Tag Archives: bank
What is Home Loans and Benefits of Home Loans
A Home loan is a loan provided by a bank/financial institution to finance the purchase/construction/renovation of a residential property. It is a much sought-after product because often people do not have the required capital to fund their purchase.
Earlier, there was little borrowing and people generally tried to avoid creating debt.Now with the situation having undergone a change, borrowing to create an asset is not only common but in many situations makes good economic sense. A house is generally considered to be an appreciating asset. This is because the price of the property is expected to rise over a period of time. This makes financing of such a purchase by borrowing a good way to own and create an asset without having all funds for the purpose. Financial planners will always advise against taking a loan for undertaking expenditure but encourage borrowing for buying a house.
The prices of houses in India have shot up quite significantly. This makes a full payment for a house from the existing savings a very difficult task for most Indians, creating the need for housing loans. There has been a sharp jump in the earnings for many people but this does not cut the requirement for a loan to purchase a house.
Home loans are typically long-term loans, with repayment periods of up to 20 years. The house financed is mortgaged with the bank providing the loan. There is an option of fixed and floating interest rate when one goes in for a bank loan. Residential property prices India have shot up significantly, so many people have no option but to bank on housing loans. A person earning Rs 5 lakh a year will aspire to own a house that costs between Rs 15 lakh-Rs 20 lakh while someone with a pay packet of Rs 20 lakh a year would like to own a big- ger house in a better locality that costs anything between Rs 75-80 lakh.
The ability to repay the loan over a long period makes borrowing affordable for an individual because it fits the monthly outgo within his/her income.
Here are some advantages of a Home Loan
With real estate prices skyrocketing in most Indian cities, it is not always possible for the average person to purchase a home out of his/her savings. In such a scenario, a home loan is an attractive option for financing the purchase of your dream house.
If you don’t own a house, you are probably residing in a rented property. So instead of paying a monthly rent to stay in a rented house, you might consider paying a home loan Equated Monthly Instalment (EMI) and stay in your own house.
You can also avail of tax benefits on the principal and interest amounts paid by you towards your home loan. This benefit would be in addition to any HRA tax benefit that you might be deriving.
Military loans: Serving the needs of those serving the nation
Serving in any of the branches of the armed forces keeps you away from your family, for a better part of your life. But, you can no way run away from the concerned responsibilities. To meet your obligations along with other needs and demands, you will certainly need to have some amount of funds available by your side. What if you are not having the funds? Well, in such a situation, you can consider availing military loans. By going for these loans, you will be able to fulfill all your financial obligations and that too without any hassles.
As far as loans for military are concerned, you are quite free to source and that too to serve any need and demand of yours. Moreover, it does not matter what your rank or position is within the organization. The loans are also quite flexible, considering the fact that you can source it even if you have retired from active service. In addition to these, the terms and conditions, pertaining to the loans are quite comfortable.
In addition to these, if by any means, you are having troubles related to multiple credit defaults such as CCJs, IVA, arrears and defaults, you also get to acquire the funds. Further, on ensuring to make timely repayment of the amount borrowed within the stipulated time period, it is you who benefit, as it replenishes your credit score. While deriving these loans, there is no need to pledge any precious asset as collateral. Instead, all you have to provide details such as your ETS certificate, salary and bank statements along with bank account number. On doing so, you will get to avail the sum of amount instantly and that too against convenient terms.
If for any particular reason, you want to avail the loans instantly and that with the best possible offers, then do make use of the online mode.
With the provisions of military loans, you can now attain the funds required that will enable you to settle all your needs and demands and that too against viable terms.