Blog about Loans

Getting married outside your caste and religion, love marriage, as love does not have eyes, in such cases people often have both caste religion rituals for marriage. The trend of love marriages have been the way today and with most couple working many prefer to go in for a registered court marriage.  This is one of the simplest form and also with minimum expenses and with the registration the newly married couple can go ahead and use the savings for future expenses. When you are married according to your religious rituals then your marriage is registered in the catalogue of your head priest  whichever religion you may follow. With marriage come dream of owning a new home and every couple wishes to shift into their new home as soon as they get married.  What procedures can the newly wedded couple adopt for quick approval of their home loan? As their marriage is registered they need not worry about marriage proof and they have this important document with them. Whenever the...

A better way to sell homes. With lenders some tips to improve their lending customer base I have come up with a few practical suggestions. Looking at advertisements and offers during festival seasons everyone feels that this is the right time for purchasing a flat and along with the flat come home loans as we all know a small flat costs for nothing less than 20 to 25 lakhs and a bigger one would cross the limits of a crore. With Lodha builders advertising a 6 crore flat with latest amenities it is understood that people have the purchasing power and can get a home if they really want to. People are hesitating to buy new homes and with few exceptions where money does not matter anyway they purchase for investment purposes, and need to divert their finance and what better way than in housing sector as this field has assured and guaranteed returns. Majority of people applying for home loans are from the private sector and they may not have all the documents in place which leads them to se...

Well not like but almost. The trend today is for purchasing a bigger home , and with that,   have increased your home loans along with your EMIs. With housing industry offering fully furnished flats also with latest amenities the buyers are spoilt for choice. There are homes that are fully furnished with modular kitchens along with security services 24 hours along with swimming pools, recreations parks, malls and theatres along with themed gardens. In fact there are special societies created for high class living where even the reception area looks like a reception area of a five star hotel, air conditioned and having attractive seating arrangement. It is very affordable for today’s borrowers to buy a home with all amenities as developers are building such societies that have all facilities and amenities. With malls, schools and hospitals also in the society they are mini societies in development who do not require the outside world! Every one dreams of buying a flat in such an ar...

Yes it is true and also not in very posh and upper end locality. Even the suburbs and out skirts there are properties and homes coming up with the budget range of a crore or more. Just some years back we remember that houses cost in lakhs of rupees and people would get a very good house in about say 20 to 25 lakhs. But at present this budget is the beginning and starting level of housing development projects. From 15 to 20 lakh rupees for a house on the outskirts of the city or far away places with no roper infra structure the buyer sure needs to either increase their income or go rob a bank! Not literally. Selection property within budget range has become an important task for new buyers. Especially the working category of class three employees like peons and ayahs and maushis, are all those people we need regularly and their services are irreplaceable. The Tata housing projects or the nano projects are the need of the hour. We really need many houses in this category of we want our d...

Vijay a peon working since past 10 years and had saved some money and also has some investments. Though small amount this all did matter when he decided to get married. The decision to get married to a school lady helper was the right one, as he had already decided to get married to a working lady. Having a simple marriage and clubbing all gifts as cash he conquered the first fear every home loan borrow has, that is to collect the amount for down payment. With marriage began the   thought of owning a home as they lived in a joint family with his brothers and their family. Living in a single room and kitchen was more of an adjustment but both were happy and positive with the arrangement. They all knew the limitations but this did not stop them from dreaming to one day buy their own home. People would comment on their family staying in such a small place and sometimes challenge them that a peon cannot afford a home in today’s times. Vijay and his wife were the silent type who would ...

With rates of property going in crores one has no choice but to go in for a loan to purchase your first home. It is better when both the spouses are working as this gives additional income to the household and one income can be totally kept aside for repayment of the home loan. There is a vast range of difference between rates for area per square foot and also rates in every locality, which gives us a wide choice of houses according to our budget. It would be so nice to have home loans also in such a manner. Wouldn’t it save precious time and money going about searching for the right lender and then realizing that you do not fit their eligibility criteria? The need of the hour is to have special targeted home loans. This would save so many hassles both for the lenders as well as the borrowers. You need not feel embarrassed when you enquire about a loan amount to an individual. I have seen people from the middle class segment still hesitate to enquire about home loans for a one bedroom ...

Home loan rates today have gone up within few months from 8% to 12% and this is having a detrimental effect on all loan borrowers. People are beginning to think is there a way out? Many existing home loan borrowers are burdened with extra amounts added to their EMIs and also the loan tenure being extended till their retirement age. Negotiate Save Money Meanwhile the builders and developers are always on to something new. Right from fully furnished flats to free cars and even gold ornaments!  This time the trend beginning to tap the potential of our weakest point, benefits of children. The media creating hype about offerings of swimming pools, club houses and gymnasiums along with schools and hospitals and recreation centers, just for your children! All these amenities have been offered and going on for long and longer but the new way of presentation will work on the emotional aspect. Yes the developers now seem to tap the target group of working couples where there are nuclear...

For some people these entire bundles or heap of document seems like a maze and is totally confusing to maintain all this. Many housing finance companies and banks request borrowers to make a special file of all these documents to keep record of all the documents and papers required during the process of application and approval of your home loan. Since all this takes time it would be advisable to make a water proof file and keep your entire documents in place. Select a big file and most times the bank will guide you about the size and quality of file required. It would be better to invest in a good quality file as remember all your important documents will go in here along with the original document of your home ownership after your home loan is approved. It is known that all lending companies would keep the original house document of ownership with them for the loan repayment period as this acts as a security for them for offering you the home loan amount for such a   long period....

When we go through the eligibility calculators and home loan applications we find that the most important document required is a salary slips for the past few months. For any lender to approve your home loan they will need that you prove your monthly income and incoming money to assure the lender about your repayment capacity. What if you are self employed or take contracts and do not have salary slips. How will you prove your monthly salary without your salary slips? There are many lenders who cater to people who are self employed or take private or government contacts and do not have the required documents in place. Here it is a fact that the lenders do understand that you earn a good figure but they are tied by rules and cannot accept your home loan application. You can get your agreement papers about the contract and here your past contract papers and completed assignments can be of help. Even if you are new in a company the bank will require at least income proof of past three mon...

Income proof is one of the most important documents and factors to get your home loan approved. Any lender will ask for this important document to understand your incoming money monthly and also your repayment capacity. What if you cannot prove your monthly income? This usually happens with the self employed or people who may take contracts. For such dealing there is no income proof as all this is done in cash. How can you go about getting a home loan in such conditions? Your bank accounts will be big help here as your financial deposits assets and saving can be shown to the lenders. Your credit card is another trump card for you in such cases as your credit history and credit card rating is a sure shot to get your home loan approved. If you take contracts and pay your employees in cash then there will also not be any salary slips for this. Remember banks and lenders do not approve of hand written paper salary slips. You need to have a computer generated and signed salary slip. Here yo...

Internet has made people very impatient and I have seen people are so much used to fast life by the advancement in technology that they do not even have patience for the right time to happen. This is also one of the causes that people are often terming some financial housing institutions as having very tedious procedures of home loan approval. They go in for banks that offer home loans soon and without any documents. Why Home Loan Approval is Taking Time It can be well understood that all this procedures and applications and documents is a sure burden in the beginning and is definitely a tedious process to collect all these papers together and then apply for an loan application. Some people are blank faced as they, may excel in their professional fields but are unaware of all these financial matters. It is easy to get confused, tired and also lose hope of applying for a home loan. Here a way out would be to first use online home loan calculators. Also try and find out which bank or hou...

Some times your home loan application may be rejected at the first time of application which makes you feel low and demoralises you to move ahead for buying your dream home. Your family may be sad and all of you feel that you are low on income and it is not possible for you to go ahead and apply again for another loan, you feel the same will happen and again of you face rejection there will again be a negative experience for the whole family. Do I stop dreaming of owning a home? No, it is just possible that you are going to the wrong people. Try to find out lenders who would like to offer you loan and not the other way. Always remember lenders are waiting to offer loans at any terms and conditions. There are many financial housing companies and banks that are willing to offer no document loans, low income home loans and even no verification and no salary slips home loans. You just have to find the right lender. Every financial housing company has different rules for approval of home lo...

Property rates have been increasing steadily and people who have bought properties some years back are happy that their investment has doubled or tripled in the following years. As an investment option property is coming up as the best as there is no risk of loss with rates increasing at a fast and regular pace. Invest in Property Why home rates are shooting up is a big story. With all the construction materials becoming expensive this is not the only reason for shooting rates of property. The most important point here is that government has increased the time for approval of many projects. With so much demand for new homes the supply part is slowly progressing. Even though we see many properties coming up and with every new day there are a wider range of budget homes, in reality the home seeker is still under   tight spot. There are still few properties which come in the budget range for the middle class man. Also the down payment is a larger figure which many middle class familie...