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Why is the Home Loan Interest Rate High in India?

Discover why the Home Loan Interest Rate is high in India, key factors influencing rates, and smart tips to manage your home loan efficiently

Read our Blog at: https://blogs.upniva.com/why-is-the-home-loan-interest-rate-high-in-india/

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4 Tips to save money on your housing loan

Buying your dream property is one of the biggest steps in your life. It’s like a sign of financial maturity and offering stability for the near future. Taking a property means chasing the preferred location & its vicinity, budget, builder authorization and finally how to finance it. Well, with private finance companies willing to offer a home loan, financing your dream is no more a herculean task.

However, when one takes the home loan there is a lot of aspects which needs careful consideration such as interest rate, processing fee, principal amount, etc. Most of us are so concerned about the monthly installment that we barely give our home loan a second thought. There are a number of important steps that can be taken to ensure that the money can be saved on your housing finance. So, here are a few tips that will help you save money on your housing loan:

Do thorough Research

Shopping around for home loans need proper market insights and help you choose the best-suited financing option. Comparing loan and negotiating with lenders can save you a lot of money. Once you know what lenders have to offer in terms of rates and fees, you can negotiate for better housing loan deal. Lower the interest rate, lesser you would be paying and more savings on your total cost you will bear.

Improve Credit Score

Your Credit score has a direct impact on the interest rates. Hence, it’s always important to keep improving your credit score. So, that you can negotiate with the lenders for better rate deal. When applying for home loan, ensure that you improve your credit score at least six months to one year before the application. If the credit score is low, the lender will reject your application. And if the applicant has a good credit, score he or she is considered credit-worthy and lenders place a trust on him or her.

Opt for Refinancing

Many time lenders lure with an interesting deal, which later proves to be costly on your wallet. If it's proving costly you can talk to other private lenders who are willing to reduce the interest rate for you. A good credit score, better income source, and timely repayments can put in a comfortable position for negotiating with the existing lender or switch lenders and opt for home loan refinancing. One must be aware of the costs associated with the balance transfer option.

Tax Benefits

One of the best ways to save money is redeemed tax benefits. You're entitled to tax benefits and it can help you save money as you can on the interest. For instance, under section 80C, a housing loan borrower can claim for a tax deduction of up to Rs 1.5 lakh if he or she is a salaried individual, and for self-employed, they can available up to Rs 2 lakh under section 24 (b) of the Income Tax Act, 1961. Taking a home loan is a major financial decision of life and it’s important for the borrower to check wherever possible to save money and then make an application.

Online applicants can avail interesting deals as well.

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Four ways to crack the best home loan deal.

Home Loans are easily accessible to millions of India who seek a dream of buying their own house someday. There are leading banks and private finance companies who offer loan at attractive interest rates. However, the interest rate is supposed to be the crux of the home loan product and low-interest rate will definitely save money in the long run. Things like the type of interest rate such as fixed rate and floating interest rate, prepayment charges, a concession for joint or women applicants, senior citizens, will help people to choose the home loan best suited for you. Although, taking a home loan is quite simple, however, it’s important you do enough research and choose the one which proves lighter in your wallets. Every year, lenders launch new and customized loan schemes which suit the economic trend of the nation.

So, here are four ways in which you can identify a good home loan deal to finance your dreams:

Check the money offered to you:

The percentage of money lenders offer counts a lot while choosing the loan. So, if one lender is offering 80% of the loan amount to buy the home and the other is offering 85% it makes sense to go with the latter one. Although, it helps you when you don’t have enough sums to make the down payments, remember your EMI will increase in the percentage amount.

Check the interest rates and prepayment charges

A lot of lenders will lure will low interest rate deals and later incur unnecessary charges just to recover the costs, thereby making you feel duped. Therefore, it would be better to confirm with the interest rates and lock your rates till the end, prepayment charges, processing fee and then close the deal. According to the RBI, lenders can't incur prepayment charges for home loan borrowers for floating interest rates. Keep all these things in mind and then sign on the dotted lines.

Loan processing time

The process of loan application is a lengthy procedure that requires the submission of any property and income-related documents. So check the turnaround time and apply with the one which has simple, transparent process that saves on time with better schemes. The research will help you know which lender will help you avail the best home loan deals and takes the least time. Applying for a loan online will reduce your time and save money, energy for several rounds to the lenders for documentation. Apply for home loans online, now!

Check for concessions:

Women are considered to be the backbone of our society and helping hand at every walk of life. Lenders offer special concession to women applicants as an individual or joint applicant. Even a 0.5% concession on the interest rate can help you save thousands of rupees in the long run.

Choosing the best home loan deal helps you save a lot of money while buying your dream home. Online home deals are better and save your time and energy, so compare home loans and apply online, now!

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A few reasons why EMI calculator has proved to be a boon for the people

There are a number of banks and NBFCs (non-banking financial companies) in India which provide financial assistance in the form of loans. The people can make use of these loans in order to take care of their business as well as personal needs. The housing loans have proved to be quite quintessential in relieving the worries of the common man. The middle-class citizens of India can now dream to own a place of their own, thanks to the housing loans provided by banks and NBFCs (non-banking financial companies).

People can make use of the home loans in order to buy a new plot or residential property and even to refurbish any pre-existing property. The financial institutions give out secured loans and charge interest rates on the loaned amount. An EMI Calculator comes in handy in these situations, as it helps you to calculate the equated installments which you would have to pay out every month.

An EMI (equated monthly installment) is calculated after combining the principal loaned amount, interest rates on the amount and the tenure of repayment. Your monthly installment is drastically affected by the changes and the choices that you make in either of the variables. For e.g., if you choose to opt for a shorter tenure then you will have to pay lower interest rates but same is applicable in case you want to switch for a longer tenure. Thus, an EMI Calculator helps you significantly, as it gives you an insight as to which plan is best suited for you.

This calculator is available online and can be used by anyone and at any given time. The fact that people can make use of this tool from their phone or laptops has proved to be a great boon for the people. EMI Calculator has helped people to save their valuable time; which is otherwise wasted on making multiple bank visits.

The various advantages of making use of an EMI (equated monthly installment) calculator are as follows:

By making use of this calculator you can get your future installments calculated in advance. Thus, you can plan your future repayment schedule in advance and ensure that you never default on any repayment. This will help you to maintain a good credit history and live a hassle-free life.

An EMI Calculator is not just available for the calculation of a home loan installment amount. There are a number of other loans which can be calculated by making use of an online EMI (equated monthly calculator). The various other loans which can be calculated are education loans, personal loans, etc.

You can calculate and achieve multiple results for a certain principal amount that you borrow from the financial institutions. This gives you a rough idea about the various options available in front of you. Therefore, you can make use of this tool and choose the repayment pattern which is best suited for you. Hence, by making use of this tool, you can borrow loans without worries.

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4 things to keep mind when in the market for home loans.

Home Loans are one of the biggest blessings for people with homeownership plans on their mind. They provide a majority chunk of the funds required & help you enjoy complete peace of mind from property prices today! They also help you buy into one of the best investment opportunities in India, property and help you save a considerable amount of money through tax benefits under section 80C and 24 of the Indian Income Tax Act. However, before you find a financial offering and sign your name across the dotted line, this article will highlight 4 things you need to keep in mind to ensure you are not blinded sided by any unforeseen complication later on. 1. The loan offering provided. The first thing you want to keep in mind is the financial product on offer. You need to bear in mind the amount of funding being provided, the interest rates applicable and the length of the tenure on offer. Most lenders will provide you up to 90% of the property’s value as the amount of funding at interest rates ranging between 8.35% & 9.65% per annum with tenures as long as 30 years. 2. Check the down payment you need to arrange. As mentioned earlier, the lender will mostly only provide a major chunk of the funds required and you will have to arrange the rest. So check with the lender how much they are willing to provide for the property of interest and how much of a down payment you will need to provide. If possible, provide a higher down payment then required as this will reduce the loan amount you have to borrow and cut down the amount upon which the interest on your loan is calculated. 3. The processing fee of home loans. Besides for the interest rate, you’ll also want to pay close attention to the processing fee being levied on your application. You need to pay this amount for applying for the loan and it is not refundable, even if the application is rejected. Some lenders charge as much as 2% of the loan amount which can turn out be a huge amount, another charge 1% of the same which is still a sizeable amount of money while others offer to waive this cost off if they see you as a promising borrower.

4. Keep in mind your home loan eligibility. Everyone has a different eligibility level when it comes to home loans. What the lender offers you might much higher or lower than what it offers to the next applicant. Your eligibility depends on a number of factors such as your credit score, your incomes, your monthly obligations, your financial capacity, etc.

Knowing your eligibility helps you apply for an apt loan amount and ensures your application isn’t rejected because you’ve applied for a loan amount that’s above your reach. It will also ensure you do not lose your processing fee. To find out your loan legibility, you can use one of the many home loan eligibility calculators that are available on most lenders’ websites and on aggregator pages as well. Knowing these 4 things will help you a good experience with home loans and ensure you get a financial offering that suits all your needs and requirements. We hope this article has further your knowledge and will help you make an informed decision.

 Good luck and all the best!

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4 reasons why you need to use an EMI calculator before applying for a home.

Opting for a home loan is a huge financial decision and using an EMI Calculator before applying will ensure the road out of debt is a smooth one. If you haven’t heard of these online calculators or never thought of using one, then this article will highlight 4 reasons why you absolutely need to use one before you sign upon the dotted line of your home loan application form. 1. Know your repayment schedule. It’s vital to know roughly just how much your EMI will be before applying for a loan. It will help you chalk out plans to accommodate your EMI payments within your monthly expenditures and help ensure you are well prepared to handle these payments. Previously, knowing your EMI amount meant setting aside a good amount of time and sitting with a pen and paper or before an excel spreadsheet. Either way, you’d have to flex your mathematical skills to accurately determine the monthly outgo against your home loan.

However, times have changed and you can now use and EMI Calculator to get your entire repayment schedule in a snap. Just punch in your loan variables; the loan amount, the tenure and the interest rate – hit enter and you’ll be provided with a complete amortization table. 2. To know if you can afford to borrow the loan amount or not. Whether or not you can afford to borrow a given loan amount boils down to whether or not you can afford to pay the EMI. So you hop onto the internet, find and EMI Calculator and get it to provide you the EMI for your loan. If the EMI is too high, it means you cannot afford to borrow that amount. If you were to borrow a loan amount you cannot afford, most lenders would reject your application. This will result in you losing your processing fee and even cause your credit score to drop. 3. To know the loan amount you can afford. So if the EMI amount is too high, you cannot afford to borrow that much. However, if you keep reducing the loan amount until the EMI provided is within your financial reach, you will arrive at a loan amount you can borrow keeping in mind your financial abilities at the moment.

4. Using an EMI calculator aids faster approvals. If, after using an online calculator, you still apply for a home loan it could mean one of two things; the first being that you can afford the EMIs and the second being that you’ve adjusted the loan amount until the EMI amount provided was within your financial reach. Either way, it means you are applying within your mean and seeing this, most lenders should approve your loan quickly. So there you have it, 4 important reasons why you should use an EMI Calculator. Besides for the above reasons, these calculators save immense amounts of your time and energy; the best part is that they are also free to use and will provide you near-accurate results without any cost!

Good luck and all the best!

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Want to know your monthly installment? Check the details on home loan EMI Calculators.

With leading banks and private finance companies reducing the interest rates home loans are quite affordable for most individuals who plan to buy a house. They are available with lower interest rates that range between 8.50 to 9.50% with a nominal processing fee of around 1-2% on your principal amount. Therefore, more and more Indians are eye-upon the exciting deals and purchasing or constructing their own abode.

Home loans are by any chance better option compared to traditional finances and personal loans. They offer flexibility in interest rates, tenure, repayment modes. However, since this loan has a huge amount often it becomes tedious to calculate the eligible amount, what would be your EMI, the processing fee, etc. The manual calculation seems to be an exhaustive job. To ease the process and understand loans in a simpler way most companies and banks have introduced home loan EMI calculators on their website that will give an exact overview of how your loan will look like.

Home loan EMI calculator enables you to understand the monthly amount you have to pay to the lending institute on a specific date of every month. EMI stands for an equated monthly installment that you have to pay every month to the lenders. When you visit the calculator page of any website you are rest assured that your couple of question would be addressed quite easily such as: What would be your monthly EMI for your housing loan, how much an individual can afford to borrow as per his or her risk appetite, how much they are eligible for, what is the maximum repayment tenure, what would be the interest rate and processing fee.

Home loan EMI calculators are available on the company's website and you can avail the service for free. You can visit the page and simply enter the amount you wish to avail towards the home loan, the interest rates you can afford to pay and tenure for you which you will need to make repayments. You will get a complete table array that will display your exact principal, interest rate applied and your monthly installment payment. You can set the start date of your monthly payment schedule.

Home loan EMI calculator gives you an insight into the future where you can afford to make complete EMI payments of the loan or not. It gives you can estimate value you have to save every month. It helps you stay prepared for future payments. Earlier you had to sit with financial experts and make bills of income expenditure and then calculate emi which would have a chance of manual errors. One slight mistake would barge the whole EMI calculation. Besides, the process was very much tedious and time-consuming.

But Home loan EMI Calculator is helping to ease the pain and confusions. All you have to do is insert the values correctly and save a lot of time. They give you complete insight into the EMIs you have to pay and you can plan your month finances accordingly. So, no more confusion and tension of EMI just visit calculator page and get easy options for home loan installment calculations, now!