123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

5 Essential Facts You Must Know About Home Loans

By Author: Aishwarya Mahurkar
Total Articles: 291

Home loans, also referred to as housing loans if availed with the right understanding, ensure you the hassle free experience you are on a look out for. It is important to have the knowledge of the essential facts associated with house loans as it is not in the approval of the house loan alone where the good experience lies. Here are the 5 essential facts giving you an insight from the expert’s prospects.

You can negotiate the interest rates

Interest rate charges by the financial institution is based on the base rate declared by the Reserve Bank Of India and the margin rate added to the same by the financial institution in keeping with their cost of operations and profit margin. Whether fixed rate of interest or variable rate of interest, the financial institution has the capacity to offer you a rate of interest that is apt for you.

You must ask your financial adviser to prepare documents in a manner, the financial institution considers your points of negotiation and its validity.

You may opt for higher EMI over longer tenure, at the time of change in interest rate

The financial institution has to do a lot of paperwork and EMI recalculations when the interest rate changes in order to cater to their house loan clients. They thus offer you the option of availing the loan for a longer tenure while keeping your EMI same. You must speak with your advisor then or take a decision based on the number of years since you have been paying the EMI. If you have paid the EMI for more than half your loan tenure, then you must opt for a change in EMI rather than agreeing for a longer tenure period as you surely do not wish to pay the interest amount over and above the feasible amount. And if you are in your initial years of the loan tenure, then you may opt for longer tenure as you can then keep to your financial planning.

You can calculate your EMI as per your budget

You must use the online EMI calculator to decide on your housing loan EMI in keeping with your expenses and financial budget. It is convenient and simple to use.

You can sell your house for which you have taken home loan provided the buyer pays the amount in full

Yes, you may sell the house for which you have availed a housing loan. Ensure you consult the legal advisor for the required paperwork and to check the new buyers credit score and others as a safeguard. The buyer is to make the loan repayment in full prior to the change of name in the property deed paper. The new buyer may opt to avail a housing loan on the same property as well.

You can request for repayment charge to be waived off

You should request the financial institution to waive off the repayment charges giving them reasons such as your timely EMI payments and others.

What makes a loan experience less dreadful is the ease of availing it and having a post approval cordial relationship with the financial institution.

Conclusion: Avail house loan with clarity doing the needful and you shall not dread them.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the Best Home loan in India and the housing loan.

Total Views: 114Word Count: 563See All articles From Author

Investing / Finance Articles

1. Ways2capital : Commodity Market Of India
Author: Mahendra Rajput

2. Easy Ways To Minimize Trading Risk
Author: Anthony Gutridge

3. Ways2capital:- Demonetization: Stock Market Cheered!!!
Author: Mahendra Rajput

4. Check Your Car Loan Requiremets Right From The Comfort Of Your Smartphone
Author: Neha Sharma

5. Calculate Your Home Loan In Mere Seconds With The Loan App
Author: Neha Sharma

6. Looking For A Personal Loan? Download The Loan App Now
Author: Neha Sharma

7. Take A Look At How Loan Apps Work To Your Advantage!
Author: Neha Sharma

8. Calculate Your Loan Eligibility Through Your Smartphone!
Author: Neha Sharma

9. Your Smartphone Is The Key To Your Convenient Emi Repayment
Author: Neha Sharma

10. Online Loan Application: Enjoy A Stress Free Loan Application Through Your Smartphone
Author: Neha Sharma

11. Now Easily Track Your Loan Application Status Through Your Smartphone
Author: Neha Sharma

12. Did You Know That Your Smartphone Is The Best Way To Apply For A Loan?
Author: Neha Sharma

13. How Can Your Loan Application Process Be Made Easy?
Author: Neha Sharma

14. Banking Apps: Keeping Your Finances Safe
Author: Neha Sharma

15. Check Out These Features Of The Internet Banking App And How It Can Help You
Author: Neha Sharma

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: