A house is the dearest item most people ever buy. Thus it is only normal that mortgages or a house loan is taken when people buy houses. Borrowing for a home is a normal procedure for anyone who want to buy houses. However, not everybody is eligible for a bank loan. Many young couples may find themselves ineligible for certain bank loans or housing loans. The best place to borrow and the type of loan to get, depend on the person’s deposit, savings record and their income. Recently there is an increase in interest rates and my housing loan with HDB has definitely increase too. My monthly repayment loan amount to the HDB is also increased. This means that I have to pay more than usual to them. It is definitely a lot more to pay than usual!
It is important to consider the legal and borrowing costs involved in financing a home too. These may include things like mortgage duty, valuation fees, loan application fees, fees for the lender’s solicitor, mortgage protection, and registration fees.
Banks have traditionally been the main lenders for housing. However, nowadays there are various sources of housing finance or remortgages such as the banks, permanent building societies, finance companies, credit unions, co-operative building societies, and many others. Different companies have different policies, terms and conditions when applying for home loans or mortgages.
It is important to consider the legal and borrowing costs involved in financing a home too. These may include things like mortgage duty, valuation fees, loan application fees, fees for the lender’s solicitor, mortgage protection, and registration fees.
Banks have traditionally been the main lenders for housing. However, nowadays there are various sources of housing finance or remortgages such as the banks, permanent building societies, finance companies, credit unions, co-operative building societies, and many others. Different companies have different policies, terms and conditions when applying for home loans or mortgages.
1. Transfer your home-loan to a low interest provider: If Misha transfers her home loan to a lender who levies 10.5% interest instead of 11.75%, her loan tenure comes down drastically. If she maintains the same monthly EMI, the reduced interest brings the tenure down to 113 months from 124. The longer you spend repaying your loan, the more interest you have to pay—therefore, Misha will save approx. Rs.4 lakhs in interest.loan yantra
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