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How a Salaried Couple in Their 30s Saved Lakhs on a Home Loan, Without Increasing Their EMI

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  It is a common belief that you either need to increase your EMI bandwidth or increase your income as home loan savings tips! Is it true? Well, not always. Let’s tell you a story of a 30-year-old couple who visited us years back, and how they saved Lakhs on a home loan, without even increasing their EMIs. The journey is one about effective home loan planning in India. For a premise, the couple took a home loan of ₹55 lakhs with a 20-year tenure at an interest rate of 9.5%. With manageable EMI payments, there was no such financial stress. However, after reviewing their loan statement for two years, they noticed something that blew their minds. Despite regular payments, the outstanding principal wasn’t reducing, and a major portion of their EMI was going towards the interest amount. Although this is a common situation, this scenario somewhere jolted them to rethink and seek help. They began exploring smart home loan strategies to take control of their loan repayment. Can I Reduce H...
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5 Warning Signs Before You Apply for a Mortgage Loan

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  There’s one uncomfortable truth about the mortgage loan that we’d like to reveal to you. Not every loan against property is as good as it looks on paper! Why? The hidden charges, tricky terms and policies of the lenders, and vague communication - all this turns your “dream deal” into a long-term financial burden.   So, if you’re planning to apply for a mortgage loan or explore it in general for plans, Loan Bazaar is here to bail you out from the red flags that you might not be able to see, but are present. The Interest Rate Sounds Too Good to Be True Every borrower wants a loan against property at the lowest interest rate, but the ultra-low rates often come with a trail of issues. But first, understand that there are two types of interest rates that a borrower can get. Fixed rate, which remains unchanged for a set period, further ensures predictable EMIs and easier financial planning. The other one is the Floating rate, which is based on market conditions and bench...
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6 Insider Tricks To Get Your Home Loan Approved In Record Time

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  House…. Final! Plans… Locked in. Bank...? “We’ll get back to you!” Are you stuck in this loop? Or you’re not applying for a home loan due to this scenario? Whatever the case may be, getting a house loan approved doesn’t have to feel like waiting for summer to end! So, if you are hunting for the cheapest interest rate home loan or thinking of closing the deal before someone else does, remember that it isn’t luck but preparation. Therefore, here are six tricks by Loan Bazaar that can slash your approval or waiting time dramatically. Trick 1: Fix Your CIBIL Score Before You Even Apply Nothing is better than a CIBIL score for a home loan that’s either 750 or above. Because it is what the lender will look for in the first place. He needs to trust you before giving you the money required. And it's the polite difference between getting the best home loan interest rates and being shown the door back home. With a score of 750 and above, lenders nearly compete to give the loan,...
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