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Home loan in India

Aptus Value Housing Finance India Ltd is a Home Loan Company. Aptus has been formed to primarily address the housing finance needs of self employed, belonging to Low and Middle Income Families primarily from semi urban and rural markets. Despite the vibrant growth of the housing finance sector especially over the past few years, India still has one of the most severe housing shortages today. The majority of India’s population and especially the self employed business segment from semi urban areas lack access to housing finance. There is thus an urgent need to respond to the needs of these underserved, last mile customers.

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6 Ways to Manage Personal Finance.

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How to Apply for Home Loans in India

Building their own home is a dream that most Indians share. In fact, it is one of the most highly valued dreams too and rightly so. With real estate prices rising and falling constantly, along with changing interest rates and banking policies, home buyers need to be especially careful while financing their homes.

Home Loan India is pretty much a mandate today for engaging in a transaction that involves as much money as building or buying your own home. Here’s how the process of applying and disbursal of home loans work:

Home Loan Process:

Applying for a home loan:

By providing a formal application for a home loan, along with your personal details the bank will judge your eligibility for the loan that has been applied for. Click here to Understand Home Loan Eligibility. The bank will also require a whole set of documents including:

1.     ID Proof

2.     Address Proof

3.     Age proof

4.     Proof of educational/professional qualifications

5.     Employment details

6.     Bank statements

7.     Proof of income

8.     Pan Card

9.     Property details

Paying the loan processing fee:

For commencing and maintaining your home loan, banks charge a processing fee that usually amounts to somewhere between 0.25% to 0.50% of the entire loan.

Applicant scrutiny and verification:

This process involves the bank gauging the applicant’s ability to repay the amount that is being borrowed. This is based on the amount the applicant would like to borrow, as well as the value of assets that is in possession with the applicant. His/her regularity in the payment of previous loans that they were taken will also reflect on their eligibility.

After evaluation the bank will decide on the principle amount that they can grant as loan.

 Drafting Home Loan offer letter:

If the bank is satisfied on all counts regarding who you are and your ability to make payments, they will proceed to draft an offer letter. It will contain details of the loan, such as:

 1.     Sanctioned principle amount

2.     Interest rate charged

3.     Fixed or floating interest rate charged

4.     Loan tenure

5.     Method of repayment

6.     Terms and conditions

7.     Special schemes

 A signed acceptance copy is then provided to the bank if the applicant finds offers acceptable.

 Property verification:

Before disbursal of the loan, the bank will ask the legal documents pertaining to the asset in consideration to be turned over for inspection.

 Disbursal:

If all of the above mentioned processes have been cleared, then the Home Loan will finally be disbursed.

Every new business treats the customer as king. Hence, despite the long Home Loan processes that are usually involved in getting your own housing loans sanctioned, banks today go to great lengths to make sure that there is as little hassle for the customer as possible.

With the dawn of the internet age, the home loan application and disbursal processes are now being hosted online as well. This adds to the convenience factor to this process, which is previously considered long and harrowing, and plagued by constant red-tape.

  {Source: https://www.indiabullshomeloans.com/blog/how-to-apply-for-home-loans-in-india/}

[anikaroy]

5 Tips for Managing Home Loan Repayment

A home loan is different from all other types of financing. It is the longest financial commitment that borrowers make. The EMIs (equal monthly installments) of a home loan in India usually last for a decade and more, hence it is considered the largest monthly expenditure for a majority of people.

 When a borrower secures a home loan, he/ she might be all set to make timely repayments; however, there might be some dark days when doing so becomes difficult.

 To glide through such circumstances smoothly, you must know how to manage your home loan EMIs and interest so that your burden can be reduced. Here are some tips:

 1. Shift to MCLR Based Home Loan Interest Rate

 Earlier, banks and other lenders were blamed for ignoring existing borrowers when slashing interest rates on loans. Then, from April 1, 2016, Reserve Bank of India (RBI) applied Marginal Cost Based Lending Rate (MCLR) and made the banks to shift to MCLR based rates.

 Now, banks lend all the new loans on MCLR based interest rates, which makes existing borrowers (who took home loans before March 31, 2016) eligible to switch over to MCLR.

 MCLR reflects the changes in interest rate policy better than BPLR and base rate methods as it's mandatory for banks to review their MCLR rate every month in MCLR regime and reset interest rates of their existing borrowers (at least once in a year) and communicate the interest rate reset date to them at the time of disbursing loan.

 Due to these features, MCLR based rate is considered more transparent than previous interest rate setting systems. As a smart borrower, you should consider switching to MCLR as interest rates are declining currently. Doing this will help you gain benefit from any rate cuts in future, hence, resulting in a reduction in the EMI amount.

 2. Convert Your Home Loan to Lower Interest Rate

 NBFCs and HFCs are not included under the MCLR system by RBI. However, they offer a special feature to their existing borrowers to reduce the interest rate. For that, borrowers have to pay a conversion fee (which may go up to 1% of their outstanding principal).

 3. Consider Prepayment of Loan if You Can Afford

If you suddenly have enough money to prepay your outstanding loan, you can consider prepaying a part or entire outstanding home loan. Although lenders are barred from charging prepayment penalties on homes loans with floating rate, they can charge up to 2% prepayment penalty (of the outstanding due amount) on fixed rate home loan.

 Make sure you save higher interest cost than prepayment penalty. However, don't use your emergency funds, savings or investments which are generating a higher return than your home loan interest rate. Instead, opt for closing those deposits or securities which are generating a lower rate of returns.

 4. Increase EMIs

 If there is a significant rise in your monthly income due to increment, promotion or other reasons, you may opt for setting higher EMIs. Avoid paying\ EMIs beyond 40% of your net monthly income. By increasing your EMIs, you can save some interest cost in long run. Also, make sure you keep contributing to long-term investments.

 5. Opt for Balance Transfer

 Under home loan balance transfer option, borrowers can transfer their entire home loan balance amount to another lender. Doing this can help you get lower interest rate with better terms on a home loan. However, consider this option only if your existing lender doesn't offer a decrease in interest rate.

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