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6 things to note before applying for a Home Loan

A home is a place where you not only nurture your family and make memories for a lifetime but is also an asset that adds to your net worth and offers security. 


Since property prices are skyrocketing, it may be difficult to acquire a home with your savings alone. 


To help you take a step closer to your dream home, lenders offer an excellent financial solution in the form of a home loan.


Key Points to note before applying for a Home Loan


1. Home Loan has Eligibility Criteria

  • You should be a resident Indian.
  • Salaried applicants age between 23 and 62 yrs and self-employed between 25 and 70 yrs.
  • Work experience for salaried 3 yrs and for self-employed 5 yrs.

  • In addition to this, you are required to disclose sufficient income with which you can repay your loan.

2. Your Credit History

The interest rate you pay on your loan is linked to your credit score. CIBIL score of 750 or more reserves a lower interest rates. 


CIBIL score between 750 – 650 has to pay a marginally higher interest rate and below 650 can be a challenge.


3. Compare Interest Rates
The home loan interest rate is one of the key factors that determine the cost of borrowing. Don’t forget to compare interest rates among various banks & NBFC’s.


4. Home Loan requires documentation

  • KYC documents of the Applicant.
  • Income proof like Salary slips, Bank statements.

  • Business proof & Income tax return for the self-employed.
  • Legal documents of the property.

5. Home loans come with two types of interest rates
There are two types of interest rates on home loans: fixed and fluctuating. 


In the case of fixed interest home loans, the interest remains unchanged throughout the tenor of up to a few years until the reset date is reached. 


On the other hand, interest rates of floating home loans fluctuate as per the market scenario.


6. Home Loan EMIs increase with longer tenor.
Your home loan EMIs are calculated based on your loan amount, tenor, and interest rate.


It is natural that a high-interest rate adds to the home loan cost, which results in higher EMIs. The length of the tenor also has a significant impact on your home loan. 


The longer the tenor, the higher your EMIs will be, as the interest adds on with each month.


Now that you know the important things to consider before availing a home loan, go ahead and compare loans offered by lenders to get the best deal.

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Emergency Funds – Why have it, How to Build & where to Invest.

An emergency fund is an essential corpus that you must keep aside to tackle emergencies. 


It is a fund that you can fall back on at the hour of crisis or for unexpected and unplanned scenarios in Business as well as your Personal life.


1. How to Build an Emergency Fund? An emergency fund cannot be built overnight but is done gradually. 


Set aside a particular amount every month. Soon it will grow into a considerable corpus that you wish to have.


2. How much should your Emergency Fund have? Depending on your income and expenses, an emergency fund can be three to six months of your monthly expenses.


3. Where to Invest in an Emergency Fund? The emergency fund should be parked monthly to a Liquid Fund with no exit load. Don’t forget to put a small portion in a bank account that is available 24/7.


The economic crisis is a vivid example of why an emergency fund can be so important. If you don’t yet have an emergency fund, now is the time to prioritize it.

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5 Tips to Buy the Right Fire Insurance Policy

Life happens. Don’t be unprepared. It is strongly recommended to buy a fire insurance policy to cover your business and here are 5 tips which will help you choose the right policy-


1. Buy the right coverage– To ensure you buy the right cover, prepare a list of all the items that you would like to insure. 


In case you are the owner of the building, you would have to purchase the fire insurance for its structure as well.


2. Go for high deductible– In the insurance sector, deductible means the amount that a policyholder has to pay before the insurer kicks in. 


By opting for a higher deductible, you can lower your premium outgo to a certain extent.


3. Check exclusions– While it is necessary to know what is included in a fire insurance policy, it is equally essential to know what is not. 


There are some scenarios when the insurer can reject the claim like when the fire happens due to carelessness or fire happens due to war and allied perils, etc.


4. Adopt preventive measures to cut premium– Just because you have fire insurance, it doesn’t mean you can act carelessly. 


Even before issuing the fire insurance policy, the insurer would be interested in knowing what the safety mechanisms which you have adopted in your place are. 


Safety rules, like smoke detectors, fire extinguishers, etc., can help you get the low insurance premium rates.


5. Compare before buy– A thorough and detailed comparison of various fire insurance quotes obtained from different property insurance companies can lead you to an affordable fire insurance plan.


All the above factors will help you in choosing the right fire insurance policy, and once you buy the policy, it makes sense to review it at the time of renewal. 


In this way, you can ensure that your policy is offering sufficient coverage.

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Here is a 7 Step Guide to avoid Fatal Traps in Debt Funds.

Rather than parking your surplus money in a bank account or fixed deposit, Park them in a Debt fund for benefits like higher returns, regular income, high liquidity, low risks, reasonably predictable returns, and the benefit of Indexation.


Debt funds are definitely great investment vehicles if you select them smartly based on your investment objective and risk appetite.


1) Liquidity: Look for the exit option of the fund and avoid close-ended funds. No liquidity when in need of funds can be a pain for your investment portfolio.


2) Investment Horizon: Don’t choose a fund simply because it is offering great returns. It is really important to figure out your investment horizon and then choose a fund with a matching profile. Parking for Long-Term in Liquid fund is not a good idea.


3)Taxation: Debt Mutual Fund comes with indexation benefit when redeemed after 3 years and taxed as per your slab if redeemed before 3 years.


4) Credit Rating: Some schemes may bet on lower-rated papers to generate better returns, but it comes with the risk of losing money. So, if you are a conservative investor, you should opt for high rated papers and invest in lower-rated papers to generate extra income.


5) Interest Rate Movement: Change in interest rates has a big impact on debt schemes. Rising interest rate is bad news for most debt funds whereas A falling rate scenario is a treat. This is because of the inverse relationship between yields and prices of bonds.


6) Brand: Invest with reputed Indian brands such as ICICI, Kotak, IDFC, HDFC, SBI Etc. Avoid new & small fund houses. Why put your hard-earned money in lower brands for mild gain.


7) Fund Size: Large funds can distribute fixed expenses over a number of investors bringing down the expense ratio. Large funds can also negotiate better rates with issuers of debt.

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