{"id":1423,"date":"2017-01-02T14:48:26","date_gmt":"2017-01-02T14:48:26","guid":{"rendered":"http:\/\/whatistheurl.com\/?p=1423"},"modified":"2017-01-03T12:51:08","modified_gmt":"2017-01-03T12:51:08","slug":"housing-loan-india-trouble-free-proposal","status":"publish","type":"post","link":"https:\/\/whatistheurl.com\/housing-loan-india-trouble-free-proposal\/","title":{"rendered":"Housing Loan in India \u2013 Is It a Trouble-free Proposal?"},"content":{"rendered":"<p>This article is for you if you have a thinking about buying a house.<\/p>\n<p>A house is a dream for any person and owning one by accruing huge funds would definitely turn out to be a dream only. Housing Loan is really a sanction for those who can repay money on a regular basis. There are various kinds of loans that can be availed by customers who hold an account in a bank. What really matters is the benefit of planning loan like plan and the ease of repaying the same.<\/p>\n<p>First of all, even before getting into the thought of Housing Loan it is better to learn the<\/p>\n<ol>\n<li>Different types of loans available<\/li>\n<li>Eligibility to avail for a Housing Loan<\/li>\n<li>Affordability of applying and repaying a home loan<\/li>\n<\/ol>\n<p>The various types of loans that are made available to customers are:<\/p>\n<ul>\n<li>Loan for purchasing a home<\/li>\n<li>Loan for procuring a plot<\/li>\n<li>Loan for constructing a home<\/li>\n<li>Loan for improving a home<\/li>\n<li>Balance transfer loan<\/li>\n<\/ul>\n<p>The home loan process starts with a <strong><em>Formal Application for the Loan<\/em><\/strong>. Some of the common information you need to disclose while applying for a loan in any bank are:<\/p>\n<ul>\n<li>Personal and residential details (Age proof, Identity proof and Address proof)<\/li>\n<li>Proof of income<\/li>\n<li>Status of employment<\/li>\n<li>Educational details with proof of the same<\/li>\n<li>Property Details (Location of the property)<\/li>\n<li>Loan details (Type of Loan, Loan tenure, Loan amount)<\/li>\n<li>Type of Loan you are applying<\/li>\n<li>Estimated costs and so on<\/li>\n<\/ul>\n<p>Estimated costs include the principle amount with the Home loan interest rates. Normally Home Loan Interest rates vary from bank to bank; but in common, the <strong><em>interest<\/em><\/strong> <strong><em>rates fall between 9.50% and 12.75% (as on Jan, 2017). <\/em><\/strong>This is definitely a hunch. That is, most part of your repayment amount is comprised of interest rates.<\/p>\n<p><strong><em>The advantages of preferring a Housing Loan to get your dream house are:<\/em><\/strong><\/p>\n<ul>\n<li><strong><em>EMI<\/em><\/strong> &#8211; <strong><em>What Is EMI?<\/em><\/strong> Equated Monthly Installment. A calculated amount that the borrower should repay as estimated by the <strong><em>Amortization Schedule<\/em><\/strong> \u2013 which contains the Outstanding Balance before payment of each EMI, the EMI itself, contribution towards principal repayment and interest payment, and outstanding balance after paying each EMI.<\/li>\n<li><strong><em>Women Borrower: <\/em><\/strong><strong>Most of the banks privilege women borrowers, say for example, the<\/strong> interest rate is 9.35% or 9.40% for women borrowers. This is close to 0.05% lesser than the interest rate provided to the male borrowers.<\/li>\n<li><strong><em>You need Not Worry about paying the Whole Amount: <\/em><\/strong>Having planned to buy a home a bank can provide you with of <strong><em>80% of the purchase value as home loan<\/em><\/strong>. This eases a person\u2019s difficulty of gathering the whole amount.<\/li>\n<\/ul>\n<p>Though the advantages seem to be attractive, housing loan is neither simple as it sounds nor as straightforward as it is explained. There are a lot of requirements you need to fulfill to be eligible for a housing loan. And, once you get a housing loan, the repayment is a complicated and tough process that will keep going on and on. Housing loans are not as flexible or less expensive as vehicle loans or personal loans. If you have a necessity, be ready for a costly process of Housing Loan ahead of you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article is for you if you have a thinking about buying a house. A house is a dream for any person and owning one by accruing huge funds would definitely turn out to be a dream only. Housing Loan is really a sanction for those who can repay money on a regular basis. There [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[866],"tags":[874],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Housing Loan in India \u2013 Is It a Trouble-free Proposal? - Your Home Teacher<\/title>\n<meta name=\"description\" content=\"Housing Loan is really a sanction for those who can repay money on a regular basis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/whatistheurl.com\/housing-loan-india-trouble-free-proposal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Loan in India \u2013 Is It a Trouble-free Proposal? 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