Co-borrower, co-owner and co-applicant are the terms that some people use interchangeably. However, each of these terms has its associated legalities and financial obligations related to home loans. Therefore, you must know what these terms mean and how they are different. Co-applicant is a person who applies for a home loan along with the principal…
To purchase your dream home, you will need to make a substantial financial investment. If you do not have the funds available, getting a home loan is the best option. A home loan provides you with the necessary funds and gives you a longer tenure to repay the amount. However, getting a home loan has…
Closing your Home Loan? Ensure below Checklist: Collection of all original documents Obtaining The “No Dues” Certificate Removal of Lien on the Property Obtaining the Updated Non-Encumbrance Certificate Credit Score Updation Obtaining Bank Statements Related to Loan Repayment Collecting all the post-dated cheques There is nothing more overwhelming than paying your entire home loan and…
As per the survey conducted by the Centre for Monitoring Indian Economy (CMIE), the second wave of covid-19 has rendered almost 1 crore Indians jobless. Mahesh Vyas, chief executive, CMIE, further said that nearly 97% of households had witnessed a decline in their income since the beginning of the pandemic last year. The condition is…
While applying for a loan, the bank assesses the borrower’s creditworthiness. This is done to ensure if the applicant would be able to repay the loan. A debt-to-income ratio or DTI ratio is one factor used by banks to determine whether or not to lend the loan to an applicant. To know more about the…
What are the Consequences of Missing a Home Loan EMI? Drop-in Credit Score Late Payment Penalties Low Chances for Balance Transfer Label of Non-Performing Asset (NPA) A home loan allows you to finance your dream home quickly. However, due to its enormous size and long tenure (usually up to 30 years), keeping up with regular…
In the past few years, we have seen that our government has taken some major steps to put an end to the black money dealings. Various measures, such as the Income Disclosure Scheme, the Black Money Act and Demonetization, have been taken to put a halt to the black money market. In this context, the…
Home Loan Process A home loan process broadly involves three steps – application, sanction and disbursal. The first step is quite straightforward; it requires the applicant to submit the home loan application form to a lender along with the required list of documents. The next two steps of a housing loan process i.e. sanction and…
Loan-to-Value (LTV) Ratio is one of the factors, based on which a lender sanctions a home loan. Since LTV Ratio is also a one of the determinants of your home loan eligibility, it becomes important for you to understand what it is and how it affects you as a borrower. Read further to delve deep…
Want to close your home loan early? Here 6 Smart ways To Close Your Home Loan Faster and Early.
