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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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WHAT TO REVIEW WHILE BUYING HOUSE WITH HOME LOAN?

Posted on Monday March 21st, 2022

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.


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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.


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WHAT TO ASK YOURSELF BEFORE APPLYING A HOME LOAN?

Posted on Monday July 12th, 2021

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.