they have surplus cash flow.

Keep your documents in handy: The lack of paperwork for housing loan could be a common reason for the rejection or delayed home loan process. Thus, it is necessary to check the list of documents before you “Apply For Home Loan Online“ or offline to avoid any delay. There is a list of standard document required to get quick home loan that involves identity proof, address proof, income proof and all applicable property documents.

Try to pay high down payment: As we all know, a home loan does not cover the entire payment of purchase. A lender provides 75-80% of loan value and rest of the amount has to be paid by the borrower as down payment. More you will pay the money as down payment; less will be the debt burden on you as higher down payment results in less borrowed amount which reduces the payable interest on it.

Hence, purchasing your own home is a biggest financial transaction ever in your life, so search and compare a range of easy and convenient home loan offered at an attractive rate of interest. Visit ShubhBank to get more information about home loan process.

Taking a home loan is the best option to fulfill the dream of owning a house for most of the buyers. Nowadays, getting a home loan has become convenient and quite easier but there are certain things that a loan applicant should keep in mind before they “Apply For Home Loan“. These things include complete understanding of loan process, terms and conditions applied by lender, eligibility etc.

Making a checklist for all these factors is significant during a home loan as it is the biggest financial commitment for which you have to pay EMIs for long tenure until or unless you repay the whole amount with interest. In this article, we have listed few points that one should ask themselves before applying for a home loan.

√ Enough funds for down payment: However, you are securing funding from the lender to buy your home but you still need to make a down payment from your pocket. As per banking guidelines, lender can approve maximum of 80% of the total cost needed to purchase your home and rest of the 20%, you have to pay it from your pocket. As all know, price of the property is skyrocketing these days, and even paying a 20% is impossible for many. Therefore, it is important to analyze your affordability to pay down payment for the home loan.

√ Funds for financial emergency: Before applying a home loan application, one should also analyze the other expenses along with the finances needed for the down payment. After paying the down payment, do you acquire enough funds to face any financial emergency in the future? Life is unpredictable and no one knows what it throws at you at a certain point of life, so investing all your money in a home loan is never a great choice.

√ Negotiation with lender: Whosoever you finalize your lender, but always remember you have the right to negotiate about the interest rate charged on home loan and processing fees. If you are having a good credit score and low credit utilization ratio, it will make you eligible to negotiate with lender. It is a wise decision to check your CIBIL before applying any kind of loan as high credit score gives you the power of bargaining.

√ Estimated EMI: EMI meant for the equated monthly installment and one of the most important factors that decide the borrowing cost. This is the monthly installment you will be paying to repay the entire loan amount. There are innumerable online portals providing the home loan EMI calculator free of cost for use, where you can calculate your estimated EMI helping you to analyze your repayment capacity.

Hence, knowing all such factors, make your home loan borrowing quite easier and faster as you can “Apply For Home Loan Online“ or offline at ShubhBank. You just have to fill out the home loan application form and submit the required documents to secure a loan. Try to keep the above mentioned factors in mind before making a final decision about home loan.

It is very discouraging when your home loan application gets rejected. Let’s take a look at which could have possibly gone wrong rather than to dwell on failures. If your application has got rejected then learn from this experience as it will help you to identify aspects of your expenses that need inspection and improvement. Try to recognize your financial activity, such as delayed payments and eradicate them immediately. Being rejected for once doesn’t mean that you will never be approved. Let’s go through some reasons why your “Home Loan“ got rejected by the lender.

Unsatisfied Credit Report: Every lender considers your credit report as a reliable decision making tool before lending you the amount. Your credit report is consisted of missed or delayed card payments, previously loan applications and multiple loan applications. Therefore, such factors damage your credit worthiness. A low CIBIL score is the primary reason for the “Rejection of Home Loan Application“.

Insufficient Income: Unstable employment or changing too many jobs affects your loan application. Many lenders take your application on account if borrower has two years of constant employment. You need to have hand in valid proofs of working years to the bank or lender. The other factor is your income size, if your payment is too small, lender may not be willing to accept your loan request. It is good to start saving early as buying a home is one of the biggest investments.

Incomplete Paperwork: it is evident necessity for any loan application to submit updated and valid documents. In case of false submission, your application will not be processed. Lenders or bankers may look out for a clear track record of your ITR filings of the last two or three years before approving your application. Ensure the lender by providing accurate, complete and updated list of assets and finances to get the loan approval.

Pre-Existing Loan: Having too many loans in your pocket can leave the lender with a sense of uncertainty about one’s financial decisions. A lender will decide to approve your loan request after reviewing your income-to-debt ratio. If you are already donned with one or more existing loans, your liabilities should be greater than income to get the loan. Don’t be deterred by this and make a wrong decision.

Improper Asset Documentation: The rejection doesn’t always depend upon the applicant’s shortcoming, but sometimes, the value of the property may not be able to match the amount applied for. The high demanding properties have good resale value and a stable price whereas lenders do not prefer funding building older than 15 years.

If you are planning to get a Home Loan, enjoy the lowest interest rates and instant approval with zero paperwork at ShubhBank. If you are on the lookout for the online loan option or any other financial tool, you should take a tour on our website and take your pick. Now you know all about the factors responsible for loan rejection, it’s time to be aware of them.