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31 October 2011

Tips for Joint Home Loan for Couple Love Marriage Outside Religion

Getting married outside your caste and religion, love marriage, as love does not have eyes, in such cases people often have both caste religion rituals for marriage. The trend of love marriages have been the way today and with most couple working many prefer to go in for a registered court marriage. 
This is one of the simplest form and also with minimum expenses and with the registration the newly married couple can go ahead and use the savings for future expenses. When you are married according to your religious rituals then your marriage is registered in the catalogue of your head priest  whichever religion you may follow.
With marriage come dream of owning a new home and every couple wishes to shift into their new home as soon as they get married. 
What procedures can the newly wedded couple adopt for quick approval of their home loan?
As their marriage is registered they need not worry about marriage proof and they have this important document with them. Whenever they need a loan they can show their salary proof and avail a loan. For applying for a home loan it is advisable to go in for a joint home loan. here the chances of approval are increased and also your total salary amount will be increased collecting both your salaries. For any lender your repayment capacity is important and you get the advantage of increased total salary when you apply for a joint home loan.

Joint Home Loan After Marriage -Image by Rizwana Mundewadi

The trend of love marriages have been the way today and with most couple working many prefer to go in for a registered court marriage. This is one of the simplest form and also with minimum expenses and with the registration the newly married couple can go ahead and use the savings for future expenses. When you are married according to your religious rituals then your marriage is registered in the catalogue of your head priest.
With marriage come dream of owning a new home and every couple wishes to shift into their new home as soon as they get married. What procedures can they adopt for quick approval of their home loan?
As their marriage is registered they need not worry about marriage proof and they have this important document with them. Whenever they need a loan they can show their salary proof and avail a loan. For applying for a home loan it is advisable to go in for a joint home loan. Here the chances of approval are increased and also your total salary amount will be increased collecting both your salaries. For any lender your repayment capacity is important and you get the advantage of increased total salary when you apply for a joint home loan.
The registration certificate is enough proof for the lender to offer you joint home loan. You can cut down on extra expenses by delaying the honey moon and collect the total amount for down payment of your flat. Try to also accumulate all gifts in terms of cash payments as this will further add up to the amount you need for the down payment of your new flat. Commitment from both sides will help you in better achieving your goal of owning a new home faster.
When your marriage is as per terms of your religion you will need to register this in the court. This may take some time and how can you proceed with your loan application meanwhile? Many builders and lenders will be willing to go through your financial portfolio to understand your repayment capacity. Your marriage certificate from your local religious head will also be as proof of your marriage and this copy can also act as document proof of your marriage for application of joint home loan. Remember to select a house that you can afford and will be able to repay within the loan repayment tenure.
Applying for a very large loan which is questionable will delay your joint home loan approval and there are also chances of your application getting rejected. Be realistic and choose a home you can afford, that does not mean you under achieve, do dream big and all the best for your first home loan..

21 October 2011

Very Important Tips for Home Sellers - A Better Way to Sell Homes

A better way to sell homes. With lenders some tips to improve their lending customer base I have come up with a few practical suggestions. Looking at advertisements and offers during festival seasons everyone feels that this is the right time for purchasing a flat and along with the flat come home loans as we all know a small flat costs for nothing less than 20 to 25 lakhs and a bigger one would cross the limits of a crore. With Lodha builders advertising a 6 crore flat with latest amenities it is understood that people have the purchasing power and can get a home if they really want to.
People are hesitating to buy new homes and with few exceptions where money does not matter anyway they purchase for investment purposes, and need to divert their finance and what better way than in housing sector as this field has assured and guaranteed returns.
Majority of people applying for home loans are from the private sector and they may not have all the documents in place which leads them to search for those lenders who can offer them loans. It would be better if the lenders would simplify their loan procedures and also ease out the formalities to minimum. As it is every one understands the fact that you will get a loan only when you are eligible for that, which means you have the repayment capacity. Still when you discuss of home loans this topic is not universally acceptable and many people, have the picture of so much high interest and formalities and time taken for approval. Quick easy approval.
 Reduce Down Payment since this is the major hurdle for any home buyer. It is a common fact that homes are costlier and out of reach for many working people but the fact remains that people have the repayment capacity, they just can’t collect a large amount at a time. EMIs are fine but the first payment being large amounting to 20% of the total home coat is difficult for many and if these people find a way here suddenly there will be a major growth spurt in the housing finance sector.
Advertise for targeted audience only for some time and see the difference. Would it not be nice to see the Tata and many more in housing industry coming up with affordable housing. If you target the majority public you will get more coverage and definitely more borrowers who approach you.
Reduce interest rate. It may be difficult with the prime lending rate increased but still it can be managed. A home taken on loan will suddenly increase in the total amount so much that if at a glance you see the amount people repel from the thought of repayment of home loans and that too for such long tenures. This puts undue stress for many and also the fluctuating rates which again are like a borrower always sitting on a bomb, you never know when early morning  paper news on home loans will give you a shock and a jerk to your finances!

No misleading advertisements and no false promises just affordable housing. Sometimes I feel how much this world of advertising has grown, does it really matter to make misleading ads and give part information, can’t we put forward the truth, I am sure you may not get immediate roaring business but the truth will always prevail. You will get many customers quickly and of course happy customers. A better way to sell homes. Trust from the customers goes a long way!

Buy a Home like Ambanis!

Well not like but almost. The trend today is for purchasing a bigger home, and with that,  have increased your home loans along with your EMIs. With housing industry offering fully furnished flats also with latest amenities the buyers are spoilt for choice. There are homes that are fully furnished with modular kitchens along with security services 24 hours along with swimming pools, recreations parks, malls and theatres along with themed gardens. In fact there are special societies created for high class living where even the reception area looks like a reception area of a five star hotel, air conditioned and having attractive seating arrangement.
It is very affordable for today’s borrowers to buy a home with all amenities as developers are building such societies that have all facilities and amenities. With malls, schools and hospitals also in the society they are mini societies in development who do not require the outside world! Every one dreams of buying a flat in such an area and advertising and new constructions have created a demand for bigger homes.
Like some years back having a two bedroom hall kitchen flat was the biggest flat one would purchase, but today we have the separate children’s bedroom, play area for children, parent’s room, puja room, guest room, entertainment room and also the servant’s room. Bigger flats also have open terraces and kitchen garden facilities in the backyard. With both spouses working today there is a sudden increase in finances with the family and what was unaffordable few years back has now become the in thing and when people think of buying a first home it is understood that they will go in for  a bigger house and extend their limits further.
Here I am talking about life style which these developers are offering if you have the finances. You can get beautiful homes with so many amenities that you change your life style over night by staying in these societies. Do remember that only buying a house is not done and you have to keep paying the higher maintenance and also for ever increasing costs of the same. Everything comes with a price tag and nothing is free. The decision to buy a bigger home is good as property rates are increasing fast and you make even within a few years. We have seen properties purchased just few years back nearly double in five years time.
For a bigger flat you will need to go in for a larger home loan, which may not be a problem if both are working and you have your finances and investments in place. The only thing to remember is that you have to pay increased EMIs every month so calculate your finances with critical point of view. Be practical regarding your financial decisions as there is always an unknown factor and you have to keep aside some money for the unexpected. You can risk and also increase some amount of home loan keeping in mind your income growth over the years. Also keep a grace amount for market fluctuations in finance sectors like recently the Reserve Bank increased their prime lending rate and immediately the blow on home loan borrowers was felt by every one in terms of increased EMI amounts and increased loan repayment tenures.
People are opting for bigger homes as life style today is changing and what was luxury some years back is now a necessity. And of course you get a healthy and better living environment with some housing developers also promoting eco friendly homes. On the whole the concept of buying bigger homes is roaring and definately here to stay!

You Need Crores For Buying a House

Yes it is true and also not in very posh and upper end locality. Even the suburbs and out skirts there are properties and homes coming up with the budget range of a crore or more.
Just some years back we remember that houses cost in lakhs of rupees and people would get a very good house in about say 20 to 25 lakhs. But at present this budget is the beginning and starting level of housing development projects. From 15 to 20 lakh rupees for a house on the outskirts of the city or far away places with no roper infra structure the buyer sure needs to either increase their income or go rob a bank! Not literally.
Selection property within budget range has become an important task for new buyers. Especially the working category of class three employees like peons and ayahs and maushis, are all those people we need regularly and their services are irreplaceable. The Tata housing projects or the nano projects are the need of the hour. We really need many houses in this category of we want our dream of giving every citizen a roof over their head.  
Property redevelopment is another very important and promising option to increase the supply of houses. The owners of the buildings can go through legal procedures with proper guidance from lawyers and  enter contracts for redevelopment. Many people also get redevelopment housing loans approved for their society and with these they can build good homes out of their old dilapidated buildings.
Many places have rates that are a minimum of 4,000 to 5,000 per square foot which go on till 15,000 or more rate per square foot on the outskirts and suburbs of the city. With a two bedroom hall kitchen or larger house it is well understood how the rates of houses have increased. You either need a larger budget or you will have to compromise with the location of your house to be purchased. In the city homes are much much dearer costing more than a crore, even our favourite developers are helpless as the supply for houses is lower and the demand for purchase is higher. With so many projects developing and under construction it is important to see which projects have got government approval and clearance title documents.  
With one end buying home for investment,  what about the lower end of people. How do they purchase a house within their budget, will they get a housing loan, will they get a home loan on lower down payment, will they be able to dream of owning a home? Chawls and small budget homes are still dearer and with all the documents required is it really possible for every citizen to own a home , an important though to leave you with!

20 October 2011

Here is a Mantra that Helped Vijay Fulfil his Dream of Owning a home

Vijay a peon working since past 10 years and had saved some money and also has some investments. Though small amount this all did matter when he decided to get married. The decision to get married to a school lady helper was the right one, as he had already decided to get married to a working lady. Having a simple marriage and clubbing all gifts as cash he conquered the first fear every home loan borrow has, that is to collect the amount for down payment. With marriage began the  thought of owning a home as they lived in a joint family with his brothers and their family.
Living in a single room and kitchen was more of an adjustment but both were happy and positive with the arrangement. They all knew the limitations but this did not stop them from dreaming to one day buy their own home. People would comment on their family staying in such a small place and sometimes challenge them that a peon cannot afford a home in today’s times. Vijay and his wife were the silent type who would not react to such comments but inside deep within grew a dream and to accept this as a challenge and Vijay did dream of giving his children a new home of own.
Vijay being an intelligent and understanding person did take advice of his colleagues and employers regarding homes, rates and also home loans. His experience and reputation over the years had his employers in his favour and they also knew about his investments and financial position. Here he won the first step by collecting money for down payment. Since the employers knew him he was offered some amount without any interest as a personal loan. With this assurance began his journey of searching for a small home. He did his home work well. Malti on the other hand also discussed with her employers the same and got tips regarding homes, home purchase and home loans. This step was very necessary and their confiding with their employers did get them the support morally as well as financially from their respective employers.
He began enquiring about small area houses and availability of such homes, Rates of area per square foot and also total cost of home was in his agenda. His eligibility criteria had some plus points, permanent job, past record and his bank account. His total income and his wife’s income did make a good amount for taking a loan and with proper planning they felt that the dream of owning a home could be managed. With the advice of their company finance adviser they got hold of correct knowledge and documents required for applying for a home loan. A year went with all planning and enquiring and collecting information. His home loan was approved with the guarantee of his employers.
The most important and major decision was to choose from properties that were far away and finally they did select a property on outskirts of  city as the rates here were affordable. With 8 Lakh rupees gone in the flat they did not have any functions or celebrations for house warming except for the rituals of puja for their new home. Though his wife Malti was reluctant to take a home here but Vijay being practical understood that they can travel for few years in the beginning and since they have not though of going the family way soon they have also started saving more for the EMIs that  begin with  home loan. The house is one room and kitchen flat and though small you could see their eyes sparkle with the possession of their new home.
Dasheera was a lucky festival as they shifted to their new home and we pray and wish them good luck, may their new home give them loads of happiness and they repay their home loan sooner than expected!
Simplify paper work, twist and turn some eligibility criteria for offering home loans, and finally please reduce the down payment, lenders! help people achieve their dreams!

Special Targeted Home Loans

With rates of property going in crores one has no choice but to go in for a loan to purchase your first home. It is better when both the spouses are working as this gives additional income to the household and one income can be totally kept aside for repayment of the home loan. There is a vast range of difference between rates for area per square foot and also rates in every locality, which gives us a wide choice of houses according to our budget. It would be so nice to have home loans also in such a manner. Wouldn’t it save precious time and money going about searching for the right lender and then realizing that you do not fit their eligibility criteria?
The need of the hour is to have special targeted home loans. This would save so many hassles both for the lenders as well as the borrowers. You need not feel embarrassed when you enquire about a loan amount to an individual. I have seen people from the middle class segment still hesitate to enquire about home loans for a one bedroom hall kitchen flat! Many times online home loan calculators help to give you a first hand information regarding your eligibility criteria and also on filling some details you may get the total amount offered as home loan. Many housing finance institutions have separate sections for handling loans of different types. Each locality has moulded their rules according to public in that particular area and if they need the borrowers they do have to flaunt some rules and twist and turn them to make the customer fit into their eligibility criteria.
Each borrower is special and even if they are applying for a small amount of loan they are the people who add finance to the housing company in terms of interest. It would be good to have special targeted home loans that will advertise only the targeted segment of people. Now recently with the festival offers coming up the developers and housing finance companies are offering big bonuses on loans. They must advertise within a budget or a sector of public like loans for budget range of 25 lakhs or even less and they are sure to get a handful more of borrowers who are still hesitating to make the first move. I have seen many people still having that lost look when we discuss loans and finance with them but they do have the dream of owning a house.
With special targeted home loans people will be more receptive to the concept on loans and also since they will get to own a house of own they are sure to make quick decisions regarding purchasing a home within their budget and repayment capacity. Homes for middle class and home loans for middle class! Here is also a chunk of our society that still needs loans and of course they are the majority people who work hard and make both ends meet and they do have the repayment capacity but hesitate to make the decision. Challenging some one to buy a tyre and they get a caaaaar,  same with homes! if anyone question them if they can afford a room and they will buy a flat. Which leads me to my next post.

16 October 2011

Developers Offering Goodies for Selling Homes? The Hanging Booty in Home Loans?


Home loan rates today have gone up within few months from 8% to 12% and this is having a detrimental effect on all loan borrowers. People are beginning to think is there a way out? Many existing home loan borrowers are burdened with extra amounts added to their EMIs and also the loan tenure being extended till their retirement age.
Negotiate Save Money
Meanwhile the builders and developers are always on to something new. Right from fully furnished flats to free cars and even gold ornaments!  This time the trend beginning to tap the potential of our weakest point, benefits of children. The media creating hype about offerings of swimming pools, club houses and gymnasiums along with schools and hospitals and recreation centers, just for your children! All these amenities have been offered and going on for long and longer but the new way of presentation will work on the emotional aspect. Yes the developers now seem to tap the target group of working couples where there are nuclear families and the parents cannot spend enough time with their children. This they will cover up their emotional guilt by spending more money and buying a house with latest amenities so that their children are cared for and busy when the parents are away.
Now the majority home buyers are new couples or the families who are middle aged and looking for second homes as investments. It is a fact that many people can only buy a home by taking a home loan as the amount of each home is very high and loans for many also help in tax savings. Home loan lending agencies also offer goodies and some facilities for both fixed rate of interest or fluctuating rate of interest when lending money. Every financial housing institution has different concessions and benefits for home loan borrowers.

 The important tips for any borrower to look out for when choosing the best home loan is not what is mentioned everywhere in the media and advertising. Think money! Only only think of saving money! All the rest of the facilities and perks are always calculated by the home loan lenders according to their benefits. The home loan borrowers will present their loan lending plan in such a way that you will feel you are getting big bonuses, but the fact remains that the winner in the end is the lender as they get large profits in terms of high interest earned by lending.
So when you sit for negations and finalizing your home loan be prepared. You have to borrow a certain amount for which you have to pay interest. Find out the lowest interest rate offered by any housing finance company. Of course consider which loan lending company is willing to offer you loan first with your age and qualification and work history. Save money here.
Next when selecting fluctuating rate of interest on your home loan and getting lowest rate look at the home loan tenure as you may end up paying more in the long run. Get your loan on the lowest rate any way!
Reduce your down payment from 20% of the total amount of house. This would be a boon for any borrowers and in fact there will be a sudden spurt of increase in loan borrowers when the lenders reduce the down payment. Any housing finance company can go through the borrower’s financial position, age, qualifications, assets, credit card statements, past repayment history and loan repayment capacity along with working family members and they can offer loans even on a lower down payment. Try to negotiate here for reducing this amount in the beginning.
Try to extend your loan tenure to the maximum. You will buy time and later when you are in the position you can repay your loan earlier. This will save you precious money as interest that you would have to pay when you select a low repayment tenure plan which has high interest rate.
If your home loan lending institution is offering any perks and festival offers consider them in a critical manner. As most of the times it is just a media presentation and advertisement to divert your attention form the important facts. So do not select a home loan lender just for the offers go through the other aspects as well. But consider these perks as you have to borrow a loan any way!
Be an educated home loan borrower. Since a home loan is a major decision and involves lots of money and also for a very long time spend this much time for enquiring, weighing pros and cons and also information for the best home loan lending agencies. Find out where you can reduce money, Administrative costs also add up to a substantial amount and very often a home loan borrower does not consider this expense. Home loan closure is another aspect and find out the fees for loan pre closure and fix it at a small amount or no extra charges, this would be best to avoid any early closure charges. You can promise the bank that you will maintain a minimum term of repayment and later if you can afford will repay the home loan without any extra charges, except for the minimum administrative ones. Avoid the penalty for early closure. When looked at the first glance this amount does look smaller than your home loan but transfer charges, and other administrative costs are also an important part of your loan process and the fact that you can negotiate here also is rarely considered by anyone, negotiate any way!

13 October 2011

This Home Loan Approval is Confusing and Taking Time

For some people these entire bundles or heap of document seems like a maze and is totally confusing to maintain all this. Many housing finance companies and banks request borrowers to make a special file of all these documents to keep record of all the documents and papers required during the process of application and approval of your home loan. Since all this takes time it would be advisable to make a water proof file and keep your entire documents in place.
Select a big file and most times the bank will guide you about the size and quality of file required. It would be better to invest in a good quality file as remember all your important documents will go in here along with the original document of your home ownership after your home loan is approved. It is known that all lending companies would keep the original house document of ownership with them for the loan repayment period as this acts as a security for them for offering you the home loan amount for such a  long period.
One most important point here is to provide only those documents that have been mentioned in the eligibility criteria. What mostly happen that you unknowingly provide all the documents like all you other investments, other property owned and other assets to get you home loan approved quickly. But the opposite happens. When you provide certain documents the verification officer is bound to do more enquiries and you will have to go on submitting other proofs and documents for verifying your submitted documents. They are tied by rules so they have to do a thorough check. In he end you feel the officers are harassing you as this approval of loan is taking more time than the other loan applicants.
You are totally confused and lose hope from the home loan system. Hence it is best to go through the free reputed sites of reputed lenders and housing finance companies and get a true picture of what documents are required from you and use the online home loan calculators, and other calculators to get the loan amount as well as lending institutions for you with your eligibility criteria and then start with the final face to face talk regarding your home loan.

No Salary Slips Can I Apply for a Home Loan?

When we go through the eligibility calculators and home loan applications we find that the most important document required is a salary slips for the past few months. For any lender to approve your home loan they will need that you prove your monthly income and incoming money to assure the lender about your repayment capacity. What if you are self employed or take contracts and do not have salary slips. How will you prove your monthly salary without your salary slips?
There are many lenders who cater to people who are self employed or take private or government contacts and do not have the required documents in place. Here it is a fact that the lenders do understand that you earn a good figure but they are tied by rules and cannot accept your home loan application. You can get your agreement papers about the contract and here your past contract papers and completed assignments can be of help. Even if you are new in a company the bank will require at least income proof of past three months or more. Your bank statements and bank accounts will be considered as proof.
In case you are employed in a small company or private company that gives you income in form of cash then you can request for a letter from your employer regarding the applying for as home loan. Your employer may give you a hand written slip which is not valid for application of home loan. Here consider your bank statements fro the past years and if they show a regular monthly incoming deposit then this can be considered as salary proof. If you have been on job regularly and have a good history of work then also this can be sued for your benefit to get your home loan approved.
Your qualification will also be of importance as the lenders will see how much you will be able to earn monthly and whether you w ill be able repay the EMI amounts. Go in for a realistic home purchase and apply for a realistic amount as loan, and it will get approved. And remember having no salary slips does not in any way hinder your loan application and approval and there are finance companies willing to offer  loans for this category of people at the same low interest rate  as others.

How to Get my Home Loan Approved Without Income Proof

Income proof is one of the most important documents and factors to get your home loan approved. Any lender will ask for this important document to understand your incoming money monthly and also your repayment capacity. What if you cannot prove your monthly income? This usually happens with the self employed or people who may take contracts. For such dealing there is no income proof as all this is done in cash. How can you go about getting a home loan in such conditions?
Your bank accounts will be big help here as your financial deposits assets and saving can be shown to the lenders. Your credit card is another trump card for you in such cases as your credit history and credit card rating is a sure shot to get your home loan approved. If you take contracts and pay your employees in cash then there will also not be any salary slips for this. Remember banks and lenders do not approve of hand written paper salary slips. You need to have a computer generated and signed salary slip. Here your bank accountant can give a letter, who takes care of your financial dealing in your business or any private chartered accountant can help. Any reputed and experienced chartered accountant can sign a verification document and approve of your income and expenditure by providing your income tax statements.
There are many lenders who are willing to offer loans without your income proof provided you can prove ownership of asset in form of property, car, investments like shares, gold, fixed deposits and insurance policies. You can also hire a financial consultant or a total solution finance company services who can help you to assess your financial capacity and position and then come up to a chalked out plan for getting your home loan approved. Remember if you have the dream of owning a home and repayment capacity you will get a home loan. Where there is a will there is a way.

Why my Home Loan Approval is Taking So Much Time?

Internet has made people very impatient and I have seen people are so much used to fast life by the advancement in technology that they do not even have patience for the right time to happen. This is also one of the causes that people are often terming some financial housing institutions as having very tedious procedures of home loan approval. They go in for banks that offer home loans soon and without any documents.
Why Home Loan Approval is Taking Time
It can be well understood that all this procedures and applications and documents is a sure burden in the beginning and is definitely a tedious process to collect all these papers together and then apply for an loan application. Some people are blank faced as they, may excel in their professional fields but are unaware of all these financial matters. It is easy to get confused, tired and also lose hope of applying for a home loan.
Here a way out would be to first use online home loan calculators. Also try and find out which bank or housing company would be able to offer you a home loan. Try to see the eligible for home loan criteria on an online calculator. Find out if you fit and in which financial lending institution would be willing to offer you a loan. Also try to see which documents you are able to provide without much hassles. Enquire from online finance calculator about different banks and private lenders who are there in the market to provide home loans and at what interest rate they are offering loans.
After all this advance preparations finally contact a bank or their representative. Private lenders will get back to you sooner and as earlier thought that they give in loans at a higher interest rate is not so true nowadays. Even private lenders are willing to compromise and negotiate on loans as they wish to get good borrowers who have the repayment capacity.
Even after applying for a loan remember that all these procedures are not quick like you get a small personal loan in 24 hours! Home loan amounts are larger and so it will take some time. months maybe to enquire, apply and get your home loan approved. Be prepared for the time taken for all these procedures from the time you begin the enquiring till the beginning of EMIs which will begin the journey of repayments.
But the satisfaction of having a roof above your head, it’s all worth it!

My Home Loan Application Rejected, Should I Stop Dreaming to Purchase a Home?

Some times your home loan application may be rejected at the first time of application which makes you feel low and demoralises you to move ahead for buying your dream home. Your family may be sad and all of you feel that you are low on income and it is not possible for you to go ahead and apply again for another loan, you feel the same will happen and again of you face rejection there will again be a negative experience for the whole family. Do I stop dreaming of owning a home?
No, it is just possible that you are going to the wrong people. Try to find out lenders who would like to offer you loan and not the other way. Always remember lenders are waiting to offer loans at any terms and conditions. There are many financial housing companies and banks that are willing to offer no document loans, low income home loans and even no verification and no salary slips home loans. You just have to find the right lender.
Every financial housing company has different rules for approval of home loan and if your application has been rejected by one that does not mean you will not get a home loan from any housing finance company. There are many companies who would be happy to lend you with your terms and conditions. Identify such lenders and enquire from them regarding your home loan. You may also first assess your repayment capacity critically and justly. By this I mean only apply for the amount that can be paid back from your income and if you are earning a sum amount every month and you wish to apply for a very large loan there is every possibility that you cannot bluff anyone and your home loan application will be rejected. Apply for a realistic amount as loan. Try also to collect your assets which will be of great help to get your home loan approved be it property, gold, car or any other vehicle, paper gold or investments like fixed deposits, shares and bank accounts. Even heritage antiques and paintings can be used as assets if you can prove their value in terms of financial returns.
Go and start the process of enquiry again and do not lose hope, there is a lender for every borrower out there; you just have to find the right one!

12 October 2011

Why Home Purchase is Costlier Today


Property rates have been increasing steadily and people who have bought properties some years back are happy that their investment has doubled or tripled in the following years. As an investment option property is coming up as the best as there is no risk of loss with rates increasing at a fast and regular pace.

Invest in Property
Why home rates are shooting up is a big story. With all the construction materials becoming expensive this is not the only reason for shooting rates of property. The most important point here is that government has increased the time for approval of many projects. With so much demand for new homes the supply part is slowly progressing. Even though we see many properties coming up and with every new day there are a wider range of budget homes, in reality the home seeker is still under  tight spot. There are still few properties which come in the budget range for the middle class man. Also the down payment is a larger figure which many middle class families cannot come up with. Hence the decision of purchasing a first home gets delayed for later. There is again no later as people have waited and waited for property prices to fall or stabilise but the picture is not changing. In fact now the developers and builders have increased the rates of offering homes putting all the blame on the government time consuming procedures of approval of projects.
According to many developers the procedures of approvals of housing projects is tasking time and hence due to high demand and low supply the buyers have the face the high rates for buying homes. Putting forward the many advantages of properties available and also at various festive offers along with attractive interest rates on home loans the buyer still has to pay a higher amount to go in for purchasing a home. Homes which would cost in lakhs have now moved to crores and with the administrative costs also increasing who is at advantage the buyer or the sellers? or the ones making housing development and housing finance rules!

Biggest Offer on Booking a Home at Property Exhibition

There are many exhibitions regularly and people go out in search of the right property and home for themselves or for investment options within their budget. With the biggest advantage of getting so many choices within their location limits and budget there is also another bigger advantage, that of getting a legally approved place.
With the example of the MCHI expo that is over the festive weekend now at the MMRDA grounds Bandra Kurla Complex  there are many such exhibitions that are conducted in various locations but this is the biggest and has more than 15,000 properties under one roof. With property ranging from lakhs to crores you definitely need the right guidance and it is advisable to first go through the many properties which are within your budget.
Only approved and cleared properties and housing projects are selected for display here and this is the biggest advantage for home seekers as they do not face the risk of investing in a wrong choice where the construction is stuck up or there is a stay order on the construction due to legal title clearance problems. Searching for a home is a tedious task and also very tiring if you go up and down the suburbs from eats to west. With the many properties and big reputed builders involve din such exhibitions the home buyers get the right choice. There are also more than 15 financial loan lending companies who are willing to offer on spot home loans to borrowers. In fact here are many construction projects and housing projects where they advertise the customers to come with some required documents for getting quick home loan approval and also get attractive offers and concessions on the ‘on the spot’ booking of a flat.
There are many who wait for such property exhibitions and for some it may be the decision time as they may be scared to take the big decision of first home purchase. For such people who are thinking and discussing the buying of home many times but are afraid to take the decision, they now have to take the final plunge and make the decision of selecting their property and sign on the dotted line!

08 October 2011

The Best Second Home Investment Projects for Senior People

With increased property rates people are opting for going in land for investment. There are many second home options available and the best offers do come up during festival seasons with attractive offers on ‘on the spot bookings’.

With the MCHI expo going on with lots of customers and home seekers who are there to make the most important decision , that is to buy their first home or a second home. Many retired and senior people also get a good opportunity with property exhibitions as they get many options fo0r second homes under one roof. Spending some few hours and making the rounds they get to understand which properties are available and what second home options they have within their budget.
Senior people have their investments and finances in place and often also have a settled life. They already own a home or properties and other assets which makes it easy for developers and home loan lenders to approve the loans for senior citizens sooner than other people. Many people opt for bungalows and villas also but usually properties in the outskirts are preferred due to their open and fresh environment which are the preferred locations for second homes among senior people.
Best Eco Friendly Homes
One of the important points to consider before making this decision in investing for property on outskirts is to take care of the legal procedures. Please see that the plot where the property is constructed in approved as NA. This means non-agricultural land. This is very important as government policy does not approve and permit construction of residential homes on agricultural land. If you decide to purchase any such land as agricultural land then you must hire a good legal manager who can guide you with the property rules and transfer rules.
Which again leads us to property exhibitions especially approved ones like the MCHI expo where in only those properties are allowed to present who are approved by the housing development rules and also who are within the permissible frame work. Here the customer can be assured of all the developers and builders following certain code of ethics and there are less chances of you making a wrong decision. Also you can get good and attractive concessions taking advantage of the festive offers.

Over 15,000 Housing Properties Under One Roof

The MCHI property Expo 2011 kicked off with lots of grandeur and with the Dasheera and upcoming Diwali home seekers are queued up to make the most awaited purchase of their dream home. What are the reasons and advantages of such Expo and property exhibitions for home buyers on a home loan?
With code of ethics followed by regulatory committee of the MCHI the customer is assured of the rules and documents in place and can make the decision of going ahead in purchasing a property for staying or for investing purposes. Let us first consider what advantages are for the builder community. The biggest advantage for builders is that they get the major chunk of customers under one roof. Here there are buyers and people do not come just to loiter around unlike malls and other exhibitions where impulsive purchases are done. Here there are serious buyers and who already have made the decision t purchase a home or property and need the final green signal. So it becomes very easy for the developers and builders to present all their upcoming and ongoing construction and building projects to the right people.
For the buyers they are saved the hassle of going in search of properties according to their budget and location. The biggest advantage of such property exhibitions is that borrowers of home loans get concessions on interest rates as well as other administrative expenses and also get good offers on ‘on the spot’ purchases and decisions.
You can be clear about your goals and such expo’s help you to define your goals. Some people are out to buy their first property and home whereas there are other who are looking for an investment option. Some people have needs for a smaller flat whereas some are going in search of villas. Whatever your needs the MCHI property Expo 2011 has come up with guidelines and any home seeker can choose the best offer from the many choices of properties and plots available.

05 October 2011

Low Document Mortgage Loan Approval

Documents seem to be confusing and time consuming. Ask any home loan borrower and they will have the confused look regarding the documents required and collecting of all these together. With this if you do not have a regular salary proof and salary slip, that is if your are self employed or working part time or new and get salary in cash then it is more confusing to prove your self for applying for a home loan.
Mortgage loans are easily approved if you can prove your assets and bank statements along with your income tax returns and this is considered sufficient proof to get your home loan approved. Since these loans are a higher risk for lending institutions they will be critical in approval of such loans. Such low document home loans may come at a higher rate of interest though this is not a rule and you may get lenders who are also willing to offer loans at the same low rate of interest.
The property you are mortgaging must be of a higher value and also have adequate insurance cover. Usually many lenders to be on safe side will approve a loan amount of 60% if you do not have all documents in place. But there are special lenders and private agents who can get you quick loan approval from housing finance companies. But try this at your own risk as private lenders though offer larger amounts as loans without any documents they will also have no rules in case of default in repayments and delayed payments of EMIs.
Sometimes when you have fewer documents then the lenders may also offer you loans at a higher rate of interest and for a smaller repayment period. They may also consider having a higher deposit amount 20% of the purchasing amount before approval of your loan. Apply for a reasonable loan amount according to your monthly income if you wish to get it approved easily. Not more than 80% will be approved and there are some finance companies who also allow loans of more than 95% in special cases strong financial backgrounds of borrowers.

Should I Discuss My Home Loan with my Fiancé?

Discuss Home Loan with Fiance'
This question is arising in many minds and people often go about selecting matches on matrimonial sites. There are many matrimonial websites which can match and provide right grooms and brides contacts online. With the marriage season picking up with Daseera and coming near Diwali and other festivals many people are coinciding their marriages during this festive period. You are also bound to get good attractive home loans offers during this festive season. You as a groom and your family may also take some offer in case you wish to buy a new home to shift after marriage. Even the bride may have an ongoing home loan that has been taken previous to marriage considerations and is already paying EMIs for the same. Should you discuss about your home loan to your fiancé?
Discuss your Home Loan with your Fiance
Yes definitely. A home loan is a major decision which will take the chunk of your salary. If you are a groom and are discussing marriage and have finalized a proposal it would be right to discuss financial matters like home loans to avoid any misunderstandings and complications later. If your bride comes mentally prepared regarding your loan then the repayment tenure will pass easily. Also her family will be co-operative if they know that you are going in for purchasing a own flat for both of you. Thought the trend for dowry is a no no and an offense we all know that parents of the bride do offer gifts and furniture as is our Indian tradition. Here if they are aware of your position you can request them a cash gift instead of all these and help in your repayment of your home loan. By this commitment of home loan you can also go in for a simple marriage and keep aside the savings for repayments. The bride also needs to confide about her loan if she is purchasing the flat for the couple then all will be happy and in fact she will get a good match since the burden of purchasing a home for the new married couple will already been taken care of in the beginning of marriage.
But usually many times it is not so. People often avoid financial matters which lead to problems later on. Your salary will be divided and your commitments every month for repayment of your loans in form of EMI will affect both.  Try to inform the opposite party when you finalize your marriage and go with the decision together, it will be a happy journey trust me!

It Pays to Keep Periodic Checks on your Home Loan

Home loans as we know are a very long term decision and may involve at least 15 to 20 years. After you EMIs begin you are continued with a total amount for the EMI every month and this may go on for few beginning years. Many housing finance companies have kept a clause of change or subject to change in their home loans agreement and with this they can change some rules, EMI amounts and even time for repayment every month not only for new customers but also for existing home loan borrowers.
When you are a borrower of home loans it pays to keep a check on all yoru accounts and home loan documents. Always keep the record for every payment and eveyr EMI acknowledgement receipt in place. Fluctuating market trends and inflation times you never know when your existing home loan provider may change rules and you get a shock by seeing the raised EMI.
I know many times the amount may only change from a RS 500 to 1,000 but think long term and this slight increase in percentage of interest will make you pay heavy in the long term. With the Reserve Bank of India changing and increasing their interest rate for lending it is but natural for loan providers to increase their lending interest rates.

Periodic checks and being alert will help you to take a decision on the right time and your finances will not suffer long term. You may have the option to transfer your home loan to a better option with lowest interest rate and there are many lenders out there who are willing and happy to take over existing loans from borrowers of other housing finance companies. This is the market trend lenders need the borrowers as they have finances lying idle which can make money as interest on lending, and it is the borrowers who have the right to choice since they have the money!

02 October 2011

How Renovation Home Loans Can help for Repayment of EMI

Once your home loan begins every month you are supposed to pay your EMI amounts without fail. Though all the planning and financial stability there may come times when sometimes you may have to skip an EMI or some EMIs  or due to unexpected reasons fail to pay your EMI on time. Renovating your home will again be a major chunk to increase your expenses and believe me renovation usually goes off budget. Be it unexpected crises or sickness or long term chronic illness of parents or unexpected hospitalization which requires a large sum of money.
Consider various option to keep your home loan going on. Some people try to close off the loan and sell the property but if your case is of temporary crises then you can tide over this time with small other loans. Consider taking a small personal loan, gold loan which can be taken against your jewellery or paper gold , assets can be mortgaged to get another loan so consider all the options available within your financial limits. Renovation loans are also an easy way to get a smaller loan and use this for personal use. If you have a property of flat that can be mortgaged for a loan you can also apply for renovation loan and get it approved easily. The housing loan taken from your known bank or where you already have savings and permanent account of yourself and family members would consider guiding you in times of your crises.
Renovation loans do not require many documents and also does not take so much time as the amount is smaller compared to home loans. Always take only that which is necessary as loan because remember that you have to pay back this amount with interest. Renovating your home must be done keeping in mind your needs and requirements and life style and do not go in for what is going in fashion but hire a professional interior decorator who will consider your personal needs and budget before renovating your home. Better to give contract to a person who keeps the budget in consideration and also gives a contemporary look to your home.
Renovation loans can be used for various purposes and can be got easily but the interest rate with which these are got is high and there are no loans that can come as low in interest rate as home loans, and that too the reason for this is simple, the home loans amount is very large and for this the housing finance company will get a good amount as interest.

How Many Home Loan Quotes can I ask for?


First and foremost understand that enquiring about home loans is free. You can enquire to as many financial housing companies as possible for free. Get as many quotes for the amount, interest rate as well as available concessions and perks by many financial loan lending companies. There is no commitment or compulsion for you to apply to them only and you can select any housing finance company to apply for a home loan irrespective of the times you have searched for free quotes (but remember it is not a game and do not do it for fun as all your details will be registered and the site may lock your use as a case of abuse which will be a difficult situation when you truly apply for a loan).
There are many online websites of financial housing companies as well as banks who offer free quotes by using their online home loan calculators. Many people find this very easy and in the comforts of your home you can ask for as many home loan quotes from different financial institutions as possible and all this is free. With easy home loan calculators in a detached manner you can fill up some details and get the right amount as well as EMI amount in a jiffy.
There also may be some sites that may ask your details and account details which you must never confide. Please make it a rule never to confide about your personal financial details to any site on the web. The web being a good beneficial aspect there are also many sites that have been used to hack account details of customers and make fraud payments and remove your money.
Always go on reputed internet sites of reputed financial housing companies to get your free home loan quotes. You can also discuss with your friends and relatives about reputed banks and housing finance companies and their after services before making any decision.
Online home loan calculators will help you get the right quotes and also calculators on EMI and other costs will help you to understand the real picture regarding home loans and their other facts. Always discuss personally before finalizing any home loan deal face to face and then finalize your home loan to any financial housing company.