How not to finance down payment for buying home

How not to finance down payment for buying home

Buying a home is a big decision. And, as with all big decisions, you need to be well prepared before you implement it.  For starters, before you decide on buying a home, make sure you have accumulated enough money to make the down payment. Hasty measures can put your financial security at risk.   Don’t dip into retirement savings Rummaging through one’s retirement savings may seem the easiest option. But it is not the most desirable one, say experts. “Once you start chipping away at your retirement fund, there’s no…

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10 Reasons why your home loan didn’t get through

10 Reasons why your home loan didn’t get through

Buying a home is more than just than choosing the right property as this involves in getting into the biggest financial commitment in your life. It is imperative that the fund for the purchase of your dream home is arranged with the least impact on your future financial commitments.       To have your home loan approved, keep a track of the listed points: A good CIBIL/credit score A stable job/business Complete documentation An approved property  No Dues Certificate from previous lenders Home loans usually extend to twenty years…

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How to get a better home loan rate

How to get a better home loan rate

Our experts tell you how to take advantage of the reduced home loan interest rates Recently, some major banks have reduced interest rates for new home loan customers. In fact, this year banks and housing finance companies have been passing on the rate cuts to borrowers. We asked the experts about how to benefit from this opportunity. Sumit Bali, senior EVP & head – personal assets, Kotak Mahindra Bank On the home loan rate reduction bit, I think we are closer to the bottom right now. I don’t think you…

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How to use home loans effectively for tax benefits

How to use home loans effectively for tax benefits

While there is one EMI payable to repay home loan, one must take into account the principal and the interest to enjoy tax benefits. Manish Mehta had recently acquired a property worth Rs 55 lakh in the outskirts of Chennai which had been financed by one of the prominent banks to the extent of 85 percent of the value of the property. He is aware that buying a house on loan is a tax efficient proposition but he is not aware of the nuances of how best he can leverage…

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How this 7-point checklist makes your home buying easy

How this 7-point checklist makes your home buying easy

Adopting a checklist approach can help you avoid errors and save time and money while buying your dream home When two colleagues at a software company, Mayank Patil and Sundar Iyer, decided to purchase a home in the suburbs of Mumbai, they had a different set of experiences altogether. Over the next eight months Mayank got into a number of challenges like lack of clarity on title of property, bank refusal to fund the project, delays by the builder in getting basic amenities. On the other hand Sundar started his…

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