Buying your own home is one of the most crucial financial decisions you will ever take. As a property purchaser, you are most likely to avail a home loan. You don’t want... Read more »
Buying one’s own house is many people’s dream. After all, buying a house is perhaps the costliest and therefore, the most important decision one can make in his/her life. There will or... Read more »
Major lenders like HDFC, PNB Housing Finance have raised their home loan ratios by up to 20 basis points (bps) and 25 bps respectively. This move has made home loan rates more... Read more »
SBI home loan interest rate has been increased by 5 basis points recently. This is due to the increased marginal cost of funds-based lending rates (MCLR) by up to 25 basis points... Read more »
While owning a house is a dream of most of us, not everyone is fortunate enough to have sufficient funds to buy it. Those who can’t arrange enough funds, rely on home loans... Read more »
If you are a Home loan borrower or planning to take one then this article may be a great help for you. Buying a house is a dream of lakhs of people... Read more »
Apart from daily banking activities, today bank have started selling other financial products like ULIP’s or insurance policies. It is been observed that banks are trying all kind of fair and unfair... Read more »
State Bank of India (SBI), India’s no. 1 lender is now working hard to increase there market share in the home loan segment. To attract new home loan customers, SBI is now... Read more »
Many times we need to buy a home but we don’t have enough money to pay the full amount of the housing property by your own. So to bridge the gap one... Read more »
State Bank of India (SBI) has decided to offer a facility to their existing home loan customers where they can switch to lower interest rate i.e current interest rate. SBI introduced this... Read more »
When we talk about switching existing home loan from one bank to another, ‘What is the very first thing which comes to your mind?’. In most cases, that one thing which makes... Read more »
Reserve Bank of India (RBI) have notified banks not to include the cost of stamp duty, registration charges and other charges while calculating the value of a property for granting home loan.... Read more »
There were two friends, Sunny and Bunny. They always cherished to have a house of their own; however in such times for a single earner it is indeed difficult to build a... Read more »
BPTP has tied up with HDFC bank to offer very attractive finance deals to their customers for their new purchases of houses. This deal is offering home loans at 5.99% p.a, but... Read more »
After the news of waiving prepayment penalty by housing finance companies now banks have also started to in line with housing finance companies. Some of the banks have already waived off the... Read more »
In simple terms, a home loan is the kind of loan that assists the borrower to buy a primary or investment residence.
In a home loan, the borrower transfer’s the purchased property’s title to the lender until such time where the home loan is entirely paid off, and other terms and conditions have been met. The interest levied on the home loan can be fixed interest rate or floating interest rate. You can pay back the home loan in equal monthly instalments (EMIs) which comprise both of your principal amount and the interest amount. In case of a home loan, the purchased property acts as a collateral.
Hence a home loan is a secured loan available at moderately low-interest rates. This loan is usually availed for a long-term and can be availed for a period of 30 years. The longer the loan tenure, the lower is the EMI.