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Home loan might
appear to be appealing but it comes with pack of equated monthly installments
which is nothing more than a burden for its bearers. For the people who donâ€™t
know more about home loans, here you can learn about some of the important
factors that can help reduce your home loan burden and prove to be of great
Home Loan is the type of loan that falls in the secured loan category. It can help you fulfill your dream of buying a house at your preferred location. Today, as a buyer, you can apply home loan onlinethrough some of the most trusted online platforms like Antworks Money and more. Moreover, you can also take the advantage of home loan offers announced by various banks from time to time.
Your CIBIL score
plays a very important role and proves to be the deciding factor while availing
any kind of loan. Customers with good CIBIL score and credit history can
bargain and avail home loan at competitive interest rates and also gain the
benefit of waiver on processing fee subject to certain terms.
Home loan is a long
term loan with heavy EMI payable on monthly basis. Hence, it is strongly suggested
not to make haste while applying for it. One can take the advantage of online
platforms namely Antworks Money to compare the rate of interests on home loan
and home loan offers provided by the various banks. Lower interest rates help
in reducing the interest burden.
In addition to the above benefits, you can also save your precious time and
stress by applying home loan online. You can apply anytime as there is no time
restriction like bank branches operating only during the set office hours.
Thus, home loan is
a way by which you can fulfill your dream of buying a house, but you have to
work through the EMIs that have to be paid every month until the amount of the
house along with the interest is paid. EMIs take a huge chunk from your income.
However, you can make the home loan an added advantage after carefully
scripting the entire process.
Here is how you can do it easily:
Keep Yourself Updated About MCLR Rate
Earlier, the repo
rates used to fluctuate a lot. In the condition when RBI used to increase the
repo rates, the banks were first to take its advantage by administering it on
their customers who have already availed loans however, they were reluctant
enough to provide the benefit decreased repo rates to their borrowers.
RBI realized this
fact later on and so to make it transparent and decrease the unnecessary burden
of increased interest on customers, it came forth with the rate that was based
on the marginal cost of the funds of the bank. This rate was called as the MCLR
and it shows the marginal cost offered by the banks to its borrowers.
MCLR here stands
for Marginal Cost of Funds based Lending
MCLR works as standard rate for all its borrowers taking loan from the bank. In
easy words, it serves as the interest rate offered by the bank. No bank can go
to a rate below the lending MCLR rate.
The MCLR keeps on
changing frequently and that has to be reflected in the bankâ€™s loan lending
services as well. Every bank is compelled to do so and the change in MCLR is
also going to be reflected in any ongoing or floating loan of the company.
The change in the
MCLR is quite evident however, it also ensures that the borrower gets the
advantage of the fluctuating range of the MCLR and the interest rates are not
spread unevenly across the borrowers.
You can certainly take the advantage of MCLR by closely monitoring it.
A Good profile and
CIBIL Score for a Lower Interest Rate
Since a CIBIL score
plays a vital role in the financial market, a customer with a very good CIBIL
score and credit history can take its advantage. He or she can negotiate with
the lending banks and take the benefit of offers on home loans, enjoy waivers
on processing fee, and other benefits as a privilege customer.
Home loan is
entitled for the tax benefit. Under Section 80 C of the income Tax Act, principal
repayment on the availed home loan entitles you for a tax deduction benefit of
Rs. 1.5 lakh. Under Section 24 (b), you can enjoy additional benefit of Rs. 2
lakh on interest repayment. Above all, for the first time borrowers, a benefit
of Rs. 50,000 under section 80 EE is also facilitated.
The saved tax helps in the reducing your overall burden on EMI payable on the
availed home loan.
Thus, now you can
not only fulfill your lifetime dream of owning a home at your desired location
but also can save good amount of money by taking the advantage of the three key
factors discussed above.