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February 2022 – Engineers Horizon

Co-borrowers: boost your personal loan eligibility

A personal loan, also known as a consumer loan, is an unsecured loan that can be availed based on credit history and repayment category. You can immediately fulfill your cash needs with a personal loan which is multi-purpose in nature. Whether you want to fund an upcoming wedding or holiday; or need funds to expand your house, personal loans are an apt and most reliable instrument. No security or guarantor is required, as these loans are unsecured. 

  • Types of personal loans –

A personal loan can be availed for both planned and unplanned expenses. Once the loan amount is disbursed, one can use it in any way they want. Be it a wedding, education, or vacation, you can use the loan amount per your requirement.

  • Benefits of personal loan –

    For a personal loan, minimum documentation is required

    1. Loan is approved within 15 minutes.
    2. You can choose the repayment tenure according to your capacity.
    3. These loans have no end-use restrictions.
    4. Loan is disbursed quickly.
  • Who is eligible for a personal loan? 

    1. Applicants should be Indian.
    2. He must draw a salary of at least 25 000 every month.
    3. He should have a total work experience of at least 12 months.
    4. He should have responsible credit behavior, and his credit score must be 725 or above. 
    5. Age criteria is between 25-58 years.
  • Factors improving personal loan eligibility –

  • 1.Addin co-borrowers.

  • 2.More income means more loan eligibility
  • Documents required for the personal loan-
  • 1. Duly filled online form of application.
  • 2. Passport-size photograph.
  • 3. Identity proof like an Aadhaar card, PAN card, driving license, or passport.
  • 4. Last month’s payslip.                                                                                
  • Advantages of adding co-borrowers –                                                                                                                                                                                  If the income is insufficient, the co-borrower’s income can be added to fill the gap. When the income of both the applicants is added, DTI( Debt to income)  ratio gets lowered. DTI is the ratio of the total EMI of the month to the total monthly income. Even if the applicant’s credit score is low, he is eligible for the loan if the co- borrower’s credit score is high. An applicant gets better interest rates if a co-applicant is added. Co-borrowers’ good credit history can help negotiate with the lenders to negotiate the interest rates for the loan. However, defaulting on repayment can affect the credit score of the co-borrower. The co-borrower has to repay the loan if the first applicant fails to repay the loan. Only a few financial institutes allow joint lending, and the process takes time compared to a regular personal loan.                                                                                         
  • Conclusion-: If you are willing to apply for a personal loan, add a reliable and trustworthy co-applicant to make the procedure easier. Co- borrower with a high credit score and stable income helps apply for more significant amounts with lower interest rates. If you are looking to buy property in a good location of Pune, check out 1 BHK flats for sale in Tathawade. 1 BHK flats are available in iOS in Tathawade. Explore the property and fulfill the dream of buying a home available at an affordable price range. 

 

Advantages of Buying a Home Over Renting

A home is a place where emotions kindle; thoughts are nurtured. A place where we feel safe, stress relieved, and worry less. For many of us, it is a symbol of status and success. But purchasing a home has a lot to do with our monetary aspects. Buying a house means a huge amount of money is involved. So, it often puts us in a dilemma, whether to buy a home or rent it. But owning a house has some benefits which are not possible in rental homes. Here are 5 benefits that can put your dilemma to rest.

  1. Home of your own, means no landlord hassle:

    Homeownership means no landlord hassle. You don’t have to wait for the landlord’s approval for minor repairs or a complete overhaul.  You don’t have to relocate on short notice, if the landlord decides to sell the property. A landlord could raise rent which may affect your financial budget too. Rent won’t fetch any tax benefit in the long run as well.

  2. Own nest brings emotional security: Buying a home means you are investing in a community around you. Most of us buy houses to stay there for more than ten years or more. So we try harder to maintain a good relationship with our neighbors and want to be a part of the tight-knit community to thrive successfully. A stronger sense of community means less stress, your children will behave better, do better in school, and you and your family will live healthier.
  3. Easy financing option: Purchasing a home means you build equity that could be accessible through home equity products. If you are a first-time buyer, the home loan available will come under income tax benefits under multiple sections, including Section 80C, Section 24, and Section 80EEA. Under these sections, a first-time homebuyer can benefit up to Rs 5 lakh.
  4. Lifetime investment: Buying a home in a city gives you a feeling of belonging and permanence. As you will be putting a lot of money into the property, you will be building wealth which will increase over time. If you delay your decision to buy a home, it will lead to shelling out more money on rent. And on the other hand, the property value will rise with time.
  5. The asset you can call your own: Purchasing a home means paying home loan EMI. With each installment of EMI, your equity in your home goes up, whereas rent is a pure expenditure.

Conclusion:

If you are a master of your place, it means no landlord hassle, no more yearly rent agreements, no more untimely relocation but more of  building assets in an environment where you and your family are nurtured emotionally and psychologically. You will get an environment where you can control your life and lifestyle. If you are looking for investment in real estate in Wakad, explore residential projects in Wakad. Explore Engineers Horizon’s prestigious launch of Bonheur in Wakad which  will indeed reaffirm your home buying decision.

What Is the Minimum Cibil Score Required for a Home Loan?

CIBIL is the credit record of every Indian citizen, which the Reserve Bank of India authorizes. If you apply for a home loan, CIBIL score determines whether you are eligible for the loan or not. You can check your CIBIL score on the CIBIL website once a year for free. You can visit the site several times to check the score at a nominal fee. The score is based on the credit history, and the three-digit number comes between 300-900. 

What is the minimum CIBIL score required for the home loan?

The minimum CIBIL score should be more than 550. However, it varies from lender to lender. Usually, a score below 550 is considered bad, whereas a score above 750 is deemed excellent. A score between 650-750 is considered to be good. You get a good chance of home approval if the CIBIL score is above 650. However, a low CIBIL score does not mean that the home loan won’t get sanctioned but has to furnish more financial documents and a credit-worthy guarantor for home loan approval. 

Benefits of high CIBIL score

A high CIBIL score gives you the option to choose and pick lenders as you are eligible for home loans. On the other hand, a high CIBIL score means bigger loans. Also, shorten the documentation process because a high score assures lenders that you can repay the loan. In addition, you are also eligible for lower home loan interest rates. 


Steps to check credit score online

  1. Log in to the official CIBIL website.
  2. Fill up the form asking for details like birth year, address proof, past loan history, and relevant data. 
  3. After filling the form, choose the mode of payment to get the credit report. 
  4. After the payment, five questions are asked related to credit history. At least three questions must be answered correctly to prove your identity with CIBIL.
  5. Reports are sent via mail within 24 hours.

Factors that affect CIBIL score:

1.Types of credit and duration-  Credit history is based on the number of years passed since opening the first credit account. CIBIL takes into account the number of years to determine the credit score. The score gets a good boost if a good balance of secured loans like car loans and unsecured loans like credit cards. A healthy credit mix depicts your repayment behavior and considers you the low-risk borrower.

2.Payment history- The score depends on your payment history. Prompt payment of monthly credit card bills and loan EMIs mean a good score. However, if payment is delayed or defaulting on EMIs, the score can be reduced by 100 points.

3.Credit utilization ratio- The score will go down if the credit utilization is high. Ideally, spending 30% of the credit limit is advised, and avoid maxing out the limit.

Conclusion- If you are on a house-hunting spree, check out your CIBIL score before checking out 1 BHK flats for sale in Wakad. Pay your loan EMIs and credit card bills on the due date. Maintain a clean financial record and avoid over-leveraging to give a boost to your CIBIL score.

High-Quality Education Opportunities for Your Children Near Wakad

In India, home buyers want to invest in real estate projects which can give them access to essential amenities like groceries, public transport, hospitals, and shops. Moreover, they want these amenities to be within walking distance, more precisely, at the doorstep. So home buyers look for properties to commute seamlessly to schools to drop their children and reach the workplace hassle-free. So home seekers are focusing on those residential projects near their children’s school or have access to reputed schools.

Commute in Wakad –

Wakad is that neighborhood in West Pune, which has unbeatable connectivity with the Mumbai- Pune Expressway, Wakad road, and Kalewadi main road going through it. Pune airport lies about 45 minutes away, and the Chinchwad railway station is approximately 10 kilometers away. Right next to Hinjewadi, Wakad offers a plethora of employment opportunities as some of the prominent MNCs and firms like Teerth Technospace, Rajiv Gandhi Infotek park, and Hinjewadi IT park lie within a 10 km radius. Moreover, many biotech companies and manufacturing and industrial belts like Chakan, Talegaon, Pimpri Chinchwad are close to Wakad.

Schools in Wakad –

Quality education empowers a community. Neighborhood schools serve as anchor institutions in a community and allow students of all backgrounds. Fortunately, numerous schools have mushroomed in Wakad, and properties near schools are available abundantly for home buyers. One such residential property is Bonheur

Bonheur in Wakad-

Engineers Horizon, one of the leading developers in Pune, has developed a residential project named Bonheur in Wakad. Bonheur offers 1,2, and 3 BHK apartments and is one of the properties in Wakad not only because of its good connectivity to various work avenues but also for its proximity to some of the best schools in Wakad.

Here is a list of the top 5 schools near Wakad-

Poddar International School(CBSC)

Euro School Wakad(ICSC)

Kamal Prathisthan Mount Litera School(ICSC)

Akshara International School (CBSC)

Indira National School 

Benefits of having good schools close to home –

Homes near reputed schools increase the same value as home buyers are willing to pay a premium to reside near a good school for their children. 

Homes in school catchment areas are monitored closely, thus making it a safer place to live in. Moreover, the cost of living, especially near education institutes, is affordable because many properties are rented to the students. Also, living near a school allows people to live amongst a lively community.

Schools within walking distance-

Homes close to your children’s school mean less time to commute, thus reducing the travel cost.

Access to nearby playgrounds-

Homes near schools mean the school’s playground is accessible to the community. Moreover, it lets their children play alone, depending on their age.

Conclusion-

If you are looking for homes near your children’s school, then grab these 2 BHK flats in Wakad of Bonheur. The project is close to some of the best schools in Pune. So let your child grow in a safe, healthy, and correct environment.


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