• About Us
  • Privacy & Policy
  • Terms and Conditions
  • Contact
Away Some Article & Blog
  • Home
  • Mobile App Development
  • WordPress
  • Yoga
  • General
  • Lifestyle
  • Health
  • SEO
  • Write For Us
  • Contact us
  • More
    • Business
    • Web and Mobile Development
    • Digital Marketing
    • Career
    • Earn Money Online
    • Education
    • Finance
    • Hair Care Tips
    • Internet
    • Jobs
No Result
View All Result
  • Home
  • Mobile App Development
  • WordPress
  • Yoga
  • General
  • Lifestyle
  • Health
  • SEO
  • Write For Us
  • Contact us
  • More
    • Business
    • Web and Mobile Development
    • Digital Marketing
    • Career
    • Earn Money Online
    • Education
    • Finance
    • Hair Care Tips
    • Internet
    • Jobs
No Result
View All Result
Away Some Article & Blog
No Result
View All Result
Home Loan

Planning to Applying for a Home Loan Be Aware of These Myths

Away Some Article by Away Some Article
June 23, 2020
in Loan
0
Planning to Applying for a Home Loan Be Aware of These Myths

Planning to Applying for a Home Loan Be Aware of These Myths

Share on FacebookShare on Twitter

Introduction

Out of all loans offered by Indian lenders, home loans are the most popular. However, not having the right knowledge can stop you from realising the full potential of a home loan.

ADVERTISEMENT

This article demystifies the five infamous myths that are associated with home loans and inform you everything you need to know before applying for home loan online.

  1. The Lower the Interest Rate, The Higher the Savings 

Nothing can be further from the truth. Many lenders entice their borrowers by offering a low rate of interest. However, by offering you a low rate of interest, they ask you to pay more as a downpayment. Moreover, you have to accept a reduced loan to value. Generally, any reputed lender requires 10% as downpayment and offers you up to 90% of your property’s market value as the loan amount. Check the home loan interest calculator  and know for real how much loan amount you are eligible for.

  1. A Longer Repayment Tenure Brings Down the EMI

Generally, a reputed lender allows up to 30 years for loan repayment. Many lenders would want you to opt for the maximum tenure as it would require you to pay less every month. However, by applying for a home loan with the longest tenure online, you will have to pay more, as the interest rate charged will be substantially higher than the prevailing lowest interest rate.

As an informed borrower, you should open a home loan interest calculator and check the EMI amount for both long and short duration to see how much you can afford every month. By choosing a shorter tenure, you can take advantage of lower interest rate and quicker ownership of your dream house.

  1. The Higher the Credit Score, the Higher the Chances for Loan Approval

This statement is 50% true and 50% false. Approval of a home loan you apply online depends on many factors, which include your credit score, monthly liabilities, existing debt, disposable income, the security of income, age, location, and loan repayment history. While credit score forms an integral part of the loan approval process, it cannot be held as the most important factor that guarantees loan approval.

  1. Fixed-Rate Loans are More Dependable Than Floating Rate Home Loans

This seed of this concept is rooted in the pre-liberalisation era when applying for a loan was a costly affair. As home loan interest rates were excessively high, borrowers preferred to opt for fixed-rate home loans, as it was easier for them to plan their finances accordingly.

As times have changed, the home loan interest rates are hovering near their decade lows. If you check a home loan interest calculator, you would be amazed to find that the lowest interest rates begin from as low as 8.60% p.a. at present. Compare this with someone who availed of a loan before 2017; the borrower is still paying an interest rate of over 14% p.a.

  1. Physically Applying for a Home Loan is Better Than Applying Online

Every time you visit a lender’s office and get your EMI calculated by an official operating the home loan interest calculator, your credit score takes a hit, as lender-initiated credit score requests are considered as hard enquiries. By contrast, when you check a home loan interest calculator online, it is a soft enquiry and does not impact your credit score.

Conclusion

While this is a small list of the most infamous myths that are associated with a home loan, several other myths are as disastrous as the top five mentioned in this article.

Tags: BussinessGeneralLoan
Previous Post

ALL ABOUT THE RICH AND ROYAL RAJASTHANI JEWELLERY

Next Post

Kidney Cancer Symptoms, Diagnosis, and Treatment

Away Some Article

Away Some Article

Away Some Article is an experienced writer who has written a plethora of articles, based on technology. Her extensive knowledge about Technology is evident from the articles, as written in this blog. you need submit a guest post?, then contact us

Next Post
Kidney Cancer Symptoms, Diagnosis, and Treatment

Kidney Cancer Symptoms, Diagnosis, and Treatment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe To Our Newsletter

  • Trending
  • Comments
  • Latest

Coin master free spin and coin links

March 1, 2021
Latest And Most Exciting Trends In Mobile App Design In 2020

Latest And Most Exciting Trends In Mobile App Design In 2020

August 8, 2020
austin-distel-VwsuhJ9uee4-unsplash

6 Things You Must Know Before Starting an Online Business

August 23, 2020
How to Estimate the Time, Cost, and Deliverables of an ML App Project

How to Estimate the Time, Cost, and Deliverables of an ML App Project

August 1, 2020
Getting Amazing Results on your Carpet Without a Steam Cleaner

Getting Amazing Results on your Carpet Without a Steam Cleaner

2
How to calculate returns on FDs?

How to calculate returns on FDs?

2
Dissertation Writing Help

Most Common Problems Students Face With Writing Dissertations

2
hair-growth-long-hair-stock-today-180622-main-art_698aa92eb44df10ec28944776bdbc015.fit-760w

Learn How to Grow Hair Fast

2

ManCapitalGroup Review: Best Online Brokerage for Online Trading In 2021 (www.mancapitalgroup.com)

February 28, 2021
InfinityCapitalG Review 2021– Is this platform worth the hype? (www.infinitycapitalg.com)

InfinityCapitalG Review 2021– Is this platform worth the hype? (www.infinitycapitalg.com)

February 28, 2021
London-Gates 2021 Review: Brand and Functionality (www.london-gates.com)

London-Gates 2021 Review: Brand and Functionality (www.london-gates.com)

February 28, 2021
MyTradingCollege | 3 Best Courses On Trading To Get Now!

MyTradingCollege | 3 Best Courses On Trading To Get Now!

February 28, 2021

Recent Blog

ManCapitalGroup Review: Best Online Brokerage for Online Trading In 2021 (www.mancapitalgroup.com)

February 28, 2021
InfinityCapitalG Review 2021– Is this platform worth the hype? (www.infinitycapitalg.com)

InfinityCapitalG Review 2021– Is this platform worth the hype? (www.infinitycapitalg.com)

February 28, 2021
London-Gates 2021 Review: Brand and Functionality (www.london-gates.com)

London-Gates 2021 Review: Brand and Functionality (www.london-gates.com)

February 28, 2021
MyTradingCollege | 3 Best Courses On Trading To Get Now!

MyTradingCollege | 3 Best Courses On Trading To Get Now!

February 28, 2021
ADVERTISEMENT
Away Some Article & Blog

Submit A Guest post | Away Some Article & Blog

Follow Us

Browse by Category

  • Accounting
  • Architecture
  • Automobile
  • Automotive
  • Beauty
  • Best Exercises
  • Biography
  • Bitcoin
  • Blockchain
  • Business
  • Career
  • CBD
  • Computer
  • Content Management System
  • Corona virus
  • COVID-19
  • Dentist
  • Designing
  • Digital Marketing
  • Digital Marketing Trends 2020
  • Drupal 8
  • Drupal 9
  • Earn Money Online
  • eCommerce Businesses
  • Education
  • Electronics
  • Entertainment
  • Face
  • Facebook
  • Fashion
  • Finance
  • FinTech apps
  • Fitness
  • Food
  • Furniture
  • Gadgets
  • Games
  • Gardening
  • General
  • Gift
  • Google Flutter
  • Graphic Design Services
  • Graphics Cards
  • Guest Post
  • Guest Posting
  • Gym
  • Hair Care Tips
  • Health
  • Holiday Accommodation
  • Home improvement
  • Household
  • Interior Design
  • Internet
  • Jewelry
  • JioMart News
  • Jobs
  • Kitchen
  • Laravel Development
  • Law
  • Legal
  • Lifestyle
  • Loan
  • Magento 2
  • Magento 2 App Development
  • Marketing
  • Medical
  • Medical Store
  • Men's Health
  • Mental Health
  • Mobile & Web Development
  • Mobile App Development
  • Mobile Recharge
  • Movies
  • Moving and relocation
  • MVP Development
  • News
  • Office Furniture
  • Online Business
  • Other
  • Park
  • Party
  • Photography
  • Psychologist
  • RAKHI
  • Real Estate
  • Recruitment Services
  • Restaurant
  • Restoration Company
  • Rose
  • SEO
  • Skin
  • Smartphones
  • Social Media
  • Social Media Marketing
  • Software
  • Sport
  • Teaching
  • Technology
  • Telecom
  • Tiles
  • Tips
  • Travel
  • Traveling
  • Uncategorized
  • Use Integrity Scanning
  • Villa
  • VoIP
  • Web and Mobile Development
  • Web Designing
  • Web Development Services
  • Website development
  • Women
  • Wordpress
  • Yoga
  • Yoga Therapy

Recent Article

ManCapitalGroup Review: Best Online Brokerage for Online Trading In 2021 (www.mancapitalgroup.com)

February 28, 2021
InfinityCapitalG Review 2021– Is this platform worth the hype? (www.infinitycapitalg.com)

InfinityCapitalG Review 2021– Is this platform worth the hype? (www.infinitycapitalg.com)

February 28, 2021
London-Gates 2021 Review: Brand and Functionality (www.london-gates.com)

London-Gates 2021 Review: Brand and Functionality (www.london-gates.com)

February 28, 2021
MyTradingCollege | 3 Best Courses On Trading To Get Now!

MyTradingCollege | 3 Best Courses On Trading To Get Now!

February 28, 2021
The Investment Center Review 2021 – How I found and started trading with this platform? (www.investmentcenter.com)

The Investment Center Review 2021 – How I found and started trading with this platform? (www.investmentcenter.com)

February 28, 2021
Bitteks CFD Platform Review – Charting, Analysis, And Live Trading All In One (www.bitteks.com)

Bitteks CFD Platform Review – Charting, Analysis, And Live Trading All In One (www.bitteks.com)

February 27, 2021
13 Unique Features Every E-commerce Mobile App Must Have

13 Unique Features Every E-commerce Mobile App Must Have

February 26, 2021
  • About Us
  • Privacy & Policy
  • Terms and Conditions
  • Contact

Copyright © 2020 Away Some Article. All rights reserved.

No Result
View All Result
  • Home
  • Magento 2 App Development
  • WordPress
  • SEO
  • Yoga
  • Lifestyle
  • Health
  • Write For Us
  • Contact us

Copyright © 2020 Away Some Article. All rights reserved.