Tag: home loan interest rates

Advantages of borrowing Home loan top-up at Letzbank

Did you know that borrowing Home Loan Top-Up can be better decision to make than to borrow Personal Loan or Business Loan – Know how:

What is a Home Loan TOP-UP: Home loan top-up is a loan that can be borrowed over an existing home loan. Home loan top-up is offered to reliable customers who have sincerely made payments of the home loan they had borrowed. Bank would offer such reliable customers a top-up over the housing loan amount that has been paid thus far. Home Loan Top-up can be borrowed without any pre-condition therefore they are easy to be borrowed to meet any financial requirement be it a personal or even a business requirement. Let us know in detail why borrowing a Home Loan Top-up a better deal than borrowing a personal loan or business loan.

  1. Home Loan Top-Up are offered to existing customers: Since Home loan top-up are offered to existing customers therefore, there is no question of you being eligible or not to borrow a home loan top-up. You are eligible to borrow a home loan top-up if you are an existing home loan customer. However, you need to still meet the bank’s criteria to determine if you are eligible for home loan top-up on your existing home loan. You should have paid your home loan EMI for a minimum period of 2 to 3 years for you to apply for home loan top-up. Since you had already submitted your KYC documents and other necessary details or documents and the banks would have verified the same at the time of granting you the loan therefore, no further verification is required.
  2. Home Loans are offered at lower interest rates as compared to Personal Loan or Business Loans: if you compare various interest rates you would find that the home loan interest rates are lower than all the other loans as the home loans are offered at 8.35% to 12.50% per annum. On the other hand personal loans are offered at 10.85% upto 24% per annum. Business loans are offered at rate of interest starting from 14% upto 24% per annum. The comparison shows that given an option Home Loan Top- up is a better deal to grab than any personal loan or business loan.
  3. Home Loans can be paid over long loan tenure: We are all aware of the fact that home loans are offered for a really long tenure that can be extended upto 30 years. On the other hand personal loan and business loans are short termed loans that can be borrowed for loan tenure of 3 to 5 years max.
  4. Home Loan top-up can be availed at Low processing fee cost: Unlike processing fee of personal loan and business loan the processing fee required to borrow a home loan top-up is relatively lower. Processing fee to borrow personal loan or business loan is upto 3%, whereas the processing fee to borrow home loan to-up is 0.35% to 1%.

The article proves that given an option Home Loan Top-Up is a better deal to grab than borrowing any Personal or Business Loan.

Advertisements

Know Quick tips of getting home loan approved at Letzbank

Want to buy your dream house but don’t have the savings? No worries at all because the banks are ready to help you get the home you love by offering you a home loan. This everyone knows that the banks are the biggest help but if you’re afraid listening to the rejection stories from the people who applied for the loan thinking it will happen to you too, then you have reached the right place, cause we are sharing you tips that will help you get your home loan approved.

Tips:

  • Clear your credit score – This is the number one thing to take care of because applying for not just the home loan but any kind of loans. If you have thought that the owed debts are at a different bank, organizations, etc. then that is not the case. The complete history and financial data is shared amongst the institutions. So always make sure your credit scores are fine and it’s better to take a no-dues certificate from them.
  • Have the answers before questioned – Some of the basic but important questions that the lending party would want to know are your monthly income, assets, your credit history, existing loans and your job background. Most of the times the rejection happens here in this step itself, so already getting prepared with these questions will help you be prepared to furnish your details more confidently with the lenders.
  • Be stable – It is very important that the lenders know that you’re stable with the jobs you do. Strictly avoid changing your job during the loan process. They will not be able to trust you with the commitment of paying your EMIs on time and regularly. But if it’s necessary for you to shift your employer during the loan process then make sure your pay is higher than the previous job and you’re not getting into a self-employed job.
  • Be careful with your spending – This is another important thing to keep in mind while applying for a loan. Make sure you don’t get into a bike loan, laptop loans or don’t take a big amount of personal loans before applying for a home loan, because what happens in this case is that already your EMI would be high as the product bought costs high. The home loan EMI depend on your monthly income and the spending you do in the particular month. So be careful of that.

The points given are very important, if you think you could skip any of it and try to still take a chance applying for a home loan, we recommend not to, because another point to keep in mind is that the banks do ask if there has been a rejection of loan previously and take your loan strictly, digging out the history and then the chances of rejection is more. So avoid that stage and approach the lenders fully prepared to get them to accept. Hope you get your dream home soon.