A home loan repayment can be a huge liability which normally takes many years. Occasionally, unpredicted situations like a job lay off or medical emergency might be a heavy drain on your resources and may counteract your assessments of repayment in the scheduled period. In this post I shall discuss about home loan in Delhi NCR.
Re-financing to a lesser mortgage interest or a service that allows you to reshuffle your EMIs can help in such situations. It can also be to your benefit to re-finance to a lesser mortgage interest rate even when you are overseeing your finances properly. This can allow you to invest in another profitable project or buy another property by sparing a better monthly income for you.
Qualifying for a lesser interest rate will save your money in the long run. It may also aid you in escaping a financial fix if unanticipated adversity strikes. If you begin lagging in paying your mortgage, being open with your bank can get you a lesser interest rate without you having to refinance a new loan.
I am outlining a few tips to help you-
Negotiate with your bank –Speak to your bank and inquire about conditions to reduce your interest rate or make other adjustments to your loan terms as a way to decrease your monthly payment. Discuss your financial problems and describe how you plan about the new repayment deals. This will assist you in understanding the market rates.
Supply evidence of financial constraint –Meet your bank officials and offer them evidence about your financial issues. In case of a medical crisis, show your medical bills to clear the financial problem you are facing. Keep your credentials ready and write to the bank officially, if necessary. Keep ready the evidences of all expenses and payments you sustain every month. In case you have being laid off or lost job, also offer proof of the same.
Verify all options obtainable at the lender’s end- Your bank may give re-structuring offers after taking into regard the issues faced by you. If your bank is eager to alter the terms of your loan, ask for all details, terms and conditions in writing. The bank may offer to lessen your interest rate momentarily until you resume your financial stability. Ask for all the terms in writing during negotiation.
Mention your credit history – If you have a strong credit history, banks are more than eager to negotiate the repayment terms. Mention your credit history and if required, also specify to the bank that you might be keen to shift to another bank if the restructuring doesn’t pan out. In several cases, this will be sufficient.
Be practical about checking Rates- Keep yourself correctly informed. Even if your finances are good, be informed the existing interest rates. Many banks continue to distinguish between new and old customers, charging the current ones an elevated rate than that being presented to new borrowers. If you are being charged a higher rate, request your bank to convert it to the rate applicable to new borrowers.