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Home Loans - 5 New Ways to Get Your Dream Home
You're one of a kind. Your mortgage should be, too. Start an application to see what's possible.

If you're living with a perception that home loans come only in two flavors-fixed or floating, its time for you to wake up to the reality. Maintaining pace with global developments and inside a race to remain ahead within the fiercely competitive home loan industry, banks and Housing Finance Companies (HFC,s) have come up with innovative schemes, which deliver a great deal of possibilities to a new home loan borrower. So, when you are worried about getting a home loan, study on; the banks may possibly have some thing special for you personally. Get more facts about Cal Mortgage Rates

 

 

 

 

Fixed rate or floating? Why not each The classic dilemma to go to get a fixed loan or even a floating loan has perplexed the typical home loan borrower because ages. Volumes happen to be written over the benefit one has over the other and this has only added for the confusion. Taking advantage from the predicament, banks have started a home loan scheme, which delivers the flexibility to pick out a home loan with each the floating and fixed interest rate selections. A borrower can pick out a component of his home loan to become charged at a fixed price of interest and the rest at floating prices and vice versa.

 

 

 

Tempted by the existing fixed interest rates? Select Smart repair The unprecedented rise in floating price home loans in recent years has prompted lots of borrowers to rethink their approach in favour with the fixed price home loans. Should you be also one of those, who desires to benefit from the somewhat low fixed rates, but agrees with the universal opinion that floating prices are very best over a extended time period, you'll be able to decide on a specific type of home loan, which charges the fixed rates of interest for a specified period (say 3 years) and floating rate thereafter. Aptly known as wise repair by some banks, this home loan scheme lets you have the very best of each.

 

 

 

Need a bigger home? Go for a short term bridging loan If you are dissatisfied with your current home for any purpose what so ever, and desperately want a bigger or superior house, but do not desire to sell your current house before you move in to the new one, a brief term bridging loan is often the right answer. This loan fills the very important gap and gives an interim arrangement of finances among the sale of the old house and acquire on the new home. These loans is often repaid in simple installments or by a lump sum payments following you sell the old house.

 

 

 

Can not afford major EMI's now but can do it in future? Select step-up repayment Off late the banks and hfc's have awaken for the fact that revenue levels of individuals rise as their career progresses and this improves their repayment capacity over a time frame. Therefore, they have decided to provide, what exactly is named a home loan with step-up repayment facility. This particular home loan scheme gives the facility to fix the EMIs at a decrease level for the duration of initial stages with the home loan and enhance with tenure. Some banks even waive the principal repayment element of EMI for the initial period. So, if you are a young expert or have spent handful of years in a job and may convince your lender using a visible profession growth, a home loan with step-up repayment facility could be the panacea.

 

 

 

Can afford massive EMI's now but not later? Choose step-down repayment Take into account a scenario, exactly where a couple has taken a joint home loan and one of them is set to retire in few years. This could create a difficult circumstance, in relation to the home loan repayment, since the repayment capacity of one of the borrowers will decline following his retirement. A home loan with a step- down repayment plan can go a lengthy way keeping troubles at bay in such a scenario. The couple can pick to repay larger EMI's through the initial stages of home loan, when each of them are earning and when one of them retires, the burden of EMI's may be lessened so that the repayment schedule continues to be maintained diligently.