If you live with the impression that home loans just come in two set or floating varieties, its time to wake up to the truth. In keeping with global developments and in a race to stay ahead in the fiercely competitive home loan market, banks and Housing Finance Companies (HFCs) have developed innovative schemes that offer a lot of options for a new home loan borrower. So read on if you’re concerned about having a home loan; the banks might have something exclusive for you. check this link right here now
Set, or free rate? Why not just The classic problem of opting for a set loan or a floating loan has been perplexing the typical home borrower for years. Volumes were published on the superiority one had to the other and this contributed further to the uncertainty. Taking advantage of the scenario, banks have launched a home loan program, providing the choice to pick a home loan for both the floating and fixed interest rate choices. A borrower may select a portion of his home loan to be paid at a set interest rate and the remainder at adjustable rates and vice versa.
Tempted by the current fixed tariffs? Use Smart remedy In recent years, the exponential increase in revolving home loans has caused many lenders to reconsider their policy in favour of home loans at fixed rates. If you are also one of those who would like to take advantage of the relatively low fixed rates, but agree with the universal view that floating rates are best over a long period of time, you can choose a special type of home loan that charges fixed interest rates for a specified period (say 3 years) and then floating rates. Some banks appropriately named smart repair, this home loan scheme lets you get the best of everything.
Need a bigger place to live? Go for a short-term bridging loan If you are, for whatever cause whatsoever, unhappy with your current home and really want a bigger or better house but don’t want to sell your old house until you move into the new one, a short-term bridging loan may be the ideal solution. This loan bridges the critical void which allows for an transitional lending plan between selling the old house which purchasing the new one. After you sell the old home, you will repay these loans in simple payments or with a lump sum transfer.
Can’t manage major EMIs now nor can’t expect them in the future? Consider step-up redemption Off late banks and hfc’s have been waking to the reality that individual income rates are increasing as their profession advances and that increases their redemption potential over time. They have also agreed to provide what is regarded as a home loan with a step-up option for repayment. A unique home loan scheme includes the facility for lower-level fixing of the EMIs during the early stages of home loan and through with tenure. Some banks also waive the initial duration of EMI ‘s principal repayment portion. And, if you’re a young adult or have spent a couple years employed in a job and can persuade your lender with a noticeable career development, the panacea could be a home loan with a step-up repayment program.