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.

Nowadays, interest rates on Home Loan are at all time low, therefore having a strong credit score as well as repayment capacity, you will be able to get a home loan at lowest possible interest rates. However, there are some other significant factors also to review before you “Apply For Home Loan“ which involves your income, CIBIL score and existing debts. One also needs to look after the price of house you are about to purchase.

Home Loan is a long term commitment for everyone, so it is always good to decide on best home loan deals for you which can be repaid easily and available at competitive rates of interest. One should review all these significant factors to ensure a pleasurable borrowing experience with financially stable life.

Know your budget: It is one of the fundamental things to look upon while planning a budget to purchase a home because it is necessary to assess your financial health before making a down payment. It will help you to prevent from debt burden in the future and keep your loan journey stress-free.

Start saving early for down payment: Buying a home is every individual’s dream, so it is important to plan your finances at an early age to save a specific amount for down payment. Your down payment could range from 20-25% depending upon the loan type and the lender you chose.

Setting a specific amount for your savings every month is a great way to reserve the money for your down payment. The other option to save an ample amount of money is to go for fixed deposits.

Keep an eye on Credit Score: A credit check is really important while applying for a home loan because if you have a good CIBIL then the chances of loan approval will become much higher. Most of the lenders offer you cheaper interest rates if you have a high credit score. Hence, it is advisable to check your credit score whether you “Apply For Home Loan Online“ or offline.

Check your loan eligibility: One can check his/her loan eligibility online through various lending websites free. The eligibility criteria may vary from lender to lender but the basic things you need to check on is your age, income source, credit score and repayment capability etc. if you meet all the requirements, you can easily avail a home loan at smart interest rates.

Documentation: When you apply for a home loan, you have to obtain and submit some required documents which will decide the speed of your loan processing. If all the documents come in hand, you are going to get a fast loan disbursal in your bank account.

Compare best loan offers: Never get tempted for low or similar interest rate loans. There are number of other things that can influence your borrowing cost. To exemplify, there are some elements linked with loan amount such as processing fee, hidden charges and so on. You must consider all the aspects of the loan terms and conditions before finalizing the loan deal.

ShubhBank started up as a lending platform and a digital partner with various renowned financial institutions introducing digital lending offers to the potential loan seekers across the country. We aim at understanding the requirements of our customers and offer one stop solution for all their financial needs covering every aspect of life. One can “Apply For Loan“ needed to cover all their necessities depending upon their need. We have listed types of loans offered by us.

Personal Loan: ShubhBank offers simplest and instant loan to the potential borrowers meeting their urgent requirements which does not require any collateral. The loan processing is very fast as it just gets completed within 2-3 business days offering you hassle free journey. You can apply for it online also as it is the most convenient way and we provide your doorstep services. The interest rates may vary according to the bank norms that will process your loan.

Mortgage Loan: It is another type of instant loan offered by us where one has to pledge his/her residential or commercial property as collateral. The unique feature of this loan solution is that the quantum is up to 100% depending upon the evaluation of property current price and disbursal takes place between 5-7 days. The interest rate starts from around 8.50% to 18.00% involving the processing fees and service tax.

Home Loan: Owning a house is the basic requirement of every family and ShubhBank helps you to achieve your dream goal of purchasing your own home. We tie up with all the lenders providing you the best interest rates as buying a home is the biggest investment of life. Home loans features with longer tenures, fixed and floating rates where 80% of value of home is disbursed as loan quantum in less possible time.

Business Loan: This loan is another category of financial solution which helps small business owners to expand their business or capital needs. Moreover, loan is offered with minimal documentation, easy eligibility criteria and lowest possible rates of interest. The loan tenure is flexible and loan money can be availed up to few lakhs to crores depending upon your repayment capacity. However there is no need of collateral but a guarantor is required.

Used Car Loan: Our institution is among top ranked service providers and offer best rates pre-owned car loan facility across the country. We offer most convenient and easiest used car loan at competitive interest rates to the borrowers in need. The banks associated with us offer 80% of loan amount with flexible loan terms and tenure.

Gold Loan: Every household in our country own the precious metal as ornaments, coins and bars as it is in our culture and can be savior in times of financial crunch. Gold loan are the cheapest loans available in the market as they can be availed at lowest rates of interest and has easy repayment structure.

ShubhBank offers unique loan products and provides you the platform where one can quickly check their eligibility criteria and “Apply For Loan Online“ or by visiting our branch fulfilling your demands and needs.

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.

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.

Availing a loan against home helps you to fulfill the long pending dream of buying own personal space which you can call out to be your own home. With the secured loan amount, purchasing a home becomes very easy. However, when you “Apply For Home Loan“ the loan procedure might be very simple but what one must be ready for is the monthly installment which he/she has to repay until the loan tenure ends.

An equated monthly installment might take up half of your salary and it might affect your future planning also. Therefore, it is very important that you plan your finances well in advance to make sure that you should not only repay your home loan EMIs but also work on other investments as well as savings. Here, we have explained some of the ways how to plan your monthly financial goals towards repaying your home loan.

Monthly income: It is the key important that decides how much installment you will pay every month. Your monthly income helps the lending institute in understanding if you can repay the home loan easily. Therefore, one must plan the EMI amount in such a way that it may not affect your daily expenses and other financial goals. Efficient planning of monthly installments will help you in reducing your debt burden.

In the early years of your age, you can choose a higher EMI amount as monthly income in the private sector usually gets a hike every year. So after a certain period of years, you will be going to have a considerable hike on salary and the installment amount will be lower when compared to your monthly income.

Monthly expenses: The other important factor you need to look upon is your monthly expenditures. Laying out a budget will play a crucial role in this. Having a robust plan in your hands will help you in repaying the EMI amount without any stress. Try to focus on paying off the utility bills first and your EMI is of great importance. The remaining part of your salary can be used for maintain an emergency funds for immediate needs or for other expenses.

Loan tenure: Whether you “Apply For Home Loan Online“ or offline, you must plan in advance that which loan tenure should be best for you- either long or short. Picking up a longer tenure helps you in lowering the EMI amount which can reduce the burden on your salary whereas a shorter tenure will help you in saving a lot of interest money which makes you end up paying in longer tenure. Therefore, plan a repayment period according to your needs and monthly income.

Loan Interest Rates: At the last but not the least, one also must check and compare different lenders and interest rates charged by them. Even a small change in the interest rate will help you in saving a lot of money and you will repay a lesser loan quantum. Hence negotiate well with the lender just to save the best for your financial future.