Keep Your Interest Rate In Check With Loan Rate Shield (LRS)

First things first. You might have been wondering exactly what is Loan Rate Shield or LRS. LRS is fast emerging to the greatest thing that ever happened to prospective homeowners who have no clue how to go about the loaning procedure. It is a service offered by LoanYatra.com for all its esteemed clients and you too might want to squeeze in to ensure your chance of a brilliant future.

In this article, we take you on a trip to what lies in the heart and soul of LRS and exactly how you can mould it for your own interest.

What is Loan Rate Shield (LRS)?

Loan Rate Shield (LRS) is one of a kind loan monitoring system that believes in thorough analysis before providing you with the requisite data. If you thought that the algorithm engine of LRS would only monitor your home loan until you reach the point of closure, you couldn’t be more wrong. Loan rate shield is dedicated to provide you with a holistic service and also sends you periodical alerts and recommendations about all the exciting home loan investment opportunities in the market so that you don’t miss out on anything. Loan rate shield stands true to its name and acts as your shield in the most acute of financial crises and helps you get out of the loan loophole by drastically cutting down on the high interest rates.

Loan Rate Shield- Your chance at a better future

Shielding your way to success- Investing in a home loan and signing on the dotted line is one of the most euphoric feelings in the world. However, all that happiness collapses in an instant when you find one of your friends has got a better home loan deal than you at a much lower interest rate. LRS shields you from the horror of it all by scouring the market for the deals that would be optimum to your purposes.

Monitoring your money- When you engage in a home loan with a lender know that they have financial advisors who are monitoring it all from behind the curtain. It is not always possible for a common man to avail the services of an advisor and that’s where LRS comes into the picture. It monitors your home loan with the eyes of a hawk and minutely takes track of your overall cash outflows so that you know exactly where you stand.

Alerting you at every step– There are lenders who would try to attract you with promises of reduced rate of interests but not all of them are genuine. LRS alerts you of all the best home loans in the market and even informs you if you have been paying more EMIs than the requisite amount in the years leading up to the final closure.

Extends a helping hand- Closing your home loan before the ultimate due date is a dream that all of us cherish. Loan rate shield helps you in making that dream a reality.

Provides you with effective recommendations- LRS would pin point the areas on which you need to focus in order to save up more on your EMIs and if you manage to follow the advice diligently, you can bid adieu to your mortgage once and for all.

Calculator : Where you Get a Clear Picture of What Awaits

Every prospective homeowner looking for a home loan is akin to a blind man trying to make sense of everything with the help of the instinct. However, since the kind of home loan deal you manage to strike with your lender reflects on the kind of future you will have, getting to know the whole picture is always a wise decision. With the calculators at LoanYatra.com, you are gifted with the knowledge of what you will find in the loan sector. You will be able to dodge all surprises and come out stronger.

Don’t let your future boil down to a lifetime of EMI payments with the right calculator for your needs.

Home Loan Eligibility Calculator- The Home Loan Eligibility Calculator helps you know whether you are eligible for a home loan in the first place. Contrary to the popular notion, your lender conducts a thorough background check before trusting you with the money. There’s nothing worse than applying for a home loan and ending up dejected and disappointed just because you didn’t qualify. Save yourself the shock at the outset by using this calculator. You just have to input the requisite information like your gross monthly salary, the name of your company, the location of the property who are seeking a home loan on and the type of loan you desire. You can rest assured that this calculator would keep the legal formalities to a minimum. Since knowledge is power, even if you don’t find yourself eligible, you can plan for a future when you will be.

Balance Transfer Calculator- With the Balance Transfer Calculator, you are given the guarantee that not only would you be able to pay less, but also pay off your loan fast. You would be required to enter your current home loan details like the principal outstanding amount, the interest rate, your existing EMI, the number of EMIs left to be paid and the name of your bank. Once you inform this calculator of your property location, you will be notified of your bank transfer details.

Part Payment Calculator- Whenever you apply for a loan, the subject of EMI payment always persists like a thorn. Not all lenders take the time out to explain the algorithm behind the total amount you would be required to pay and the number of instalments you can distribute so as to lessen the huge financial burden. This is where the Part Payment Calculator comes in. You have to enter the total loan amount, the rate of interest on it, the repayment EMI, the number of months and whether you want to make the payment all at once, on a monthly, quarterly, monthly or half yearly basis. You will be notified of the part payment you need to make to reach closure sooner than you had formerly expected.

Home Loan EMI Calculator- The Home Loan EMI Calculator is one of the most efficient of the bunch as you would find a pictorial representation of the breakup of your total home loan repayment amount. Just input your home loan amount along with the interest rate and loan tenure and this calculator would tell you the monthly EMI value, the interest payable and the total payment you’ll be making. If you’re still trying to grasp what you are in for, the pie chart is there to make the complicated maths a lot easier to understand.

 

Good news with the release of Budget 2016- 17. 50 = 50!!?? Join with Loanyantra for the double benefit !!!

Buying a new home remains as a dream if you have no sufficient funds.  This is the time the heart understands how important every penny is. So, for the first time home buyers,  if they can save 50,000 on the first year, on a 50 lakh home, is it not a boon?. 

So how can you save 50k on the home loan?

Budget 2016-2017 states “First home buyers to get deduction for additional interessavings on tax_loanyantrat of Rs. 50,000 a year for loans upto Rs.35 lakh.” 

So, as we know, the tax exemption can be claimed on the principal and the interest as well. Now we the first home buyers can claim more 50K as exemption. Provided the apartment cost should not exceed 50 lakhs and the loan amount should be not more than 35 lakhs.

How is it more useful with loanyantra.com?

As a loyal customer of loanyantra, you can avail 0.10% discount on the prevailing interest rate. 

For instance, you are a first time home buyer and  seeking for a home loan of 35 lakhs. So, you get the loan at the prevailing interest rate, say 9.5%.

Now let us see the two benefits you can avail for the first year.

Benefit 1: According to the budget  proposal, you can claim extra tax exemption 50k.

Benefit 2 : According to loanyantra, 0.10% discount on the interest rate. Which will save upto 1 Lakh.

Additional Benefit : Loan Management by loanyantra.com till the end of your loan.

So, choosing a home loan is as important as choosing a home. Work clever and plan smart.

Be Prudent And Save Yourself The Exorbitant Amount on Home Loan

Your home loan can potentially be the biggest investment of your entire life. It is rare that a person would have the capital ready and has to invariably resort to home loans to make their dream come true. However, uninformed decision-making coupled with a lackadaisical attitude can end up taking a huge hit on your financial resources not just for a few years but your entire lifetime.

If you are just starting off, it is time to make amends from the very outset. We have come up with six ideas that would help you save up on your home loan.

  • It’s all about calculation : The home loan calculator would not only tell you whether you are eligible for a home loan but would also give you a realistic time frame in which you can expect to pay it off. Once you know the limit, you can go ahead with planning the ways in which you can cut down on your loan payment.
  • Give the honeymoon a miss : Lenders tend to use honeymoon or introductory rates on home loans as a marketing tool. If you come across one such offer, know that once that initial phase of euphoria passes on, you would be required to pay the market price at a higher rate of interest. Do your research and clearly communicate your queries to your lender before signing on the dotted line.
  • Pay quickly and more often : Though there can be many strategies to save up on your money, the moral of the story remains that you should aim to pay it off as quickly as possible. Always go for lower time frames in which to make the payments. Surely you might have to pay more monthly and lead a frugal life, but when you actually find that you have saved a couple of years worth of interest, it’ll be worth it.
  • Focus on the Principal : All of us who have had an unpleasant real life encounter with compound interest know how it feels to pay exorbitant interests every month and still not being able to cross the threshold of the principal sum. Additional repayments with some extra investment might help you cross the principal amount quite early. Paying the interest amount would be smooth sailing henceforth.
  • Don’t neglect the package deals : Ask your lender whether they have any home loan package deals which you can avail. From a free consultation with a financial advisor to special discounts, every little benefit gives you the opportunity to handle the repayment process much better.
  • Go for lower rates at the outset : Compare and analyse the various home loan options available on the market, the right lender can make the difference whether you have to part with a thousand bucks or save up the same amount of money. Even a percentage point would seem trivial when you make a deal but when your loan repayment gets extended to six months more because of it, you would repent hasty choices.