Which Home Loan Product Should I Choose?

Buying own home is the dream for many people which was difficult to fulfill in the past. However, now the times have changed with the incorporation of a number of Home Loan options. Financial institutes are playing a big role in converting this dream into reality making people happy for a lifetime. However, you can’t depend on a single Home Loan option while seeing just the positive aspects. There are a number of factors to be considered while deciding on the best Home Loan offer in order to meet your financial goals.

Factors Affecting Your Home Loan Options

There are different types of Home Loans that will impact your decision before boiling down to the most appropriate offer for you. However, just considering the following factors, you can easily make an accurate decision.

  • EMI – Equated Monthly Instalments

This might seem like an easy way out for purchasing your dream home, but as a matter of fact, it can be hectic to arrange funds every month for loan installment. If you are purchasing a home that is under construction, there are many banks that offer you a moratorium period in which you don’t have to pay any installment. Once, the home is done and ready, your EMI repayment will start, making it easy on your pockets.

However, not every bank offers this facility. Many banks have policies to charge interest with the loan itself. In this situation, you need to keep a track on home loans that can fit your pocket on a monthly basis. You need to make sure that your EMI should not exceed 40% of your total monthly income. HDFC Home Loan is one of the best choices when it comes to affordable housing loan EMIs.

  • Credit Appraisal Time Taken

Next are the credit-risk and guidelines that are taken into consideration during the time of sanctioning a Home Loan. This follows the same for each and every bank, but the bank that can provide quick Home Loan approval and disbursal must be your preferred choice. It is possible, that home buyer has limited time to claim and purchase a property. In such condition, it will be extremely helpful if the lender can swiftly process the Home Loan. Hence, consider the turnaround or credit appraisal period of each lender when choosing a Home Loan provider.

  • Access to Online Account

The world is moving at a very fast pace towards digitalization, so is the process to apply for different Types of home loan. Now, you don’t just have to depend on traditional brick-and-mortar banks to get a Home Loan. You have a variety of choices to choose from such as online lenders, online lending marketplaces, such as banks/non-banking financial companies/housing finance companies. Also, you will have accurate information regarding the products, services, interest rates, and other charges, EMI calculators and a lot of other facilities. Hence, while deciding on the Home Loan, make sure that your lender is well accommodated with online banking or you can visit MyMoneyMantra to compare and choose from a variety of Home Loan options as per your requirement and features offered.

  • Nil Foreclosure Charges, Easy Pre-payments, and Facility to Transfer Home Loan

Being a big-ticket loan, Home Loan is a commitment that will go on for 20-30 years. You will witness a lot of ups and downs in interest rates during such a long tenure. You might want to foreclose your loan before its maturity date or make part payments when you have a surplus, or you might want to transfer your Home Loan to another bank to reduce the interest cost. There are some lenders that do not charge any foreclosure fee. There are some lenders that do not charge any foreclosure fee. Make sure your lender provides all these facilities on easy terms.

  • Personalized Home Loan Insurance

The loan insurance covers the risk of loan repayment at the event of the owner’s accidental death or other mishappenings.

A home loan insurance protects helps your dependants in repaying the Home Loan availed by you if you are not there. Hence, if you can afford a slightly higher EMIs (including the insurance premium cost), you must look out for a lender who offers this facility.

  • Flexible Home Loan Interest Rate

The floating and fixed interest rates concepts might be a confusing deal for you. Nowadays many lenders offer flexible interest rate option wherein the interest rate remains fixed for the initial few years, and then convert into a floating interest rate. You can TruFixed Home Loan, a type of HDFC Home Loans, to avail such facility. Under TruFixed Home Loan, the interest rate remains fixed for 2-3 years and then converts into adjustable rate automatically.

  • No Hidden Costs or Charges

It is essential to have a detailed study about the product being offered to avoid paying any additional cost in the future. You need to ensure that the contract doesn’t contain any clause that can lead to additional payments. Avoid signing on any of the contract papers until you are sure that you will not be paying a penny more than you know. So, be sure that you have searched thoroughly before tying yourself in any contract and cherish the Home Loan of your choice.

Key tips to maintain your property

A lot of things are needed to be kept in mind while you are a homeowner. You could have two ways for your property maintenance either you can do it by yourself or get a contractor. When you are living in a home, the first thing which you need to do about it to make it look presentable and taking care of it. Following mentioned are the key tips for you by following which you can fulfill your duties regarding property maintenance:

– Establishing roles

Most of the times when you are a landlord, you have to take care that the tenants who move into your home are responsible to take care of their duties for the home they are living in. before you rent your property, the most important part is the lease. The tenants are responsible to take care of the maintenance stuff till then they are living in the house but that doesn’t set you free from your responsibilities like the bigger tasks are still on your head like you have to take care of the electrical system, and plumbing. You need to be in permanent contact with your tenants so that they can contact you whenever there are bigger tasks to do related to maintenance.

– Settling conditions

Whenever you rent your property to someone, make sure that you document the situation of your house. You can make a checklist and take photos of your home while you are renting it so that in future when those tenants leave the house, there are no disputes regarding the situation of home because you would be having proofs that how your home looked alike before renting it to them. This doesn’t mean that your house will stay in the same situation exactly as you have rented it. It is normal to expect some minor damages like scratches and dings. Whenever you rent your home, you need to tell the tenants about your expectations regarding the care and maintenance of your home.

– Creating a schedule for preventative maintenance

When you create such a schedule, it becomes easier for you to identify the problems before they turn into a big mess and you have to incur a lot of expenses to solve them. When you are leasing your home, make some clauses regarding your tenants to stay in contact with you so that you may be kept updated with the going on situations with your home and this is what keeps your home well maintained and saves you from any huge expenses.

– Simple landscaping

Avoid unnecessary changes because when you’ve thought to rent your house, you don’t need to incur a lot of extra expenses and to keep the things simple. If you have a landscape at your home, make sure to make it look simple and if don’t have, make one. This makes your house look better and presentable. Making simple landscapes prevents you from incurring extra costs on it and thus no extra care is needed to be done.

Are You Missing Something Important For Real Estate Marketing?

Do you have a real estate agent license and want to set up your business? Are you looking for more profits as a real estate agent? What modes are you using to spread your WOM? This article will help you understand creating word of mouth through the local listing and google maps. It’s important to be exposed to when a prospective customer searches for a business like yours; you come to the top. We will start with the availability of different real estate marketing modes available and end up with the latest one. After reading this article, we would recommend you to share on your Facebook and LinkedIn profile. It will help you gain more knowledge about the Real Estate Marketing and Google Listings.

What are the modes for Real Estate Marketing?

Before 2001, the commonly used modes were the newspaper, TV media, Paper Ads, and Commercial billboards. All of these modes for real estate marketing targeted many people who are not even interested in buying, renting or selling any property. There was no method to target the most prospective customer. Now the things are changed. After the viral introduction of world wide web, a big opportunity for marketers opened. They had an option to build a website, list it locally on different directories, get customers who are searching for a real estate agent and make their business profitable.

Recommended to read: Five global social media trends

How Local Listing Is Important

However, now the things are changed. There are many SEO experts, social media marketers and digital geeks who are promoting their real estate clients on every media. However, still, they are not aware of the fact that a customer searches locally not globally. It does not matter if you take your website to the top of a search engine page. What matters is, are you getting prospective customers? The targeted customers search for real estate agents who are near to them.

What are Google Maps

Whenever a person writes “Top real estate agent near me” on Google, he is always redirected to a map type snippet. The map shows local real estate agents who are near to a user’s area. In this way, he ignores the first position of any website but surf through google maps.

How Google Maps Can Help In Business

If you don’t have a website, you can still register your business with no Google maps. Make sure you use the correct zip code, business timings, and appropriate details. If these things are displayed, then Google will surely put you in a list of that area real estate marketers.

What is Local SEO and Map Tagging?

However, what about local marketing and Geo-Tagging? Google is always looking for your presence in other directories as well. So you must make directory pages of your business and put the same zip code that is used in Google Maps. In this way, the search engine will crawl all the data and put your name on top of the list. That local SEO will help you gain targeted customers instantly.

The causes of basement moisture and methods of waterproofing

One of the biggest problems that you can have as a homeowner is a wet basement. You might not feel so alarmed due to the tiny puddle or small trickle, however, they are warning signs and an indication that something is wrong. If you end up with moisture in your basement, there can be several problems following it. So, one should consider basement waterproofing and here we will tell you the causes of moisture and its waterproofing methods.

What causes the moisture in the basement?

The common reasons for water in the basement are as follow.

Improper soil and drainage system

There are instances when rain and drain water won’t go away easily. So, you will ultimately end up with a wet basement. It is critical to direct the water away from home because if you haven’t taken the measures appropriately, the water would gather around the foundation. From there, it will try to penetrate its way inside towards your home and can cause a wet basement.

Wrong installation and maintenance of gutters

Gutters are around the homes to direct the rainwater away from your home. They make it certain that no harm is done to the foundation and the water is kept away. If you install them inappropriately or don’t pay heed to their maintenance, they will clog and the water would stay in it, slowly and steadily moving towards the inside of your home’s foundation.

Improper slope

The slope around your house is meant to take away from water as it would be away from your home rather than going towards it. In case if it is wrong, this would also make water gather around the foundation of your home which will soon find its way through it to your basement.

Cracks in basement

The cracks in the basement walls, floors, and around its windows, are likely to give an opening for a water to flow in. So, you might have some trickling and puddle formation in the basement.

Condensation

Basements are known to be damp and the process of condensation can make things tough for you. When it happens, the mildew and mold can be seen around the basement, bringing some serious damage to your basement.

Waterproofing the basement

There are three main methods which are used for basement waterproofing.

Interior

This can help in making the inside of your basement waterproof. It is used primarily when the experts identify a problem that exists in your basement. The sealants and coatings are applied to avoid the condensation.

Exterior

The exterior waterproofing is meant to protect the basement from outside. It aims at blocking the water so that it cannot make its way through the foundation to your basement. The exterior includes drainage systems and coating the outside of the walls with waterproof materials.

Drainage

As listed, problematic drainage can lead to a wet basement. Therefore, the repairing and maintenance of your drainage system are what you should look forward to. Many homes get rid of the wet basement just by clearing out their old drains and making them fully functional.