Should You Rent or Buy a house?

Even though most of us consider buying a house as the ultimate dream, there are many who may not be happy being home owners. Since for most of us an owned house means a huge financial asset, it does make sense to be educated, informed and more prepared instead of making a mere emotional decision.

Keeping that in mind, let us consider and review important considerations that can decide whether owning a home is best for you?

Emotional considerations

Do you have the right reasons for owning a home or you are doing so just to keep up with the society? Does the idea inspire and motivate you or there is some other emotional reason? Do you think you are ready and prepared to own a home and the responsibilities that come with it? Consider if owing a house will make you feel better about yourself or self-satisfied?

Financial considerations

Everyone, especially first time home owners rely on home loan to afford their dream house. In order to do so, one must check their credit report and address any alarming issues which may have a negative impact on your purchase. You can do that yourself or take professional assistance. You can also opt for online home loan eligibility check to see how much loan can you secure. In addition to that, you must have enough savings to pay for the down payment as well as some extra for emergencies. It is also important to possess job security so that you are comfortable going ahead with home loan and have no difficulty in paying back. 

Who might want to continue to rent? 

While this may come as a surprise to many, but owning is not meant for everyone. There are a plethora of reasons for the same. Of course your comfort zone and economic status are important deciding factors too. But will the responsibilities that come with owing a house make you stressed? Would you rather have your landlord remain responsible? Are you planning to relocate in near future? If you are, renting may be a more viable option for you.

Owing a home is great as long as you are emotionally and financially prepared for the same. So, it is important that you proceed with this important decision with your eyes wide open.

Source: https://www.freeprnow.com/pr/should-you-rent-or-buy-a-house

New buyers guide to Home Loans

Are you planning to buy a home loan for the first time? Here is a handy guide to solve your queries and give you a peace of mind.

The basic guide:

Fill up the application:

Just like any other loan, this is the first thing that you need to do. Your chosen lender will help you with the process and you will be needed to complete the application form in order to be legally verified for the home loan.

Opt for pre-approved loan:

Before stepping into the core integrities of a loan, a pre-approved home loan weighs up your eligibility. While it does not consider the legitimacy of the property you are purchasing but it does make it easier to apply for a loan once you know how much you are eligible for and you can enjoy the benefit of home loan on cheapest emi. 

Dispensation:

Once your property is evaluated and the current market price is determined, your lender will verify all the documents and process your home loan.

Approval:

The credit department of the concerned bank will now check your credit history and previous ongoing loans. As per your credentials your lender will approve and sanction the loan amount.

Foreclosure:

In case you wish to pre-close, the finance expert will ensure that your property documents are secured from other parties who may claim the possession of the property any time in the future.

Documents required for the loan:

Duly signed application form

Proof of residence

Proof of age

Bank statement of the last six months

Salary slips of last six months

Document processing fee

Proof of ITR

Academic and business certificates

A valid balance sheet in case of business

Is your property approved by the bank?

It is important to note that all the floors and towers of your project may not be approved by the banks. Hence, it makes sense to check the status of the specific flat you are buying before you go ahead and invest.

How to choose the best bank for home loan?

This is indeed one of the most crucial step when it comes to getting a home loan serviced. So, before you blindly trust any financial institution, do go through their customer ratings and reviews. This will give you a clear picture and a genuine feedback. Many banks also offer door to door service and if you are busy with hardly any time to visit the lender’s office, these banks will be a great aid.

Lastly, do remember to compare offers on processing fee as well as interest rates before you go ahead and make the choice.

INRCredit offers specialised home loans as well as loan against property in Lal Dora and loan against property without ITR. If you are looking for home loans of any kind, you can get in touch with us and take the process further.

Source: https://www.freeprnow.com/pr/new-buyers-guide-to-home-loans

Ways to Increase Your Chance of Getting a Home Loan Approval

Rising rate of interest for home loans has indeed affected the eligibility of a lot of borrowers. Since the eligibility is related to rising interest rates, this leads to a lot of stiffness when it comes to home loan eligibility. Here are five ways in which you can increase your chances of getting a home loan approved:

Increase the term of your loan

Choosing a longer term for loan enhances your loan eligibility. This is because as you increase the tenure, your EMI amount decreases and this increases your ability to pay.

Repay your other outstanding loans.

Any other unpaid loans like personal loans or car loan may also adversely affect your loan eligibility. The lender uses online home loan eligilbility check and considers all of your ongoing loans when computing your eligibility. 

Pool the family's incomes. 

Another wonderful way to increase your chances of getting a home loan approved is to pool your family income together. You can make your spouse a co-applicant and based on that you can be eligible for a higher loan.

Step-up your loan.

A step up loan is another great way where in you pay a lesser EMI in the beginning years and enhance the same during the remaining tenure assuming your income and repaying capacity will also get better in the coming years. This is a popular repayment method for DDA home loans in Dwarka.

Include all sources of income.

When calculating your income, you must also consider all sources of your income including your commissions, perks based on your performance as well as incentives. This will also enhance your loan eligibility.

Alternatively, one can also apply for loan against property in case you are planning to multiply your real estate. This way you get to enjoy a better eligibility and lower rates of interest. You can know further by using a loan against property eligibility calculator.

Source:https://www.freeprnow.com/pr/ways-to-increase-your-chance-of-getting-a-home-loan-approval

How an online loan calculator with taxes can help?

If you are planning to buy a new house, the first thing you may want to know is how much it will cost you and whether you can actually afford it or not. Failing to do so may lead you to regret the same big time in future. So, how can you do all the complicated calculations? Well, you can use an online home loan calculator to find out eligible home loan for salaried person. The calculator can calculate everything you may need to know like principal amount, taxes, interest rate etc. 

An online calculator for home loan is a very accurate and useful tool for not just the borrower but also the realtor as they can enter the needed information and get the desired results. When you get a loan, you will have to pay the monthly instalments to the lender which will last for a long time.

An online home loan calculator is a very nifty and useful tool for both the borrower and the realtor in order for them to be able to enter the needed information and mix and match to get the results they want. When you get a mortgage, of course you will need to pay its monthly payments to the lender which can last for several years. The calculations are hence much more complicated than you can think of and the interests’ rates may also vary as per individual situations. For instance, a housing loan without itr will have different rate of interest and payment terms and so will be the case of loan against property without itr. 

For incorporating required taxes and insurance into one payment, you may need the help of a reliable calculator. It helps you to exactly know the kind of payments you will have to make all throughout the loan tenure and whether you will be able to pay them or not.

Since doing all these calculations is a very time consuming and tedious process, a home loan calculator can really speed up the process and that is what makes it such a useful tool. We can change all the information entered and get different results. This lets you try out different combinations and work out what best for you. Doing this manually is an unimaginable process.

An online calculator for home loan is also an efficient tool if you want to refinance your house. It helps you find out how much you can save on your monthly payments; all you need to do is input the amount of loans with preferred loan rates which will help you know if the saving will be worth the money.

Source:https://www.freeprnow.com/pr/how-an-online-loan-calculator-with-taxes-can-help

Use A Home Loan Calculator To Good results

Mortgage loan refinancing is a common and upcoming practice these days. it basically allows people to save a lot of money that is otherwise wasted on mortgage loans by extending their home loan to get renovations done instead of taking an entirely different loan to cover up these expenses. People often get themselves into financial troubles by extending their loans to a huge amount. This is where a home loan calculator on salary basis comes in handy. 

It can easily be used to break down a loan amount so that people can see how the extension will affect their schedule of repayment as well as the final amount. It also shows the monthly payment and some even go to the extent of showing the salary to loan ratio. This basically gives you an idea of what you can expect on a monthly basis so that you can decide accordingly and plan your budget.

One can now find an online loan calculator online that is free, reliable and easy to use. One can enter the information required in the fields given, like the amount you would like to extend, your net monthly salary.

Before the era of internet, people who were often considering a loan extension were required to visit the relevant bank to check their eligibility. Now, the times have changed and all you need to do is get on the internet and find a suitable home loan eligibility calculator on salary basis.

It also helps you check the difference amount every month in your home loan. A small overpayment, as small as fifty rupees in a month can have immense consequences. By checking your eligibility and other details you can cut off a lot of time from your home loan repayment and save a lot of money in the interest charges.

An online home loan calculator is a fruitful invention and has made the life of many home owners easy. Now you don’t need to visit a bank and find out if you can get an extension or not and what it would cost you every month. It is also an ideal option for new home buyers to find out their potential budget for buying a new home.

Source:https://www.freeprnow.com/pr/use-a-home-loan-calculator-to-good-results