Home loans are gaining popularity as a convenient way of funding property purchase. However, there are various home loan myths or misconceptions. To better understand home loans, one needs to dispel these myths and focus instead on facts. Some common myths about home loans are: MYTH 1 - LOW INTEREST RATES ARE ONLY CRITERIA Borrowers are immediately attracted to lenders which offer the...
The score is determined four key factors to your CIBIL score affects. By paying attention to this, will help keep your CIBIL score Protected from deteriorating. Paying Loan - If you pay late or unable to pay your EMI this will so it affects your score negatively. Credit MIX – By having a balanced mix of both, Secured and unsecured loans, your CIBIL scores is likely to have a positive...
How Much EMI I am eligible to pay, based on my Monthly income ? A general thumb rule to check how much EMI a person can afford as per the his monthly income. To get more Detail on your EMI Click on our EMI Calculator EMI Calculator **Note 1. If an individual have any kind of Loan, that EMI has to be deducted from the final amount. 2. Here other heads/sources of income has not been taken under...
Benefits of a home loan 1) Tax benefits: To encourage more and more people buy their own house, government of India provides tax deduction on the principal as well as interest paid on home loan. An individual is eligible to claim a deduction of up to Rs 1.5 lakh under Section 80C of Income Tax of India 1971 Act in a financial year. While a deduction of up to Rs 2 lakh is allowed on the interest portion...
Top 5 Tips: 1. Add Joint Applicant like Spouse or Any Blood relation 2. Increase Loan Tenure 3. Pay of other Loans or EMI’s 4. Decrease Other EMI’s 5. Add other incomes like Yearly Bond, Rent Income, Fixed Deposit...
List of Document Required for Home/Commercial Loan Identity proof of Applicant and Co applicant documents like PAN Card Photo Aadhar card Applicant and Co applicant previous 3 years income tax return file Certified by CA, including Profit and Loss statement and Balance sheet. Applicant and Co applicant 1 year banking Details (All Current and Saving...