Buying your own house will be a one of the most fulfilling experiences in everyone’s life. However, it requires a large investment and to meet the purchase value, one can rely upon home loan. One doesn’t have to wait for years to accumulate wealth to purchase a home, they can “Apply For Home Loan“ to access funds for home and this loan also provides attractive tax benefits.

Now you know the benefits of availing a home loan, you should also be aware of home loan repayment. There are number of ways offered by the lender these days to repay your home loan. Therefore, prior to this discussion that what repayment options you could consider, let’s have a look how these loan are repaid. The loan is repaid through EMIs which is a fixed amount you need to pay back your lender every month on a fixed date throughout the loan tenure.

Here, in this blog post we will discuss some of the options that how can you consider your repayment against home loan. Have a look now:

Timely repayment: The way you schedule your EMI payments plays an important role in the cash flows. If you are salaried individual, your repayment should coincide with your salary date whereas if you are self-employed individual, make sure you have required funds in your bank account to repay your EMI. Make sure the timely repayment of your monthly installment as it helps you to escape any extra charges or penalty and improves your credit score.

The earlier the better: Availing a home loan in the early age as in 20s or 30s ensures that you could have sufficient time to pay back your home loan prior to your retirement age for leading a stress free life. Moreover, you can also pick out the option for longer tenure for home loan in which a lender implies a lower EMI for your loan amount and vice versa.

Prepare an emergency fund: A robust financial planning should surely help you to accumulate an emergency fund which could be really useful in case of job loss or medical urgencies such as hospitalization or any other mishappening. It will ensure that the money you have kept aside to repay your home loan should not be affected in such situations.

Limit your monthly installment: If you have multiple loans to service such as personal loan, car loan, education loan etc. then lender will compute your EMI from calculator which will be added to your other loan EMI payments to assess how much of your total income is earmarked for each loan repayments. Therefore, it is advisable to limit your monthly installments to a maximum of 40% of your monthly earnings.

Hence, you know that how you can consider your home loan repayments to make your loan journey easy, stress-free and joyful. Now “Apply For Home Loan Online“ at ShubhBank as we offer simple as well as convenient repayment options with which you can plan your cash flows smartly and prevents you from hindering your financial goals.

Owning a home is one of the most significant dreams for most of the people and they wish to build a house for their family. For most of the people, having a home is a long term asset which they wish to leave behind for their upcoming generations. Therefore, to make home purchase achievable in the skyrocketing property prices, lenders have proposed the concept of home loans.

One can “Apply For Home Loan“ to get instant access to affordable financing to purchase their dream home. Similar to other loans, home loans also have certain guidelines as the process of home loan is regulated by RBI and National Housing Board. In this article, we have outlined some of the guidelines that are followed by the lending institutions while sanctioning you a home loan:

✓ Valuation of the loan: The loan amount offered by the lending institution depends upon the loan to value ratio which is evaluated on the basis of borrower’s eligibility as well as the market price of the property to be pledged as collateral. A lender will sanction the funds up to certain limit like 80-90% of the total value which excludes stamp duty, registration charges as well as other expenses.

✓ Pre-payment charges: As all know, Home Loans are generally high value loans which borrowers choose to repay in 20-25 years duration. However, if anyone chose to settle or pre-pay the loan amount earlier then a penalty of 2-4% is levied. According to new guidelines, RBI has made the Home Loan terms more flexible and favorable for borrowers by waiving the penalty charges.

It is applicable for the Home loans availed on a floating rate of interest and taken for non-business utilization.

✓ Eligibility and Documentation: Every lender need to ensure while lending money that all the submitted documents by the borrower are in order with the statutory requirements. Moreover, home loan applications shall be accepted of the customers who meet the eligibility criteria which involves a regular income, efficient repayment capability and a god credit score above 750.

This all can be verified with the help of documents. Keep in mind that eligibility criteria and documentation can be different from one lender to other.

✓ Flexibility to switch: In case, you have availed the home loan when the rate of interest was so high and now other lender is offering you to transfer your outstanding loan balance at better rates of interest, you have an option to foreclose the loan with penalty and switch your existing loan with the new lender at low rates of interest. However, this benefit can be enjoyed for the borrowers who have taken up the floating rates of interest.

Well, in the times of inflation, we all would not have sufficient funds to fulfill our needs but the lending sector has made some major dreams possible through their loan solutions these days. Thus don’t feel restricted to buy your dream home now as you can “Apply For Home Loan Online“ or offline to enjoy your comfortable space with your family and beloved ones.

Nowadays, one of the easier methods of financing a home purchase is availing a home loan but sometimes your loan application gets declined. These reasons can be as simple as not meeting the basic eligibility proposed by the lender or some of the documentation errors in your KYC details as well as property title.

In this article, we will discuss some of the significant reasons of the rejection at the time you “Apply For Home Loan“. We will guide you through these points that keeping these factors in your mind while availing a loan can lower or nil the rejection of your application.

● Low credit score: Every lender prefers to sanction the loan to its customers who are having a credit score above than 750 as it reflects your capability of repaying the loan and lowers the risk of default. However, if you credit score is poor then try to improve your credit score before getting a home loan to avoid rejection and to negotiate on better terms of loan.

● Age of borrower: Generally, home loan is a long term with repayment period going up to 25-30 years. In case, if you are applying for home loan near to your retirement age, then the chances of rejection are higher. If anyhow you get approval on your loan application, then you have to pay the higher down payment and you have to provide some additional guarantees such as younger co-applicant.

● Insufficient paperwork: Improper documentation can be one of the main reasons behind the rejection of your home loan. If you fail to provide any single document asked by the lender, it can impact the entire loan approval procedure. Therefore, it is good to checklist all the required documents before getting a loan to avoid any troubles through loan procedure.

● Unstable job: Your job stability is the crucial factor consider by every lender as it indicates the regular cash flow to repay your loan within the stipulated time. However, frequent job hopping can impact your home loan eligibility adversely and reflects the sense of uncertainty about your credit-worthiness in the lender’s mind.

● High debt to income ratio: A high debt to income ratio of borrower indicates that a larger part of your income is utilized in servicing existing loans or other expenses. So, prior to loan application, one must ensure himself/herself as well as lender that they have low debt to income ratio. You must be aware of the thing that your loan EMIs should not cross the 50% of your monthly income.

● Unauthorized property: The loan application doesn’t depend upon only meeting the eligibility criteria but it is also based upon the paperwork regarding property to be purchased. It is advisable to check the every aspect of property to make sure that the property is free from legal issues and should meet all the guidelines of local authority.

Hence, it is good to ensure yourself that you fulfill all the guidelines and eligibility criteria of loan then “Apply For Home Loan Online“ or offline to ensure smooth home buying experience.

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.

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.

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.