How is a Home Loan Balance Transfer Beneficial for You?

When you take a home loan, you know that it is going to continue for a long long time maybe up to 30 years if you want. You are also aware that paying the EMIs is very important else your property will be sold by the lender. Thus, to avoid these unnecessary troubles, you can choose a lender which is offering a rate of interest that you can afford. Since the interest rate is the main factor in deciding the EMI, you have the choice to choose the lender according to your suitability or else there is an option to balance transfer.

A balance transfer facility is available in order to help you shift your loan to the lender which is offering a lower rate of interest as compared to the existing one. There are minimal charges on the transfer facility so that you can focus the difference between the rates. Below are the top banks offering lowest home loan rate where you can transfer your home loan.

Home loan rates at SBI

 At SBI, the interest rates on housing loans are available at the starting rate 8.30% per annum for women applicants and 8.35% per annum for other applicants. The maximum interest rate on the loan if 8.60% per annum which is also within the budget of the mass.

Home loan rates at HDFC Ltd

 The home loan is disbursed at the present rate of interest starting from 8.35% per annum and goes up to 8.95% per annum.

Home loan rates at LIC Housing Finance

The interest rate on a housing loan for variable loan amounts is mentioned below:

  • Up to ₹1 lakh to 35 lakhs- 8.35% p.a. (for women) and 8.40% p.a. (for others)
  • From ₹30 lakhs and ₹2 crores – 8.50% p.a. (for all)
  • From ₹2 crore to ₹5 crores- 8.70% p.a. (for all)

Home loan rates at Axis Bank

 The home loan rate at Axis Bank is presently at 8.35% per annum onwards. The processing fee applicable to home loans is up to 1% of the loan amount plus applicable taxes that is GST.

Home loan rates at Bank of Baroda

Bank of Baroda is among the top banks when it comes to home loans as the rates offered are very low and one of the lowest rates available in the market. The interest rate on home loans starts from 8.30% per annum and goes up to 9.30% per annum.

What is the home loan rate at IDFC Bank?

The rates applicable on home loans is floating. The rate is spread over 6 Month Year MCLR which is subject to change with the loan amount. The minimum rate spread is MCLR + 0.20% which is applicable up to the loan amount of ₹30 lakhs.

How can you calculate your home loan EMI?

 The calculation of EMI on a loan is done online through a loan EMI calculator. It is the easiest tool that helps you in calculating home loan EMIs in a few minutes. This tool takes into account the basic details of your home loan which are:

  • Loan amount
  • Tenure
  • Interest rate

Suppose, your current home loan is of ₹40 lakhs with the tenure of 25 years. The rate of interest at the present lender is 9.50% p.a. The EMIs you are currently paying is as follows:

EMI: ₹34,948

Total interest outgo: ₹64,84,360

Total amount: ₹1,04,84,360

However, if you transfer your home loan to a lender which might give you the rate of 8.30 % per annum if you match the eligibility criteria, you can save a lot of money.

Here is an example for your reference:

EMI: ₹31,672

Total interest outgo: ₹ 55,01,530

Total amount: ₹95,01,530

As you can see, the total saving on the loan is ₹9,82,830 which is a big amount and can be used for many purposes such as paying home loan EMIs without any hassle or buying a brand new car or going on a trip. Thus, make sure you choose the lender the lowest rate possible as per your eligibility so that you can save your money and use it in a productive manner.

Top 5 Advantages Of Giving Freebies To Customers

For you to achieve loyal customers, you need to satisfy their needs and even give more than they asked for. You need to be very giving to your customers to foster lasting relationship. Nonetheless, it all begins with unparalleled customer service and of course, freebies.

No one declines free stuffs. It will become your greatest business strategy so you should stick to it! How? Find out here top reasons why you should give freebies to your customers.

Freebies effortlessly creates a positive buzz towards your brand

The truth is, people love free stuffs. Giving out freebies allow new clients to get engage with your brand. It also adds interactive and a positive vibe against your brand. This happiness felt by your customers will then be shared to others, creating the much needed positive buzz towards your business.

Freebies encourages your customers to try out your other products

If you have a newly released product, it is important to let your customers know about it and how great it is. The most effective way to do so is to give away free items. Free product samples give your clients the chance to “test the waters”. Once they got pleased, they will surely get hooked in your products. Free items are the key tools to help diminish the hesitation of people towards your brand.

Freebies improves your relationship towards your customers

Every business has encountered that one specific time when a customer got upset at a given situation. During these times, a good customer service should take place. Resolve issues accordingly with your customers and win back their trust to your brand. You can do so by offering free items as a means of resolution to the issues you’ve encountered. If it isn’t that big fuss, they will eventually accept it right away.

Freebies creates a good image to your brand

Surely, it won’t hurt your business if you send away some of your items to your valued customers. Nonetheless, these free samples will generate a positive impact to your brand’s image and positive feedback will follow. When customers are appreciated and made special, they tend to think highly on your brand and towards your products. Getting something for free is a proven way of pleasing customers. Freebies will definitely outshine your competitors.

Freebies is your best commercial

You need to increase the publicity of your products so more people will know about it. Though there are a lot of effective ways to generate popularity among your brand, it is still the free items offered to your customers will matter most. Once the customer gets pleased by the free items, they will be interested in purchasing it later on. Moreover, freebies to your loyal customer will make them happy and will secure their loyalty in the long run.

Freebies means so much, more than you ever think of. You need to be generous in giving these free items to your customers so they will come back and buy your products in the later time.

Hidden Facts You Need to Know a CIBIL Report

Are you someone who is curious to know your credit score before applying for a loan or your favourite credit card? If yes, reading this article is going to be worth for you. Many people at the time of applying for a loan or a credit card pay much attention to the credit score and why not, it is undoubtedly one such crucial ingredient without which it is difficult for an individual to experience a smooth financial journey.

However, just like your credit score, there is another vital element that plays a key role in your overall loan journey, any guesses? Well, it is your CIBIL report. You read that right, my buddy! This report not only showcases your score but it includes a lot more information. So, without wasting any time further, let’s just get into the topic straight and discuss more of the same in the article below.

When it comes to CIBIL report, there is no denying the fact that it is a comprehensive unified document that not only contains the credit history across different lenders over a significant period of time but it also includes the details of an individual’s/corporate entity’s borrowing history and repayment record. Basically, this report includes the following:

The personal details of an individual such as Name, Age, Gender and Address

Employment Details and Total Earnings

Total number of hard inquiries made by the potential lenders on the receipt of a loan/credit card application

Previous and current loan records along with payment record

Defaults on loan/credit card (if any)

Total credit limit and monthly spend limit (credit utilization ratio)

Credit score

Moreover, with the help of this report, it becomes easy for the lenders to know the detailed information of an applicant’s creditworthiness on the basis of previous and current credit behaviour. After looking at the report and getting fully satisfied with the same, the lenders take their final decision. Now that you know the information this unified document usually contains, let’s just know how this report has been generated.

How is CIBIL Report Generated?

India’s first Credit Information Company known as Credit Information Bureau of India Limited Limited (CIBIL) is one such renowned agency that maintains and collects the records of all the individuals and non-individuals who has ever been involved in any credit-related transaction such as loan/credit card. This reputed company collects the records from numerous leading banking and NBFCs on a monthly basis. If we talk about the data, it includes new loan/credit card application, credit limit, interest rates, status of all applications, defaults or what not. The lenders always keep an eye on the financial history of an individual and after considering the above parameters, a detailed Credit Information Report (CIR) has been generated that also has a credit score. Now, you can say this detailed report is a gateway of an individual creditworthiness and after the deep analysis of the same, the lenders evaluate and approve the loan/credit applications.

However, one thing that needs to be mentioned here is the fact that if your report says that your credit score is poor, it would be a big problem for you as due to which you won’t be able to get the lucrative deal for a loan/credit card. That’s Right! If an individual is having a low score, he/she tries to improve the same by keeping certain key points in mind. And, if a person’s score is good, he/she ensures that it should always remain good, i.e. maintaining a good score is also an important practice that also required the much-needed attention.

If you pay all your bills/dues on time without a miss, if you maintain a healthy relationship with your lender/credit card issuer, if you don’t check your score on a regular basis and if you avoid applying for a loan/credit card at too many lenders are some of the key practices that one should always follow so that it not only helps in improving/maintaining a good score but the same will also reflect in the CIBIL report, which will work in the favour of an individual for his/her future loan/credit needs.

What Is the Canada Immigration Process from India?

The immigration process to Canada is mainly handled by the IRCC or Immigration, Refugee and Citizenship of Canada, which is a governmental body that sets and amends the regulations, rules and policies impacting the immigration systems for Canada, whether it be national or the state like the Provincial Nominee Programs. Canada is the nation where there is regular shortage of skilled workers and IRCC tends to introduce multiple pathways to allow foreign nationals to enter or migrate to Canada and join the workforce and work and live with Permanent Residence Visa. So, if you live in India and want to migrate to Canada, then it is important for you to know the Canada Immigration Process from India.

The Pathways for Migrating to Canada from India

There are many popular pathways for applying for PR visa and migrate to Canada from India. Some of the pathways for Indian Immigration to Canada are:

Quebec Skilled Worker Program

Provincial Nominee Programs

Express Entry Programs

Family Sponsorship

Details for Canada Immigration Process from India

Education Credential Assessment – This is the first step and you need to submit the document of ECA to support your PR profile on Express Entry. It will show your educational qualifications that it is equal to the Canadian educational system and hence you can get selected for immigration.

IELTS Language Ability Report – This is the language proficiency certificate which is one of the crucial documents to support your application. This will give you the points which you need to score to be eligible for the PR Visa. The Language ability not only shows that you are able to read, speak and write English in social settings.

Submit Express Entry Application – After you have all the required documents you need to submit the application online. You need to know that Express Entry Program offers several pathways for Indian Immigration to Canada and this includes:

Federal Skilled Trades Program

Canadian Experienced Class

Federal Skilled Worker Program

After creating the profile and choosing the pathway through which you want to apply for Canada PR, you are required to submit the online application and provide all the details that are asked like age, education, work experience and married or single.

Get CRS Score – Comporehsnive Ranking System is the score that would decide if you qualify for Indian Immigration to Canada or not. After creating the profile, you will receive the CRS Score based on your ranking of various factors that you have submitted like language ability, age, education, work experience and more.

Applying for PNP – The Provincial Nominee Program is the great way to secure your Indian Immigration to Canada via Express Entry Draw. There are 10 Provinces and each province has different criteria for immigration and hence you need to check the requirements before applying for PNP program.

Wait for Express Entry Draw – After fulfilling all the immigration requirements and receiving the CRS score and nomination for PNP program, you are required to wait for the Express Entry Draw. It usually takes 15 days.

Invitation to Apply for Nomination Certificate – Once you receive the ITA and get PNP Nomination, you can apply for Canada PR visa and move to Canada with PR visa in hand.

Wanna Know How Personal Loan for Cibil Defaulters Can Also Avail a Loan

Rahul, a 28-year-old,  Senior Graphic Designer by profession was very happy as finally, he was going on his most awaited trip to Europe. He had the savings of ₹1.5 Lakh but that was not enough to travel the mesmerizing locations of Europe. Thus, he approached one of the leading lenders to avail the loan of ₹2 Lakh in order to sponsor his trip. After 12 days, he followed up with the bank and what came as a shock to him is the fact that his personal loan application has been rejected! It was obvious that he was in total shock and on inquiring the reason for the rejection, he came to know that he had a low credit score and was listed as a personal loan cibil defaulters.

Well, this is not only the case with Rahul as there are many people like him who face the loan rejection at the time of apply personal loan online. Moreover, if we are talking about a loan rejection, it is important that we should talk more about this topic. Loan rejection is quite common and one of the prime reasons for the same is the cibil default. That’s Right! If you are someone who has already defaulted on a loan or on a credit card payment, there are high chances that your name is on a defaulters list. Not paying your credit card bills on time, missing out an EMI of a current loan are some of the factors that can drag you towards a defaulter well.

But what to do if someone is already stuck on a defaulter trap? What are the best ways to avail a lucrative deal in terms of grabbing the lowest personal loan interest rates?  Are you someone who wants to apply for personal loan, but being a cibil defaulter couldn’t get the loan? If that is the case with you, nothing to worry at all. Yes, as all you need to do is just read this article further. Today, in this article, we will let you that how a cibil defaulter can also get a personal loan to fulfill his various needs.

Though it is absolutely true that before offering the loan to the applicants lenders do consider the credit/cibil score just to have a quick check on an individual’s credit history and repayment record. But what the lenders will do in case of a cibil defaulter? You might be thinking that his loan application would be rejected and he won’t be able to get the credit until he improves his score, right? Well, that is not true. Even if you are a cibil defaulter, you would be able to get a personal loan online! Yes, that is true my friend!

There are many renowned banks and NBFCs are there in the marketplace which are known for offering the loan to such applicants who are having a low credit score or a cibil defaulter. In such a scenario, these lenders take into consideration various other factors apart from just considering the cibil. Yes, if an applicant is working in a prestigious company (CAT A, CAT B), if an individual is getting a handsome monthly income or if a borrower is working at a higher position/level, there are high chances that he/she might get the loan. I know it sounds almost impossible to you but my friend it is absolutely true that various lenders ready to lend the money to the cibil defaulters just on the above grounds.

But one thing that needs to be mentioned here is the fact that in case of a personal loan cibil defaulters online, lenders offer the loan to the applicants at a higher interest rate. That is true! Being a cibil defaulter, you have to bear some consequences in the form of availing the loan at a higher interest rate. And, with higher rates, you also have to pay the higher EMIs as well as the Interest Outgo. Thus, making a personal loan quite an expensive affair for you to avail.

And, before applying for a loan, if you want to check your credit score online, with the help of many reliable sites you can check cibil score online for free in just 2 minutes. Yes, these sites allow you to know your exact score in just a few steps after taking into account your personal details attached to PAN.

Hope this article was worth reading for you!