Terms for a $75000 home loan for a first timer with bad credit???
If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a fresh loan. But you should be meeting some conditions laid down by the lenders. Loans for bad credit people are in fact easier to get then they were ever before, thanks mainly to cut-throat competition amongst the lenders. Lenders are giving loans to the bad credit people who have late payments, payment defaults, arrears, county court judgments or any credit problems. These loans are available for any purpose like home improvements, purchasing a new or used car of your choice, for wedding and holiday tour, debt consolidation or for paying child’s tuition fees. Every lender in approving loans surely likes to see if the bad credit borrower has sufficient capacity to repay the loan in timely manner. If the borrower earns well, has regular bank balance, has been an employee for some years and has a convincing loan repayment plan in place, then the lenders do not usually hesitate much. So ensure that you have adequate repaying capacity before applying for a loan. Also, you should first check your credit report for any errors. If your credit score is too low then you would be charged a very high rate of interest. So it is advisable to first pay off some easy debts to improved credit score and then you should apply for loan at better rates. http://loan--house.blogspot.com/
What should everyone know about home loans?
Home buying is a big decision and involves a huge sum of money. So,if you are planning to buy your home,it is always wise to apply for a home loan.Assuming you are in India,home loans will not only help you get your dream home but you can enjoy few tax benefits as well.Facts to know about Home loans :There are various parameters to calculate your home loan eligibility like age of applicant,income,credit status,CIBIL Score,financial background,loan amount and tenure of loan etc.Fixed vs floating rate of interest : Fixed interest rate is where you have to pay fixed EMIs while floating rate is one where rate changes along with change in market conditions.There is an inverse relationship between EMI and Loan tenure i.e. longer the tenure,the lower the EMI and vice versa.Loan agreement should be read carefully before signing.Check for all the terms and conditions in detail.Document checklist : Various documents need to be submitted to banks like ID Proof,address proof,IT Returns,Form 16 (for salaried),bank statements,copy of title of property documents etc.These might vary as per bank norms.Once yo take a home loan,you have to be regular in paying EMIs. Only after repaying the total loan i.e. Principal +Interest over the period of time,you will become the complete owner of your house.Tax benefits related to Home loans in India :Repayment of Principal : Tax deduction U/s 80 C upto maximum of Rs.1.5 lakhs.Repayment of Interest : Deduction U/s 24 upto maximum of Rs.2 lakhs for self occupied house.For first time home buyers : Tax deduction U/s 80 EE upto maximum of Rs.50000 (subject to certain conditions).This is over and above the above 2 deductions of Section 80 C and Section 24.The above deductions are per person,so taking a joint loan will be beneficial as each person can claim deductions separately.For additional details you can refer Home loans - 7 Facts you need to know !
Can we get home loans to purchase land?
Yes, you can definitely get a home loan to purchase a land. There are many banks and NBFCs in India where you can apply for a plot purchase or land purchase loan. The conditions based on which the loan is given may vary from one lender to another. Below are some of the top lenders offering home loans for land/plot purchase.Lenders Offering Home Loans for Land PurchaseState Bank of India (SBI)HDFC Ltd.LIC Housing Finance Ltd.ICICI BankBank of IndiaPNB Housing Finance Ltd.Reliance Home FinanceMaximum loan amount you can get for land purchaseThe maximum loan amount may vary from one lender to another. For instance, below is the list of banks and their maximum loan amount limit for home loans for land purchase.State Bank of India - The loan amount will be 85 % of the cost of the land, as assessed by the bank, subject to the maximum of Rs 5 lakhs Security.HDFC Ltd. - You can get the maximum loan amount up to 90% of the property cost.LIC HFL - The housing finance company has set the maximum loan amount limit up to 75% of the property value for a land purchase.Bank of India - The maximum loan amount depend on area of land to be purchased and its valuation and also development cost.You can check more details such as interest rate, eligibility, and documents required for land/plot purchase at these banks or any other lender.
Is transferring a home loan to another bank after 1 year a good plan?
It is always a good option to switch your home loan if you are paying the higher rate of interest. Home loan transfer is a good option for those who have taken the home loan on a higher rate of interest for longer tenure and their bank or lender is in no mood to change the loan lending rates. It will help them to reduce the burden of higher EMIs on monthly basis. It will also help them to save money on overall loan. You can any time switch your home loan once you start paying the EMIs.But, before changing the loan you should always consider the cost linked with the loan transfer. Most of the banks charge 0.5% to 2% fee as loan transfer money or Rs. 5000, whichever is higher as transfer fee. If you are transferring the loan to some other bank that new bank will consider your application as fresh application. It will charge you different fee and processing fee as well for taking over your loan because for that you are a fresh applicant. Moreover, it will also check your credit history and previous loan repayment track. In case, if you are a defaulter, it will reject your transfer application. So, it is good option to switch the loan to avail the lower EMIs and better deal in home loan, but you need to be more cautious and alert while making this switch (Important Things to Consider While Transferring Your Loan - wishfin.com). You should always calculate all the things before you make a switch. Let's understand this with an example:If you have borrowed a loan of Rs. 30 lakhs at the rate of 10.25% for 25 years, your EMI calculations will be:Loan Amount: Rs. 30 lakhsTenure: 25 yearsRate of interest: 10.25%Monthly EMIs: Rs. 27,791Total interest: 53,37,450Total amount paid (Principal+Interest): Rs. 83,37,450If you will switch your loan after one year after paying Rs. 3 lakhs in one year as EMI. At this new bank you will borrow the loan at the rate of 9.75% for 24 years, your EMIs calculation will be:Loan Amount: Rs. 27 lakhsTenure: 24 yearsRate of interest: 10.25%Monthly EMIs: Rs. 24,303Total interest: 40,98,559Total amount paid (Principal+Interest): Rs. 69,98,559This clearly indicates the difference of almost Rs. 14 lakhs in the total outgo as interest. So. By paying Rs. 5000 as transfer fee and saving almost Rs. 14 lakhs as interest is no doubt a good deal.
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I have a general discharge and a re-4 code. what can i do to get back in the navy or get a va home loan?
contact your local VA representative or call the VA. have a copy of your DD214 with you. The VA has to issue the certificate to qualify for a VA loan so they are the final authority. Coming back in to any service now with an RE4 will not be easy since the military is experiencing a enlistment and reenlistment boom.
Can you take out multiple personal loans?
Yes, they'll see the other loans. Multiple applications for loans can affect your credit score, which will affect the rate of your loan, so if you need $100K, and they don't want to lend you more than $25K, you might consider putting up some collateral. You should try to ask for the whole $100K from the lender you'd like to borrow from, and see what they need from you in order to lend you the whole amount. Also, banks generally have loan officers with different levels of lending authority; you might need to see the one that has the authority to lend $100K.