Category: Home Loan Advisor

Buying a home in Kolkata may seem simple enough, but arranging for the required funds will not be easy. This is because most people prefer to make such purchases with the help of a loan. Applying for a loan helps people to retain the cash and savings while allowing some tax benefits. However, as an inexperienced individual, you won’t make the most of the home loan facilities. Hence, it will be wise to hire a home loan advisor in Kolkata who will find these loopholes and tips that can help. It is necessary to seek professional help as it will help your finances further.

Understanding the Premise of EMIs and how they Work

After you have applied for a loan and it gets granted, you will get into the purview of EMIs or easy monthly installments. This is the method under which you will have to pay a certain amount of money every month. The amount you will pay will have a principal section, the interest being racked on the amount, the various taxes being applied on loan. It may not be easy to regularly pay the EMI, especially if you are not salaried and your monthly income fluctuates. In such a situation, a home loan advisor will be the person who can help you to manage everything.

The Facilities you will get to Enjoy and Manage your EMIs

The tips you will receive from the professional regarding the better management of your home loan EMIs are:

• In August 2020, RBI, or Reserve Bank of India, announced a moratorium on loans. At present, a loan moratorium can be applied for the longest period of 24 months on loan. As a borrower, you can use this opportunity to reduce your present liability, which means the EMI amount. A moratorium will mean temporary deferment of the repayment and not a cancellation. You need to remember this point before opting for the same.
• The loan balance transfer facility is also there, which will ensure that your EMI amount can be reduced when you are moving the loan from one bank to another. You will end up with a better deal and more time to repay the loan amount, which will be helpful, especially if you are going through some financial issues. Before choosing this option, you have to check the Marginal Cost of Funds based Lending Rate or MCLR of a potential bank.
• Under the Union Budget of 2020, the central government has increased the income tax benefits on a home loan. There are various facilities, including CLSS or the Credit Linked Subsidy Scheme of the Pradhan Mantri Awas Yojana, which will help you enjoy a considerable amount of tax benefits under the various sections of the Income Tax Act.
• If you face a cash crunch, it will be possible to apply for an overdraft on the existing home loan. Choosing this facility will allow you to deposit an amount of money above the pre-calculated EMI. The surplus resulted from this deposit will be treated as pre-payment of the loan, which will reduce the monthly EMI amount. You can withdraw this extra amount deposited as required. The interest of the outstanding loan will get adjusted automatically.
• Loan restructuring will be another feasible option available that can reduce your present burden of EMI. Yes, you will have to pay more in the long run, and the EMIs will continue longer. However, your current financial responsibility will be a little less.

Hiring a home loan advisor will inform you about all these details. However, as someone not having any idea or knowledge on the subject, you cannot handle the issue and enjoy the benefits. Hence, assistance is required. For further information and guidance, please get in touch with MRD Financial Advisory today.

Needing a home loan is pretty common these days. With the growing price of real estate and every other item, people are finding it harder to afford a new home, yet they want one. In such a situation, the best bet can always be applying and arranging for a home loan and then start looking for a possible place. Most people tend to conduct this whole process themselves and do not need any professional help. They do not think of finding a home loan advisor in Kolkata and asking for their support. If you are also thinking in the same way, then it is necessary to know that going to such a professional can be quite beneficial for you.

The Importance of Hiring a Professional to Assist You 

You are probably thinking that already you are in the process of spending a lot of money on a new home, and you are taking a loan for that. So, spending an additional amount on a service that can be handled yourself does not make much sense. It is not going to make much sense initially, but with time you will understand the importance of the service you are choosing. Despite everything, you have to admit that you will be the person also doing your job. If you own a business, you can have a little leeway with the timing, but that won’t go far without compromising your income. If you have a 9-5 job, then your timings will get more complicated.

The Limitations You will Have to Face and Overcome 

You won’t get much time to research the topic, including applying for a loan and managing everything efficiently. After doing everything else and handling all other responsibilities you have, researching for a new home and possible loan options will not be easy. An advisor will be able to handle the task better because it is their job, and they are already an expert in it. Along with that, you also have to remember that, as a regular person, it won’t be that easy for you to remain aware of every scheme, every detail of the loan. You also won’t know the possible ways to bring a little more money or additional benefits.

The Professional will be Able to Help a Lot 

Being the professional, the home loan advisor will have this information, and they will be able to guide you through the process for the best outcome. Under their tutelage, you will learn how to handle everything correctly. The help they will provide will also assist in making an informed decision. It is necessary to understand one thing, and that is, before making any decision in any aspect of life, you must have all the information handy. With every piece of relevant information available, you will be able to create a comparison list of all the pros and cons. This will give you a reasonably clear idea about the decision you are to make, and things will become easier.

You will be Making the Right Decision 

Initially, hiring a home loan advisor will seem a bit too much. It may seem like a wastage of money, but once you have begun to witness the importance and effectiveness of the decision, you won’t have any doubt. For instance, you may not know this, but banks often have special deals under which you may get some discount or additional benefits from the loan you are getting. Not knowing this may result in missing out on something significant that you never even thought about. Hence, seeking professional advice will be your best decision.

A home is considered as your asset that you dream of having for a long time. If you are going to buy a new home, few things should be kept in mind, and the two most important factors are a home loan and a trusted home loan advisor in Kolkata. 

However, the essential thing that matters is to qualify for a home loan. The lenders generally assess your repayment abilities which are mainly evaluated depending upon the expenses, working profile, earnings, savings, financial capabilities, and repayment history for your previous loans.

A bad credit score and several other reasons like poor credit debts and poor repayment history will pose a problem while applying for a home loan. Here are some of the significant tips to find the best home loan-

Checking The Credit Scores

The credit score is the foundation of getting a home loan quickly. This score indicates that you are consistent and how good your records are while playing the EMIs and all credit card bills. Your credit score is given on the credit information report, the credit history of borrowings from various organizations like banks, non-banking financial companies, and Housing Finance Companies. The reliable credit bureau will prepare the credit records and share the report with the banks or lenders who provide the loan. Be sure that you check your credit score every six months to assure you that you can apply for home loans.

Consider the Loan Amount, Down Payment, and EMI

Before you apply for a home loan option, you should fix the amount of loan you have to take from the lender. Considering the budget is crucial, and determining how much money you can consider for the down payment and EMI is also essential. Mainly you can get 75% to 90% of the property’s value as a home loan if you have sufficient income. You should identify the EMI range you find comfortable with, as it will help you decide the entire tenure of the home loan.

Choose The Right Advisor for Home Loan

Apart from considering the above-mentioned points, you should also choose the right advisor when applying for a home loan. People are looking for home loans from private lenders instead of traditional banks. They do not like to spend too much time in the queue when approaching a bank or for the complicated paperwork. So, suppose you want to have a home loan. In that case, you can consult with a professional and experienced home loan advisor in Kolkata to get the loan approved in a few days.

Suppose you are looking for professional help on home loan planning and management. In that case, you can take help from the experts of MRD Financial Advisory, one of the trusted advisors in Kolkata.

Buying a home and ensuring a small corner of this earth as your own is a dream every individual has. However, it is not always easy to accomplish that. With the increasing price of real estate, buying a piece of land and building a house is almost impossible in metropolitan cities, especially when your income is limited. Hence, you will have to look for something that will be more suitable for your affordability. That will be an apartment in most cases. As you will be operating under a limited amount of money, opting for a home loan will be for the best, and going to a home loan advisor in Kolkata the best decision.

Dealing with the Matter of Home Loan

If it is your first time dealing with a home loan, then seeking professional assistance is essential. Most people make mistakes regarding their finances because they either do not have the required information or cannot decipher the details. If you are not well-versed in the language of finance, then making sense of different terms is going to be tough, and that may lead to various issues in the future, which is not desirable. Therefore, seeking assistance from a capable professional will be the wisest decision as it will help you to handle the problem at hand.

Needing Professional Help is Natural

A significant reason behind people getting confounded by loopholes and ending up making not so beneficial financial decision is not understanding the jargon. Every industry has its set of terms and jargon, which convey a lot of information and meaning with just a few words. Sometimes, the terminologies make sense to even people without any prior knowledge or experience in the subject. Sometimes, the jargons are such that understanding the inherent meaning is impossible for someone without any knowledge. Moreover, the placing of the words and jargon is crucial too, and you need to understand that part.

Getting the Assistance, You will Require and more

When you are hiring a home financing advisor in Kolkata, they will provide you with not only advice but information that you could not even think. There are many details and ways that people without any knowledge or expertise on the subject have no access to, which causes much trouble for them. Most people are not even aware that there are solutions that can help them financially, and most of these points cannot be found by searching the internet. It will be smarter if you hire a professional instead of just gathering information and ask them to explain the terms. This way, you will earn more, and your knowledge will prove to be more effective.

Fulfilling Your Quest will Become Easier Now

Your quest, the one which is under focus in this piece, is owning a house. Having a place of your own in this enormous world. To fulfill this quest, you will need money, and that is where the problem begins. In this era, buying a flat or house is becoming tough because the price of real estate is increasing at a breakneck speed, and your income is not rising at the same rate. Unless you have access to a lot of money at your disposal, you will have to look for and think of loans to buy a flat or house. A financial advisor will guide you through the whole process and help you to score the best deal. This is how your quest will be assisted.