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A Home Loan is finance provided by a bank or a financial institution to enable its customers to purchase or construct or improve their homes.

Buying a home could be one of the biggest achievements of a person’s life. In most cases, it takes an entire lifespan to fulfil the dream of purchasing one’s own home. Selecting the ideal property involves a lot of research and planning. Arranging funds is probably the toughest and the trickiest part of the process. You could dip into your savings for the entire payment or decide to get a Home Loan at a good interest rate. A decade or so earlier, borrowing from a bank used to be a cumbersome process but today financial institutions have simplified the entire Home Loan application and disbursement process. All leading financial institutions offer Home Loans with attractive interest rates, flexible repayment periods, quick turnaround times and unique product features. Before finalising on a lender, one must understand the intricacies of a Home Loan. How should I compare what each bank is offering me? Is there anything in the fine print I should be worried about? Instant Money Solution can help you get the ideal Home Loan – Let’s Seal the Deal!

An accomplishment – Every individual dreams of owning a house in their name. A home loan allows you to accomplish this feat and realize your dreams. This is one of the biggest financial investments you make in your lifetime and can therefore be considered an accomplishment. Capital appreciation- Land is an appreciating asset in most cases. Construction costs have also increased over the years. As rents get more expensive with inflation, investing in your own house can shield you from inflation. Benefits in interest rate- In the 90’s, banks used to charge up to 18% interest on loans. Today, you are able to get a home loan at 7.65% annually. The decrease in the interest rates coupled with capital appreciation makes it a dual benefit plan. Tax benefits- The Government of India has played the biggest role in boosting the home loan sector. As per Section 24B of the Income Tax Act 1961, you get a deduction of 2 Lakhs towards repayment of interest towards loans availed for purchase/construction of house (if you or your family is living in the house). At the same time, Section 80CC read with Section 80CCE of the Income Tax Act 1961 allows for a tax deduction up to 1.5 Lakhs on repayment of principal amount of the home loan. This is one of the greatest incentives for people to opt for a home loan, even if you are able to afford to buy your house with your savings.

Applying for a Home Loan may seem like a daunting task and information on Home Loan can be confusing as each bank will have its individual Home Loan scheme and interest rate. It can become difficult for you to compare the individual rates and make an informed decision. Instant Money Solution Expert can help you procure all the information at a single place whereby you can compare the different rates on a single screen. In addition, Instant Money Solution Expert can help you seal the best deal depending on your demographics, income, and repaying capacity. They have over 28 years of experience to guide you about various aspects of your Home Loan. This includes helping you opt for the bank that provides the following: The lowest rate of interest Lowest processing fees Easy documentation Fastest loan turnaround time Terms of foreclosures and pre-payment of Home Loan installments Transaction charges such as the creation of a mortgage and payment of stamp duty MMM are specialists in this field and can help you to: Assess your personal profile Analyse your previous repayment record Understand the various policies of the banks financing home loans Understand the fine print, especially in case of offers that seem overtly attractive Instant Money Solution Expert can help you realize your dream of acquiring your own house.

After completing the above process, you can zero in on the loan provider. Keep all your documentation along with the application form ready and the Money Solution team will contact you and assist you in the application process. This service comes at no cost to you! The lender will verify all your documents. The next step is the valuation and legal scrutiny. Banks have their panel of evaluators and advocates to do this for them. A personal discussion between the lender and the borrower is the next step on the agenda. The lender usually meets the borrower at their residence to get first-hand information about the borrower’s income, property, investments, and also the source of funds to meet the margin requirements. This is a sort of a pre-sanction inspection carried out by the bank. Once the verification and processing are over, banks provide you with a loan offer letter which contains the terms and conditions of the sanction. In case you choose to accept them, you need to sign one copy and deliver it to them followed by execution of the home loan documents. Money Solution plays a big role in this regard and our experts will assist you every step of the way.

The Base Rate is the minimum rate at which the banks can sanction loans to its customers. The RBI (Reserve Bank of India) does not permit banks to lend below the base rate. This concept brings in a lot of transparency into the lending processes of the banks. The Base Rate concept came into effect from July 01, 2010. From April 01, 2016, the RBI has introduced a new methodology for calculating base rates. This is the MCLR concept. Banks have to set up five different benchmarks depending on the time period (overnight, 1-month, 3-month, 6-month, and 1-year). Various factors such as the Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), the Repo rates and the Reverse Repo rates influence the calculation of the MCLR. There are other factors such as tenure premium, the marginal cost of funds, operating cost, negative carry on CRR and so forth that affect the MCLR. These factors vary from bank to bank. Hence, each bank has its individual MCLR.