Find Your Dream Home at Aawas 2014 – A Budget Home Show

‘25 Lakh Mein Ghar, Ab Khushiyan Kuch Kadam Par’ do you feel excited reading this phrase and are filled with joy of getting a step closer to realizing your long cherished dream? Well this is exactly what Indiabulls Housing Finance Ltd, one of the leading private housing finance lenders in… -

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Home Loans – Vital Factors That Affect Your Eligibility

Home loan is the most preferred source for many to get funds for their dream home. Getting a loan is a systematic process and to get the funds you must meet certain requirements of the lender. Some of the important factors that the lenders consider while approving a home loan…

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CARE upgrades Indiabulls Housing Finance Limited long term rating to AAA

Indiabulls Housing Finance Ltd, one of the leading housing finance companies in India received a huge boost to its credibility and reputation as CARE upgraded its ratings for IBHFL long-term debt instruments from CARE AA+ to CARE AAA. All investment instruments with CARE AAA ratings are known to have the…

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Home Loans for Hardworking Indians

When it comes to buying a new home, several people in India consider it their biggest goal in life. The bulk of the population in the country belongs to the middle income group and struggle to get enough savings to be able to afford to buy their dream home. Most people refrain from investing in a home and also feel apprehensive about applying for a home loan mainly because they believe they need a lot of savings to be able to qualify for the loan. However, there are ways by which you can realize your dream of buying dream home and get your loan sanctioned:

Home Loans for Hardworking Indians

Early planning

Planning is the key to get your loan approved. If you have decided to avail a home loan you need to start planning well in advance. You must begin my planning your finance; consider your current income and your future financial condition and plan how you would be repaying the loan EMI. Also you need to make arrangement for the down payment. It is best advised that you start saving early as soon as you make your decision to buy your home. This would hold you in good stead to make maximum amount of down payment. 

Know the specific requirements

There are plenty of financial institutions in India that offer home loans for people belonging to low income to middle income group. Each institution has their own specific loan approval criteria and it would be best advised to do your research about the institution and their requirements to improve your chances of getting the home loan approved. The initial research will also go a long way in getting the documents in place to avoid delaying the loan disbursal process. 

Use a co-signer

One of the major reasons why the loan applications get rejected is that the applicants do not have sufficient income to qualify for the loan. If your annual/monthly income doesn’t meet the requirement of the lender you can consider applying for loan with a co-applicant. You can club the income of your spouse or your relative with your income to enhance the total income and qualify for the loan. 

IBHFL (Indiabulls Housing Finance Ltd), one of the leading Housing finance companies in India has recently launched a special campaign to celebrate the spirit of hard working Indians who constitute a large segment of the home loan customers. The campaign is basically aimed at helping the common man to make his dream of owning a home come true. If you are looking for loan, it is the best time to apply for loan with IBHFL

Indiabulls Housing Finance Celebrates the Hard Working Indian Home Loan

Indiabulls Housing Finance Ltd. (IBHFL) India’s 3rd largest Housing Finance Company has launched a new advertising campaign which salutes the spirit of the middle class who forms the major segment of their Home Loan customers.

Middle class income group constitute a large part of the Indian population and is hailed as the chief contributor to the Indian economy. It is the major force that drives the economy forward and is also the major customer segment for Indiabulls Housing Finance Limited. The company is well aware of the fact that most important dream of the average Indian is to own a home and therefore is focused on offering a range of home loan schemes at the most affordable rates in India. The loans are available for all types of budget properties and with the speedy and hassle free approval process, IBHFL empowers its customers to avail home loans for up to 30 years.

Indiabulls Home Loans

Most the home loan advertisements appearing on TV and print publications captures the human of emotions of dream and pride associated with owning a home. Also, it speaks about lower EMIs, quick approval process and the benefits of having their own dwelling. The ‘Hard Working Indian’ campaign launched by Indiabulls Housing Finance Ltd mainly focuses on reverse the normal perception of the people by celebrating the perseverance of the middle class people and their daily scarifies and struggles for realizing their dream of owning a home. 

While speaking about the campaign, Mr. Gagan Banga, CEO and MD of IBHFL, said - “Our clear focus is the middle class consumer & we have tailored our product offering to suit his specific needs. Also our service policy at Indiabulls places him at the centre, offering services like doorstep delivery, 48 hours sanction, Online Account Access etc. – it was only natural to us that our communication reflects this.”

Bhavesh Kosambia Sr. Creative director at Grey Mumbai added: “It was very clear that Indiabulls Housing Finance wanted to broadbase. The spin that we put on it was to make it a brand that appreciated & acknowledged the hard work of the common man. The Tvc takes that very thought a step ahead & applauds his effort.

The stories celebrate the hard work & sacrifice of the common man because to us these people are heroes” 

This campaign adds a welcoming stance to the brand’s positioning “Ab Ghar aa jao”. It endorses the common man’s faith in what he does to make his dreams come true.

How to Notch Up the Benefits on Home Loan Deals

If you are planning to buy a home and are looking for home loan, you must know that the initial planning process is very crucial as well as the most difficult aspect. There are plenty of things that you need to consider including selecting the right property, deciding on the loan amount before you enter into an agreement with the lender. The fate of your loan greatly depends on how you approach the financial institution. 

Once you have borrowed home loan all you need to worry about is the repayment of the monthly installments. However, you must know that the difference in getting a good home deal is that negotiating your way with the lender can get you attractive additional benefits as well as it will reduce the complications. This in turn would make borrowing an enjoyable experience. 

No matter, if you are borrowing home loan or applying for LAP (loan against property), you need to work smartly and have a proper strategy in place. This would not only give you an edge over the lender but also allow you to extract maximum benefit from your loan deal. 

Just like any other dealings, while availing home loan it is important that you stick to basics. If you do the basics rights and meet the requirements of the lender then only thing you would be left to do with is to negotiate with the lending officer and get a loan scheme that is in your best interest.

One of the most important things you need to consider while applying for home loan is the credit score. You need to maintain a positive credit rating. Besides, you must be perfectly aware of your exact requirement in term of the loan amount you need, the duration you wish to apply for and more importantly assess your future financial condition so that you are able to repay the amount comfortably. 

If you have done your research well and have got all the things in order, you can be sure of getting the perfect loan offer. Even if you don’t have an impressive portfolio, you may still get you loan sanctioned but you may not be enjoy the benefits but you would get a loan with only regular features.

Get A Rewarding Deal on Joint Home Loan

Majority of the people in India who wish to invest in real estate property invariably rely on home loans to get the required funds. If you are looking for home loans you can consider applying for joint home loan instead of opting for an individual loan.  You can apply for a home loan jointly with your spouse or with any other family member including mother, father and brother.  Apart from your family members you can apply for a joint home loan with six co-applicants. A major advantage of taking joint loan is that it only allows you to share the burden of repayment but also allows you to get a higher loan so that you can buy a better property. 

Who can be co-applicants?
You can obtain joint home loan with your parents, siblings or spouse. You can not apply for joint loan with any person, you either need to be married couple or you must have blood relation with the co-borrower. There are certain HFCs in India that allow siblings (brothers) to apply for home loan on a joint basis provided both the applicants are joint owners of the property.

Generally, the financial institutions in India do not allow friends, unmarried partners and sisters to apply for joint home loan. If you are applying for joint home loan with your spouse then the maximum loan term can be 20 years, whereas, if you are applying for children, sibling or parents, the maximum tenure is 10 years.
Documents Required for LoansThe documents required for joint home loan varies from lender to lender, however, there are certain basic documents that all HFCs consider. The documents are:

- KYC (know your customer) form- Income proof of all co-applicants- Identity and address proof of the co-borrowers- Proof of co-ownership of the property

What is the tax benefits associated with joint home loan?

Joint home loan is beneficial from the tax point of view. Under section 24 and Section 80C of the Income Tax Act, the co-borrowers can claim tax rebate on the interest as well as the principal amount repaid. 

Repayment of Home Loans

The repayment procedure for joint home loan is similar to the normal home loan. You can either pay through individual’s account or from joint bank account. You can also pay through ECS or electronic clearing system. Another alternative way to repay the loan is to share the EMIs with your partner in a way that repay the EMI for a specific number of months and the other person will pay for the balance months. 

At Indiabulls Housing Finance ltd, you can be assured of full support from our expert staff. We would guide you through the process and help you get the best deal.