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WHY YOU SHOULD SETTLE YOUR HOME LOAN AT LAST?

Posted on Monday July 11th, 2022

A home loan helps you to turn the dream of owning a home into reality. There are number of financial and lending institutions who offer home loans at lowest possible interest rates giving you best deals to fulfill your dream. Purchasing a house is always a biggest investment, so it would be your top priority to manage it well.

However, repaying a home loan is a biggest responsibility of an individual and you have to pay back in a disciplined method after you Apply For Home Loan to manage it properly but if you have some other loans over head then try to clear those loans first and keep your housing loan at last. This would not only help you to manage your loans better but this move would also bring you other benefits. Let’s take a look:

Low rate of interest: Housing loans come with the lowest interest rate so it’s always a better idea to clear the loan with high rates first. Credit card and unsecured loans fall into this category whose interest rates can go as high as 20%. As compared to this, home loans can be availed at as low as 8% from some financial institution.

Therefore, it is a good idea to settle the personal or credit card loans first then settle the auto loans that come with higher rates than the home loan, if you want to manage your loans in stress-free manner.

Tax benefits: The home loan is totally different from credit card or vehicle loan or personal loan because it offers tax benefits both on principal amount as well as interest rate which can prove to be beneficial in long run since home appreciates in value over time. If you consider tax benefits that it brings, it would be a great decision to serve the home loans after paying back all the loans.

Rising expenses: Nowadays, living expenditure is sky-rocketing and things will definitely work in your favor if you repay your home loan in last after servicing other existing loans. However, paying back the housing loan earlier would eat up a large portion of your earnings leaving a little amount for other expenses. Hence, it would be a wise decision to keep your home loan repayments last to the list.

Sudden urgencies: Future is unpredictable so beware that emergencies might hit you anytime and might throw your life out of gear. It would be really helpful if you have some funds in your hands to deal with such urgencies and if you have spent all of them on repaying EMIs at the earliest then you might have to strive when you need it most.

Therefore, now you know all the benefits you can avail with home loan and have dream to own your house and lack of funds then there is no need to worry at all about finances. All you need to do is to Apply For Home Loan Online at ShubhBank.com to avail loan at competitive interest rates with minimal paperwork.


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HOW TO QUALIFY A HOME LOAN QUICKLY?

Posted on Monday June 13th, 2022

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.


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WHAT IS A STEP WISE PROCESS FOR ONLINE HOME LOAN?

Posted on Wednesday May 11th, 2022

A home loan is a financial tool that have endues to purchase of residential plot, home or flat as well as helps to carry on the construction. It is the largest demanding loan product in the country that has great benefits such as tax relaxation and competitive interest rates etc. One can Apply For Home Loan at ShubhBank as we offer customized features with digital application integrated systems.

You can compare all the lending institutions online but ShubhBank offers the lowest rates available in the market to buy a new property. We generally provide 75-80% of the property value as loan amount and customer has to pay rest of the value as down payment. Our online portal will help you to avail Home Loan at one finger click where you have to fill out a digital application form.

In this blog post, we have listed the step wise process to apply for online Home Loan application at our website.

• Click on an “Apply now” form and complete your application details and other documents. It is advisable to fill out a form in one go as will help you to take instant decision.

• Update your income details and if you have other co-applicant with you then mention his/her earning details as per the requirement.

• Check the loan eligibility criteria on our portal easily. In case, you don’t meet the criteria, we will help you to enhance the quantum with various loan calculation programs.

• Avail great offers from the ShubhBank team and complete your loan application process after choosing the lender or housing finance option with the help of our efficient team.

• Upload a scanned copy of your KYC details and income details in PDF format on our portal to complete your digital login or hard copy of requires document and complete the loan process on KYC and salary documents along with loan application form provided by ShubhBank team.

• Our digital process helps you to get loan approval within 24 hours on meeting eligibility criteria when you Apply For Home Loan Online. To avail this digital application, potential borrower needs to upload clear copies of KYC and other financial documents.

• You can now track your loan application status through emails or SMS service that at which step your loan processing is going through and how much time does it take to get disbursed.

• Get dedicated support from our efficient team who will update you time to time about various verification and valuation reports as well as about timely approval and disbursement.

ShubhBank assists you to secure home loan with low EMI, lowest possible rate of interest with minimal paperwork and convenient digital procedure. We aim at making home loans easy by handling entire process online from applying to disbursal. Loan seekers would be able to take a loan in only few clicks allowing them to fulfill their dream of buying own house. Hence, to take the advantage of an online application and attractive rates, visit our website today.


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HOW TO PLAN AN EMI OF YOUR HOME LOAN?

Posted on Friday April 15th, 2022

Availing a home loan helps you with funds to turn a long pending dream of owning a house into reality which you can call as your own personal space. With the help of loan money, buying a home becomes so easy. However, home loan gives you the potential of purchasing a property buy one must be ready for the monthly installment which he/ she has to pay until the fixed loan tenure after they Apply For Home Loan.

Sometimes, monthly installments might take up half of your monthly income which might affect your future financial planning. Therefore, it is important to plan your finances well in advance so that it becomes easy for you to repay your debt as well as to focus on other investments and savings. In this blog post, we have listed some factors which may help you to plan your EMI by keeping check on them.

Monthly earnings: This is the key factor which determines how much you will pay every month as it helps the lender in understanding your repayment capacity. Thus, always plan an EMI amount in a way that your daily expenses and investment won’t suffer anyway. An efficient layout of monthly installments will help you in reducing your debt burden.

In early years, one can opt for a higher installment as remuneration in the private sector usually gets a hike every year. Therefore, after a passage of time, you will have a considerable hike on monthly income and EMI seems to be lower when compared to earnings.

Monthly expenditure: The other important factor one needs to focus on is your monthly spending. Planning a monthly budget will always play a great role in this. Having a robust plan will help your repaying your installments without any stress. Sticking to your budget ad paying off your EMI is of great importance. The remaining funds can be utilized for maintaining an emergency fund or for daily expenses.

Loan tenure: Whether you Apply For Home Loan Online or offline you have plan in advance about the loan tenure either you need it to be short or long. A longer tenure will help you reducing your EMI amount which will reduce the burden on your income where a shorter tenure will help you in saving lot of buck on interest payable, hence reducing your loan cost. Always secure a loan according to your requirement and repayment capability.

Rate of interest: At the end, the significant component one must check and compare is rate of interest on loan because a small difference in the interest rate will help you in saving a lot of money on chargeable interest which gives you opportunity to repay a lesser loan amount. There are numerous lending platforms where you can compare different lenders in order to grab a best loan deal. Choose a suitable lender and negotiate well to save the best for your future.

ShubhBank offers the customers with attractive rates of interest on Home Loan and also gives you wide range of loan benefits to save a lot of money.


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HOW SELF EMPLOYED CAN GET A HOME LOAN APPROVAL?

Posted on Monday February 21st, 2022

Do you believe in common perception that self-employed people never gets an easy approval on home loan? But to your surprise, lenders lend to self employed with a predefined set of terms and conditions. Every lender has some specific set of criteria which a borrower has to fulfill to get their home loan approved. Self employed individuals such as doctors, lawyers and businessmen can Apply For Home Loan easily.

There are number of lenders in the market who offer customized loans according to your needs and budget. Lenders will evaluate your repayment capacity bases upon income tax returns and balance sheets of your business to approve your loan application. However, home loan is a biggest commitment so lenders feel risky to approve an application of self-employed person as he/she doesn’t have a well defines source of income.

In this blog post, we have mentioned some steps which can ensure lender to approve your home loan applications which are listed below:

Add a co-applicant to your application: If you are self employed then adding a co-borrower will strengthen up your eligibility and can help you to get an easy approval on home loan. When you add a co-borrower in your loan application, lender may get confident to lend you a desired amount as lending institution will now has a two person to repay the loan amount.

Make co-borrower a co-owner of home: If co-borrower who applied for a loan with you also be a co-owner of your home, then your chances to get loan approval increases automatically because lenders approve home loans to such applicants quickly but you need to fulfill the prescribed eligibility criteria for that.

Have a guarantor with you: When you Apply For Home Loan Online or offline, try to have a guarantor to ensure your home loan application get approved by the lender as it reduces the risk factor of the specific lender about the repayment of loan quantum. A loan application signed with a guarantor will assure the lender about the repayment because if in some situation, borrower fails to repay the loan, lender will recover the outstanding amount from the guarantor.

Well, the eligibility criteria and norms may vary from lender to lender but to get risk-free, every lender will ask some basic set of documents from a self-employed individual while availing a home loan which is mentioned below:

Identity Proof

Bank statements of current and saving s account

PAN card

Educational qualification or degrees.

Address proof.

ITRs of last two years.

Proof of business Entity.

Audited financial statements of business by a chartered accountant.

Everyone dreams of having their own dream house in which he/she can live with his/her beloved ones. When a person gets stable with his/her earnings in business or has enough savings to pay a down payment for a home loan, then getting an approval for a loan against home is not a big concern for you. Hence, following the above mentioned steps, one will surely get an easy approval on home loan.


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WHAT TO CONSIDER BEFORE MAKING A BUDGET FOR HOME LOAN?

Posted on Friday January 14th, 2022

Buying your own house is one of the biggest financial goals you will ever be a part of because in our country, a loan against home can be offered up to 25-30 years. Therefore, one needs a lot of patience and determination when it comes to Apply For Home Loan. One of the main reasons behind the longer tenure of home loan in India is due to sky rocketing prices in real estate business.

Of course, home loan is not a cheap deal as it cost you in lacs or even in crores. This big chunk of money is not an easy task to arrange at such an early age of 25-30. Hence, most of the individuals take the help of home loan in our country to fulfill the wish of owning a home. Since, it is an affair of huge amount and at early age you are not able to accumulate such wealth, so we have listed few things to consider before making a budget for home loan.

Well, following such thing, one must be able to save enough funds for the down-payment. Let’s have a look on those tips:

Plan a Budget: It is the thing that can be easily learnt from your parents. Planning a budget will help you to understand your spending habits in a better way. Start it by writing down your monthly earning following the list of your fixed expenses like electricity bills, water bills, groceries, rent etc. In the end, you can conclude what you are left with and how much you can save from your monthly income.

Start an Investment plan: Sometimes, savings are not the only solution to your long-term financial goals. If you are working hard to earn a smart salary or profits from your business, then let your savings work hard too. Try to invest in mutual funds, equity funds or other government securities to earn a good amount from there too. As long as you give it a time frame, like 3-5 years, you can expect great returns and profits from your investment plans.

Improve your Credit Score: Always be aware of your Credit Score as it is very important to secure any loan in your future. It is necessary to pay your credit card bills and existing loan EMIs on time. When your credit score is above 750+, the lending institutions term you as a trustworthy borrower and hence will allow you to secure the home loan at lowest interest rates. Therefore, keep an eye on your credit score as any sort of discount matters, as it saves you a lot of money on interest.

At the end, we can say that purchasing a home is a big decision and needs a lot of money. Therefore, if you don’t have enough funds for the down-payment of home loan, then it’s a right time to start planning a budget, investment plan or savings. When you feel ready, just Apply For Home Loan Online or offline at ShubhBank to borrow a right deal to buy your own dream house.