Why You Would Refinance Your Home Loan

Why you would refinance your home loan Most people refinance for one of the following reasons: · You want to modernize your home · You want to pay off debts earlier and cheaper by rolling them into your home loan · You want to get a cheaper interest rate, even if it means giving up a few loan features · You want to raise hard cash for an acquisition ·

You have money earning interest and you want a home loan that will apply that money to your loan - an "all-in-one" account · You are currently paying a high interest rate - for instance, if you arranged a low-start, rising-rate loan from your home builder · You want to Swap from a fixed rate to a variable rate of interest, perhaps because you can accept the risk of elevated repayments · You want to switch from a variable rate to a fixed rate, perhaps because you need the certainty that your installments will stay the same for the next four years

How to approach why you would refinance your home loan refinance you should start your refinancing with clear goals, whether they be to cut your repayments, free up cash or improve your home. Experienced loan brokers say that many refinance troubles start with borrowers who are refinancing without knowing why they're doing it.

Don't be afraid to refinance your home loan! Confident home loan owners content to refinance. Home loan borrowers are confident when looking at refinancing options and will happily shop around for better rates.

The lack of awareness amongst these groups towards refinancing could stem from a perception that it involved paperwork, research and additional costs. Customers don't seem to realize that now is an optimal time to consider refinancing. It is a highly competitive lending environment right now and banks are working really hard to win borrowers' business." Having a refinancing strategy is key. Have a clear idea why you want to refinance - whether that is to simply get lower rates or to take advantage of a loan's features, research the home loan market online and see what rates are available. If you don't have a clear objective, you might end up with paying more than your original home loan. Investment Property Calculator has developed a free Mortgage Home Loan Refinance Calculator to help home loan owners. The free Mortgage Home Loan Refinance Calculator allows you to set the expected total savings from refinance.

[Source: http://www.sooperarticles.com/finance-articles/loans-articles/why-you-would-refinance-your-home-loan-858121.html?]

2 Benefits of A NRI Loan

There are a number of Indian residents who have travelled and settled abroad for better career and job opportunities. For them, a property back home not only gives them a sense of security, but also an attachment closer to home. Through the NRI home loan, there are several opportunities to invest in the real estate in India. In this article, we give the benefits of an NRI loan which can be used to purchase the dream home.

There are certain government rules and regulations when it comes to investing in such options. NRIs are allowed to invest in residential and commercial projects, but cannot invest in any agricultural project. The process to apply for this kind of financial aid is more or less the same as the application of the local home finance credit. However, there are certain criteria's that the NRI must satisfy before he can proceed with the investment process.

Various institutes have different criteria which can range from educational backgrounds, annual income or to the amount of experience one must have. The documents that are required for this process include the standard set of documents, which must be attested by the acceptable authorized figure. Now days, you need not travel to home country to submit these documents but you can submit them at selected offices within the country. The repayment period will take anywhere between 2 to 7 years and mostly with Indian rupees. However, there are several account options which have the rupee denomination facilities that allow the holder of the account to withdraw in the Indian rupee.

Investing in a Project

With the NRI loan you can easily purchase a land or property and keep it for a future project. Although real estate has a high value for purchasing the asset of land is more profitable option. Several aspiring NRI's are now trying to purchase a land so that when the time is right, a profitable project can be undertaken. This project can range from a house to a multiple storied building, depending on the permissions and regulations that have been passed. With the NRI home loan, you can also build a home this is for self-usage.

Protecting your Future

A NRI home loan is an ideal investment to build and protect your future. Many NRI individuals have always wanted to travel and work abroad, but have a house in their home loan country. As NRI funds provide more benefits than the local currency, it is more beneficial to invest with a foreign currency than a local currency. With this form of NRI loan, you can easily build the perfect dream home during your stay abroad and when completed, you can return back.

[Source: http://www.sooperarticles.com/finance-articles/2-benefits-nri-loan-1372793.html?]

How much loan can you avail for your dream home?

Home Loan

Manage Home Loan with Easy EMI

Home Loan is a Secured loan offered against the security of a house/property which is funded by the bank, the property could be a personal property or a commercial one. It is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property. Home loans are an attractive and popular means of buying a dream house for most people. In India, the demand for home loans has increased manifold in the last decade. Every day numerous people apply for home loans to own a perfect abode for themselves. The fact that home loans come with added advantages (like tax benefits) is the icing on the cake.

Interest rates on home loans for new consumers have come down by around four per cent since September 2008 but consumers who had the misfortune to take their loan before that have only seen their rates drop by around 1.50 per cent to 2.25 per cent.

Home loan India can primarily be classified into two categories on the basis of interest rates i.e. fixed rate and floating rate of interest. There are very few lenders in India who offer pure fixed rates where the rate of interest remains constant for the entire tenure of the home loan, while most lenders have a reset clause of 3-5 years. In floating home loan type, the rate of interest on such loans is subject to change whenever there are changes in the repo rates announced by RBI or any changes in base rate of the bank. Borrower should opt for fixed interest rates only if she/he is certain that the rate of interest is the lowest in the interest cycle.

Home loans in India are provided by the lenders up to maximum of 80% (90% for loan amount below Rs 20 lakhs) of the agreement value of the house. In case of home loan for resale flats, most lenders get the property valued independently and they will provide the housing loan based on their value rather than the cost mentioned in the purchase agreement. Frequently, the valuation as determined by the banker's valuer for the purpose of home loan is significantly lower than the actual cost and hence the requirement of the borrowers for down payment for the loan goes up. Also note that banks do not consider other charges like Stamp Duty, Registration Charges, etc. while considering the home loan amount eligibility.

Home loans are repaid through monthly installments (EMI) spread over up to 20 years. Some of the banks provide housing loans even for a tenure extending up to 25 - 30 years. The maximum tenure of any loan and home loan specifically is also restricted by the borrower's age at the end of the tenure so as to ensure that the loan gets fully paid by or before the retirement age.

[Source: http://www.sooperarticles.com/finance-articles/loans-articles/manage-home-loan-easy-emi-1330564.html?]

Things to know about interest rates

Home Loan

A loan that will help you achieve your housing dream

Home Loan