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You generally take a home loan for either buying a house/flat or a plot of land for construction of a house, or renovation, extension and repairs to your existing house. How much loan am I eligible for? Before you start the home loan process, determine your total eligibility, which will mainly depend on your repaying capacity. Your repayment capacity is based on your monthly disposable/surplus income, which, in turn, is based on factors such as total monthly income/surplus less monthly expenses, and other factors like spouse's income, assets, liabilities, stability of income, etc. The bank has to make sure that you're able to repay the loan on time. The higher the monthly disposable income, the higher will be the loan amount you will be eligible for. Typically, a bank assumes that about 50% of your monthly disposable/surplus income is available for repayment. The tenure and interest rate will also determine the loan amount. Further, the banks generally fix an upper age limit f...

What is bad credit? As someone makes requests and uses credit products, such as a credit card, a history and a credit rating will build up quietly. A strongcredit rating is a valuable tool that consumers can use to obtain loans, such as mortgages, lines of credit, and of course, auto loans. There are certain factors that can affect a consumer's credit rating. If this consumer has been responsible with his credit, paying his bills on time and in full, his credit rating will increase, and it will be easier for him to obtain credit and loans. On the other hand, when a user is irresponsible with his credit or makes late payments, his credit rating will drop. Second, once the same consumer has bad credit , it can be very difficult for them to improve their credit and obtain loans and other credit products. Improving your credit rating is a time-consuming process, but it is very important if you want to be approved for a loan. After all, lenders and creditors want the as...

There are certain things in which we must think before going for renting the home because we must pay On Monthly basis in case if you choose to rent .it is better to buy a home instead of taking on rent. We have certain advantages with Buying a home ( EMI or Direct Payment) instead of renting.  Following are the few advantages of Buying a home instead of Renting. Tax Benefits: - The homeowners receive tax rebates against their property loans. You can avail the tax benefit on both the payment and the interest over the loan from the bank. Buying home loss, you need to make sure about your future earning potential and budget because it is financial on your bank balance Is causing the crisis. If you take a home loans , you must make sure that you maintain a contingency fund for the emergency crisis and deduct some discretionary expenses. Ownership: - The biggest advantage is that you are the owner of the house, and you will have its name. The benefits of ownershi...

Now that financial institutions have the credit tap practically closed, it is more important than ever to know how to choose the best personal loan, the one that best suits our needs and possibilities to be able to claim the right entity and not receive a negative response. It is normal to hire financing to choose a quota that does not compromise financial stability , however, choosing one that is too low can mean paying too much. And, the lower the monthly fee, the longer the repayment time will be, and the more interest will be generated. The ideal to pay the minimum interest is to shorten the term as much as possible at the cost of assuming a higher monthly payment. We must not leave aside the cost of late interest as expenses for the return of a receipt in case of default. In this case, it can greatly increase the cost of a loan. In the case that we want to negotiate a reduction in the cost of the loan with our financial institution, there are two main fronts: payment guar...