Home loan is a financial product that an individual seeks from financial institution at a predefined rate of interest and have to repay it to lender with EMI on every month. When borrower takes a loan, then customer’s property is taken on security as collateral. Home loans have given people opportunities that are low on financial assistance as well as it works as an effective tax saving option. Nowadays, applying such loan has become digitized; therefore, customer can easily secure it from comfort of his/her personal space. Here, we described the process for loan seekers that how to apply for an online home loan from ShubhBank as process of visiting branch has removed with the advent of technology.

One can “Apply For Home Loan“ simply by clicking the apply button on website i.e. ShubhBank.com. We will get in touch with our clients and process the loan approvals after collecting the documents from their doorsteps. Once the documentation is completed, loan money gets disbursed to your bank account electronically. The borrowers can compare interest rates of different lenders at real time basis to online platforms. An individual can easily track interest rates, penal charges as well as terms and conditions from the comfort of their homes.

SOME BENEFITS RELATED TO ONLINE HOME LOAN

• Convenient and Transparent: Most of the traditional home loans require plenty of time of bot the loan seeker and lender. Therefore, online home loan is an instant answer to such time consuming procedures as you can get loan approvals in as fast as just in few minutes or hours. The major progression behind this could be contributed to the digitization of process from online application to approval and fast disbursal.

• Quick Processing: The conventional method of applying a home loan has always left the customers waiting for numerous weeks. This wait becomes more painful in case when your application got rejected. The e-loans have reduced the turn round time for customer responses as lenders can now process applications and notify loan borrowers about whether their application was approved in matter of couple of days. It saves mark able time for the borrower in making the decision and hastens the process of handing over down payment for their dream home. The customers don’t have to wait for weeks to step into their newly purchased home with quick approvals and disbursal of funds.

• Determine your Eligibility: If person apply for traditional home loan, he/she requires submitting a pile of documents to prove their eligibility for a home loan whereas if you “Apply For Home Loan Online“ it gives client an option like eligibility criteria checklist, EMI calculator and can compare different lenders on particular lending website.

If you are looking for home loan in upcoming days, visit ShubhBank.com as the home loan is exquisitely designed to ensure a quick approval and express disbursal into your account in just few days. Getting an online home loan from us is very convenient and easy.

Buying a home is a biggest investment that involves several factors that can impact your life. One of the major factors which one needs to decide is how you are going to finance your dream home. Whether you want to use your savings or want to “Avail a Home Loan“. Home loans help you to purchase your dream home without any hassle. However it is the most convenient way to finance your purchase but still you need to pay some amount from your pocket as a down payment to secure a loan. The portion of fund generally varies from 10 to 30% with most of the lenders. Here, we guide you about how to arrange the down payment for your home loan and what are the benefits of it.

Benefits of higher down payment
• Lower rate of interest
• Unburdened principal amount
• Lower processing costs
• Larger home equity
• Reduces the debt burden

When you are in early years of age, you may find yourself in difficult situation when it comes to down payment as your saving are in small figures. Nowadays, the price of real estate are rising day by day and arranging 20-30% of total cost of home is difficult for many of us. But if you wait to save more, it is possible that property prices may also increase, so it is always better not to delay when you have zero in some suitable property. If you are planning to “Apply For Home Loan“ you may need to set aside some short term money goals and need to work on money management skills to arrange for the down payment. There are certain ways to arrange lakhs of money through which it can be made easier to fund your down payment.

Few ways to arrange money for down payment
• Start savings in your early years.
• You can borrow against your insurance policies such as term insurance or PPF.
• You can use money from your investments like FDs.
• You can also opt for a personal loan of a small amount.

Well, every lender either banks or NBFCs ask for a particular proportion from the total market value of your home as the down payment. The down payment ranges from minimum to maximum and varies from 10 to 30%. There are both merits and demerits related to it but the thing you should keep in mind that you should make a down payment as per your affordability. If you are availing an online home loan, never rush to pay higher down payment by liquidating your savings or investments as this can back fire you and you can be trapped in debt resulting in financial crisis and fewer returns in the future from policies and investments. In case you are unable to arrange required percentage of down payment then you can negotiate with the lender and ask him to reduce the payment portion percentage to avoid the burden of loan and making your loan journey easy on your pocket.

A home is one of the most important assets of your financial security. Once you have your own home, then there’s nothing that can threaten your financial future. Buying a home is the biggest investment of someone’s life, so you need to keep all your short and long term goals in your mind before planning for it. A right purchase and best home loan should be in your priority list. Being aware of these two aspects can help you to avoid any debt trap in the future. Always look for the loan offers that suit you the best as your requirements and preferences are going to vary from others. Now you have better idea of the aspects you need to look out before you commit to a home loan, it’s time to tell you more about your rights as a borrower.

When you apply for a loan: When someone applies for a home loan, the lending institution is supposed to provide you all the information regarding:
• Applicable interest rates.
• Payable processing fees.
• Prepayment charges.
• Charges for converting interest rate types(either floating or fixed).
• Miscellaneous charges that might affect the interest rate on loan money.

When loan gets sanctioned: After your “Home Loan Application“ gets sanctioned, you have the right to ask the lender about following things:
• Terms and conditions of loan agreement.
• Sanction letter.
• Written receipt for all post-dated cheques.

During tenure period: In case you forgot or unable to make the repayments for any reason, there is a set procedure which may not cause a mental stress to you and lender has to follow for the recovery of outstanding balance that are given below :
• Reminder to the borrower through notice
• Notice prior initiating any recovery proceedings against you
• Sending an authorized professional who shall deal with the borrower in civilized manner
• Contact the borrower to maintain the desired decorum and decency.

After repayment: Once you are done repaying the whole loan amount along with interest rate, you need to ask the lender for following documents:
• No due certificate.
• Original documents of titles of property pledged as collateral for home loan.
• Unused post-dated cheques.
• Letter of final settlement signed by authorized official of the lending institution.

When you “Apply For Home Loan“ read the fine print carefully so that you won’t miss out minor details that could possible affect your finances in the future. You are supposed to know all the exact details of your loan and documents related to it. No doubt, there is a long list of things that you have to remember but keeping your rights in your mind will help you to stay calm headed in the loan journey as sometimes you are unable to get the assistance from your family and friends. You have to be sure about everything from your eligibility criteria and rights to the property you are buying. We hope you are more aware now about the rights you have while applying for a home loan to make your purchase a best decision of your life.

Having own house for an individual is the aspiration and dream of many life, as nobody wants to continue to pay the rent throughout their lifetime. Every person wants to get free from paying rent and for that, we have the benefit of home loan at ShubhBank which is the most beneficial loan in fulfilling your desire of having your own home. But before getting approved for home loan from the lenders may requires some amount of charges, which are basic costs and are levied form every financial and lending institutions. Generally, masses get so engrossed in the rates of interest and the EMI that they forget the hidden additional charges which are levied on them being borrower. Before applying you should have the proper knowledge of these different types of costs involved in securing home loan. Such of these costs are:

1. Loan Application fees- First of all, for processing your application, usually lenders require some amount of charges which may vary up to Rs.1000 to 5000. They are charged for the application purpose, to conduct the verification of your application and provided documents.

2. Processing Fees- Processing fees is the basic charge which gets deducted almost in every loan options, as it covers the cost of credit appraisal and it generally ranges between 0.50%- 2.0%, of the loan amount including the applicable taxes, which are levied.

3. Administration charges- When the loan quantum gets sanctioned from a lending institution, an administrative fee is charged. It varies from lender to lender regarding the charge.

4. Technical Valuation Charges- These are the charges which are regulated in the process of the assessment of the property. While you “Apply For a Home Loan“ at least two valuations are done; these are generally done in the case of high value property.

5. Balance transfer charges- These charges are levied when the borrower wants to transfer his amount to another lender. And to do so, he/she is supposed to pay the balance transfer charges to the current lender from which he has a running loan to another lending institution to avail this feature.

6. Legal fee- The fee is charged for the scrutiny of provided legal documents that include the agreement of sales or purchase of property.

7. Pre-payment charges- These charges are levied when the borrower wants to prepay a specific amount of loan in full or in parts. But if you have floating rates with your loan quantum then there is no need to pay it, but if you have fixed interest rates running then it is applicable.

8. Notary fees- This fee is levied for the KYC (Know your customer) documents or for the POA (Power of attorney) , in which it is required to get notarized from any local notary. This is basically for the NRIs, who want “Home Loans In India“.

9. Documentation Fee- It is a mandatory fee which is charged after the loan agreement is signed and ECS (Electronic Clearance Service) is activated.

It is a dream for almost everyone to have a dream home. However, it is not always possible to build a nest due to many constraints. One of the significant obstacles is the financial part. Not all are financially sound enough to foot the bill for having a roof of their own. So what does one do? Stay in rented house spending day and night thinking for a dream home? Well no, with “Home Loan Offers“ extended by many financial institutions, the goals can be turned to reality. However, there are specific home loan eligibility criteria that one has to fulfill to grab the home loan offers and let us discuss some of the facts for taking home loans.

Going for the loans

One of the primary concerns of taking home loans is interest rates. One can opt for a fixed rate of interest or a floating rate. The fixed rates of interest do not change with the change in market situations. However, the floating rate changes with the ups and downs of the financial market. It can sometimes go up or sometimes climb down. It is the income structure and the capacity of the person to repay the loans, considering the above factor.

The other important factor while taking a home loan is the tenure for which the credit should be sought. One should select the tenure of repayment in such a manner that the loan burden is complete before any significant planned expenditure. It may be the expenses for the higher studies of the kids, or a marriage of the children say after 20 or 25 years. One should gauge all these factors and the EMI before finally deciding on the tenure of the home loan.

The eligibility criterion of various financial institutions providing home loans varies, but more or less, they are competitive with each other. For some institutions, the minimum & maximum age is between 23 to 65 years, and for many other institutions, it is between 25 to 70 years. While for the salaried class the age eligibility is less but for the self-employed class, there is more relaxation. Apart from being an Indian citizen, one has to have a good CIBIL score to get adequate home loans. Again based on the salary and monthly earnings, the amount of credit varies. For example, a person aged 25 years and has a net monthly income of rupees 25000 can get a home loan of near rupees 19 lakhs. It is best to visit the websites of the financial institutions and banks and use their “Home Loan Eligibility“ calculator after filling the required fields and get an idea of the eligibility.

One can always apply online through the websites of the banks and other financial institutions providing home loan offers after calculating and fulfilling the eligibility criteria. After the application, the financial institution will verify the application and will call for furnishing specific details in hard copy. Even the property details are sought so that they can check the need. Once they are satisfied, the home loans are sanctioned.

With home loans, it has become easy for many Indians to turn their dreams to reality. Avail the offers and be the owner of a dream home.