Buying a home is one of the biggest purchases many of us make in our lifetime – and this inherently involves taking a big sum of housing loan to fund the home, which takes years to pay off! Hence proper planning for funding for house loan is very much important so that one is left with enough money for other goals too in life, such as retirement, education funds, vacations etc.
Archive for month: July, 2018
A home is a ‘once-in-a-lifetime’ investment for many of us. It is natural that we want to make it as big and better as practically possible. But the shooting cost of property nowadays makes it difficult to acquire your desired property. No doubt, having the possibility of availing a home loan has improved affordability.
Owning a house is everybody’s dream. That is why buying a house always makes it way to one’s goals when we do financial planning. Buying a house has become a Herculean task these days owing to the mounting real-estate prices. A home loan is an easy way to fund your house purchase as it is not wise to burn your entire savings to buy a land or a house.
The MCLR is a reference rate or internal benchmark for the financial institution. Marginal cost of funds based lending rate defines the process used to determine the minimum home loan rate of interest. The MCLR method was introduced in the Indian financial system by the Reserve Bank of India in the year 2016.
Loans are available nowadays for various things from funding a start-up to buying appliances for a newly purchased house.