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Do You Know If You Qualify For Obama's Federal Loan Modification Plan?
Find out if you qualify for a loan modification under Obama ‘s new Federal plan. This plan offers an unprecedented $75 billion for up to 5 million homeowners who qualify for free assistance. So if you find yourself struggling to keep up with your mortgage payment, if you have made late payments, and especially if you have been fearing foreclosure on your home, learn how this plan can help you keep your home.
Even homeowners who have been turned down by mortgage lenders are eligible for consideration under President Obama’s new plan. Any participating Bank is required to review any borrower who requests their help. Under this new plan, the rules have changed. You do not even need to be delinquent on your mortgage. In order to apply, you simply need to gather the required paperwork to show that you may be at risk. The main thing you need to demonstrate is that you are faced with financial hardship due to your current interest rate, loss of income, or increased expenses.
Here are the basic guidelines to qualify for help. Under the Obama loan modification program, you need to demonstrate:
— that the mortgage is on your primary residence; — that your mortgage payment balance totals $729,750 or less; — that current mortgage payments is over 31% of your gross monthly income (this includes any taxes and insurance); — that your current loan originated prior to January 1, 2009.
To apply, you will need to supply your lending bank with proof of income, and complete the bank’s application forms, where you will detail your income and expenses. Full disclosure is required in order to be approved. Just be sure that your paperwork is complete, once you meet the basic guidelines for approval listed above. The bank reviews each applicant on a case-by-case basis.
The Treasury Department has been encouraging any interested homeowners to gather their required documentation ASAP, since they expect lenders to be swamped by loan modification requests. While the program is free, you will need to take as much time as possible to get all the paperwork together. You want to maximize your chance for approval, so the more complete your documentation, the faster it will go once you start. Millions of homeowners may now qualify for a second chance at getting a lower monthly payments on their mortgage, so you want to take the time to do it right, since so many will be applying. Give yourself the best possible shot at a piece of the Obama loan modification plan.
Axis Bank Home Loan Calculator
Buying your own house is a big decision that requires careful planning. This is because it is probably the biggest financial decision that you will ever make. You need to ensure that the house fits your budget. Thankfully, Axis Bank home loan makes the process a lot easier. You can use the Axis Bank home loan calculator to find out if the house you plan to buy fits your budget.
Axis Bank’s home loan offers are designed while keeping in mind the needs of consumers. With features like attractive interest rates, balance transfer facility and flexible tenures, Axis Bank home loan is the best deal available today. You have the option to choose between flexible and fixed interest. The bank recently launched ‘NISHCHINT’, a lifetime fixed interest home loan scheme which offers home buyers loans at a fixed rate of 11.75 per cent for the entire duration of the loan that is up to 20 years. Under the floating rate scheme, the bank offers a minimum interest rate of 10.75%. Whether to opt for fixed or floating rate loan is solely your decision. Take into account the current market scenario; this will certainly aid you in making your decision. As an example, if the market trend suggests that the interest rates will not change much in the coming years, it is advised to get your loan locked at a fixed rate. Then again, if you feel that the rates will fluctuate a lot and might drop down from the current numbers, you should choose the floating rate offer, since it will average out your EMIs.
Home loans are offered by the bank for several purposes including construction of house, purchase of a new house or purchase of land. They can also be availed for extension, renovation or repair of your existing house. Axis Bank even offers takeover of an existing home loan. The amount of loan you can get varies according to the purpose of the loan. You may apply for up to 85% of the property value in case of home loans and up to 75% of the property value for extension, renovation or repair. You can lower your EMI by increasing the loan tenure; the bank offers a maximum tenure of 25 years.
Axis Bank charges a processing fee of 1%, which is nominal relative to other banks. Moreover, prepaying an Axis Bank home loan does not incur any early redemption charge, in comparison to other banks who have 2% prepayment charges.
Axis Bank’s offers surely look attractive but you still need to do necessary calculations to figure out a loan tenure and EMI that best suits your budget. With the right tools at your disposal, you can easily turn your dream home into a reality. To get the information on the installment amount is the easiest part today with the help of a loan EMI calculator. All you have to do is enter the loan amount along with the desired period and you will get the amount of EMIs calculated automatically. You can change the tenure to find out the most desired EMI that fits your pocket in the best possible way.