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Refer - Benchmark & Comparison Tool
Home Loan interest rate offered to you is not a standalone alone number. It's a mathematical outcome of a fixed and variable component.
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Refer - Proposal Comparison Tool
In our Proposal Comparison Tool we don't let users enter the interest rate directly. Only when you enter the Benchmark rate(Variable) and the spread(Constant) the interest rate gets auto calculated.
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Refer - Bank Vs HFC's & Benchmarks
The regulating authority for all banks' is the Reserve Bank of India (RBI) whereas the regulating authority for all Housing Finance Companies is the National Housing Bank (NHB)
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Refer - Bank Vs HFC's & Comparison Table
The new lending model of banks' is as follows ----- "EBLR (Benchmark) PLUS Margin (Spread) = Rate of Interest" ----- where EBLR is the External Benchmark linked Lending Rates and the External Benchmark being RBI REPO or Government of India Treasury Bill Rates
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Refer - Bank Vs HFC's & Comparison Table
The lending model of Housing Finance Companies (HFC’s) is as follows ------ "PLR (Benchmark) MINUS Discount (Spread) = Rate of Interest" ----- where PLR is the Prime Lending Rate of individual HFC's
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Refer - Comparison Table
One easy way to find out how a particular bank or Housing Finance Company will react to RBI's REPO rate hikes and reductions in FUTURE is by finding out how they reacted to the same in the PAST. This will help separate the wheat from the chaff.
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Refer - Interest Saver
In a scenario where the yield on savings account and fixed deposit is extremely low the interest saver product is an ideal option. The triple benefits of absolute savings, savings being tax free and instant liquidity are unmatched in any other contemporary financial options
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Refer - Insurance
A Term-Life insurance is a superior product than a Home Loan Protection insurance as your coverage amount in Term-Life policy will remain constant and not reduce along with the home loan outstanding balance.
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Refer - Insurance
An ideal coverage amount and tenure for a Term-Life policy should be atleast 10 times your annual package plus all outstanding loan amounts that you have or intend to take in the near future and covered for a tenure of atleast your remaining work life.
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Refer - Caution Banks
Verify your interest rates online on the day of account opening/first disbursement and check if it’s the same as that mentioned on your sanction letter.
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Refer - Caution Banks
If EMI’s do not start on time it’s you who has to be worried and not the Banks/HFC’s. If the EMI does not begin on the stipulated date then the interest charged for the subsequent month will be on the summation of the initial outstanding balance PLUS the unpaid/unsettled interest amount of the 1st month