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Step-by-Step Guide to Know How to Apply for a PNB Home Loan Online

Home Loan

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May 23, 2022

We live in the era of the Internet. From purchasing groceries to buying luxury goods, everything is made more convenient by the Internet.

Loan applications are no different. Almost all reputed lenders in India provide online loan application facilities to simplify borrowers’ lives. This article discusses the process and steps to apply for low-interest home loans in India.

What is a Home Loan?

A home loan is a special type of mortgage loan that allows you to get funds to construct or purchase houses in India. Home loans offer attractive interest rates, a reason why they are extremely popular in India. Indian lenders approved up to 90% of the property’s market value as a loan. Moreover, you can repay conveniently for thirty years.

The following sections discuss the best steps to apply for a PNB home loan online in India.

The Five-Step Guide to Apply For a Home Loan in India

Scan and Choose the Lender

The biggest benefit of the Internet is that you can browse several lenders before making the final choice. Reputed lenders generally lay out all loan terms and application formalities on their websites. You can also find the interest rates to compare lenders.

The best lender offers something more than low-interest home loans. For example, some lenders offer doorstep service facilities to ensure the borrower does not have to make rounds of the lender’s office to apply for a home loan.

Also, choose a lender charging a low pre-payment penalty and affordable loan processing fee, as these two charges can increase your net liabilities.

Check the Eligibility Criteria

Since the Indian government is proactively interested in boosting the demand for home loans in India, lenders offer relaxed eligibility criteria for home loan applicants.

Generally, Indian lenders set a minimum income threshold for accepting home loan applications from borrowers. If your monthly income is below the threshold limit, mention your income from other sources to increase the amount.

Besides the monthly income, lenders also evaluate your entry age. The minimum age of applying for a home loan is 18 years. Also, the borrower’s credit score plays a decisive role in determining eligibility. A score above 800 is preferred but not mandatory.

10 Best Bank for Home Loan in India 2022

Compare The Interest Rate

Getting low-interest home loans is easy when you know how to compare the rates. Many lenders provide a free home loan EMI calculator to let you decipher the real meaning of home loan interest rates. You can enter the loan amount, tenure, and interest rate on the calculator to estimate the EMI amount.

You should also analyze the home loan interest type before applying for the loan. Choose a fixed-rate loan if you want to stay away from volatility.

Conversely, if you are certain that the loan rates will fall from their current levels, a floating-rate loan might be better. It is wise to know that a fixed-rate loan’s interest rate usually remains 2% higher than the prevailing floating-rate loans.

Keep the Documents Ready

While applying for a home loan online, you need to provide several documents to the lender. Keep the following documents ready to expedite the loan approval:

Filled application form
Photograph
Income proof (Appointment Letter and salary slips for salaried professionals and Profit & Loss statement and Balance Sheet for self-employed professionals)
Income Tax Returns
Bank Account Statement
Property Papers
Processing Fee Cheque

Remember to enter correct and verified details in the application form. Any incorrect details or false information might provoke the lender to reject your loan application.

Apply For a Home Loan Online

After going through the steps mentioned above, you are ready to get the loan amount to your bank account. Here are the steps you need to take to apply for a home loan online:

Open the lender’s website and click on the ‘Apply For a Home Loan’ tab.
Select the loan type. Some common home loan types are home construction loan, home improvement loan, home renovation loan, plot loan, etc.
Enter your name, email address, phone number.
Choose the loan amount and tenure.
Enquire about special pre-approved offers and discounted rates.
Upload the documents mentioned above and hit ‘Submit.’

Conclusion

Now that you know the best tips to apply for a home loan online, make your housing dreams a reality. Getting low-interest home loans is extremely easy when you know the right way to do so and the best lender can make your journey as smooth as can be!

7 Things Poor People Do that the Rich Don’t

Money & Wealth

Shitanshu Kapadia

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May 23, 2022

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Rich people are rich and successful because they do things differently from the poor and middle class.

Rich people have a rich mentality.

If you want to become rich, If you want to become successful you need to know and do what rich people do alternatively you need to avoid things that poor people do.

Here are 7 things poor people do that the rich don’t.

7 Things Poor People Do that the Rich Don’t

#1 Poor People pass their time by watching TV

Poor people watch TV, and rich people read books. Tell me, how many hours do you spend in front of the TV & when was the last time you read a book?

How many books do you read per year?

Rich and successful people love to read books and poor people love to do time pass by watching TV.

#2 Poor people get paid based on time & rich based on results

Let’s say you’re working at McDonald’s, you may be the best manager on the planet ever, but what value do you bring to McDonald’s?

Rich people, get paid based on results, not time invested.

Let’s say we’re working on a product, we spent a year creating, perfecting the product, we bring it to the marketplace, and it sucks, it bombs, it doesn’t make us a dime.

The world doesn’t like it. We don’t make money.

Nobody cares how much time, blood, sweat, and tears were put into creating a product and bringing it to the marketplace.

How much risk that we took, they don’t care.

What they care about is the result.

That’s why the highest paid cricketer in T20 is paid on performance, they don’t get paid by how many hours they practice, how much time they invested in practice

No, it is how much they perform.

They get paid based on performance.

#3 Poor people always blame others for their misfortunes

Rich people take responsibility for their failures. You see, for poor people, it’s always somebody else’s fault.

It’s the economy
It’s the government
It’s my boss
It’s my job
It’s my city,
It’s my neighbor
It’s my friends so on and so forth.

It’s always somebody else. It’s never their fault.

Rich people take responsibility. If your life stinks it’s your fault.

We take responsibility for own actions. When you take responsibility, what happens is you gain power.

The power to change.
The power to do something different.

Remember, lame people blame people.

#4 Poor people focus on saving, and rich focus on investing

You know what?

Don’t take breakfast at McDonald’s in the morning, try to save a few dollars here and there.

Don’t fly first class, fly economy.

Always try to save a few dollars.

You cannot become rich by saving a few bucks.

You don’t have a saving problem, you have an income problem.

You need to earn a lot more money, so you could invest.

#5 Poor people, know it all & Rich people continue to learn

You see, poor people are always very opinionated.

They always want to tell the world about their opinions, about politics, about cricket, about society, about the government, about every single thing that’s around them.

Versus rich people are humble, they are willing to learn.

Rich people love learning new things. They ask questions, listen, read books, and do continuous learning.

Do you know why they always have an opinion, poor people?

Because the only way to get a little bit of attention.

#6 Poor people believe that money is the root of all evil

Rich people believe that poverty is the root of all evil.

You’ve heard of the saying, “Money is the root of all evil.”

No, lack of money is the root of all evil.

I want you to look at the poorest neighborhoods. I want you to think about those areas.

Crime, drugs, problems, all kinds of issues.

You see, in the history of mankind, no banks have been robbed by someone pulling up in a Rolls-Royce.

It is the survival, it’s the lack of money, that’s causing the issue.

Money itself is neutral.

Money is like a tool, you can use it for good, or you can use it for evil. It is all up to you.

#7 Poor people have a lottery mentality, and rich have an action mentality

You see, most people, believe the only way to get rich is by buying that lottery ticket.

Even though they know that the chance of winning is slim to none, they buy that fantasy.

Hopefully, if I win I am gonna buy that house, I am gonna quit that job, I’m gonna take that vacation.

No, rich people have an action mentality.

Rich believe if it’s going to be it is up to me.

I am gonna make it happen.
I am gonna make myself successful.
I don’t need to rely on some third party, and I don’t need to rely on some lottery ticket.
I’m gonna make it happen.

So those are the seven things that poor people do that the rich don’t.

Share your thoughts on the above. Shoot me an email at info@moneyexcel.com

Get the Best Mortgage Loan for You

Home Loan

Shitanshu Kapadia

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May 20, 2022

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Are you buying your first home? You may be surprised to learn that you have more options than a conventional loan with a 20 percent down payment. And that’s good news if you can’t afford to make a large down payment.

Instead, you may want to take advantage of a government-backed, non-conventional loan that will allow you to buy a house with little or no down payment and/or less-than-perfect credit. If you’re a low- to middle-income borrower, you may even qualify for down payment assistance. Here are the financing options you need to know about to get your best mortgage loan.

Get the Best Mortgage Loan for You

Fixed vs. Adjustable Interest Rates

When you start shopping for a mortgage, you’re going to encounter two basic loan types: fixed rate and adjustable rate. In a fixed rate loan, the interest rate (and therefore your payment) stays the same throughout the life of the loan. Fixed rate loans are the best option if you plan to live in the house for the long term, and especially if you don’t think your budget can handle a mortgage payment that can grow or shrink, depending on federal interest rates, changes in your credit score, or missed or late payments.

In an adjustable rate mortgage, you’ll start out with an interest rate that remains fixed for a period of time, usually one to 10 years. After that period elapses, your mortgage interest rate will reset periodically – usually once a year, but sometimes more often, depending on your mortgage agreement. You can usually get a much lower up-front interest rate on an adjustable rate loan, but when your initial rate period ends, your interest rate and mortgage payments can balloon significantly. An adjustable rate mortgage is usually best if you plan to sell in five to seven years. However, you can’t predict what will happen to the real estate market. You should know that you may not be able to sell your house as fast as you’d like to, and you may not get as much for it as you’d hoped.

Home Loan Comparison – How to select Best Home Loan?

Conventional Loans

Conventional mortgage loans are guaranteed by private lenders and by the government sponsored mortgage lenders, Freddie Mac and Fannie Mae. They typically require a strong credit score and a down payment of 20 percent. However, you can usually get a conventional loan with a smaller down payment – as low as 3 percent – if you’re willing to pay for private mortgage insurance.

Conforming vs. Non-Conforming Loans

A conforming loan is a loan that meets criteria established by Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA). Conforming loans can be packaged and resold on the secondary mortgage market, so lenders tend to prefer them. They also offer lower interest rates than non-conforming loans. However, there’s a limit to how much you can borrow – $647,200 for 2022, or $970,800 if you live in a high-cost market like New York or San Francisco.

Non-conforming loans don’t meet the criteria established by the FHA, Fannie Mae, and Freddie Mac. They’re usually issued by private lenders who establish their own criteria for borrowers. You may be able to borrow more than the conforming loan limit. However, you may also need to make a bigger down payment, have better credit and a lower debt-to-income ratio (DTI), have larger cash reserves, pay higher closing costs, and perhaps pay a higher interest rate.

Government-Guaranteed Loans

If you don’t qualify for a conventional loan due to poor credit, or you can’t afford a large down payment (or any down payment), you should look into government-backed loans from the FHA, the Veterans Administration (VA), or the U.S. Department of Agriculture (USDA). These loan products are guaranteed by the government, with the goal of helping more people achieve home ownership.

FHA loans are available to borrowers with a credit score of at least 580, a DTI of 43 percent or lower, and a down payment of at least 3.5 percent. Borrowers with a credit score as low as 500 can get an FHA loan with a 10 percent down payment. FHA loans do require private mortgage insurance for all borrowers.

If you’re a veteran, retired military service member, active duty service member, or surviving spouse of a service member who was killed in action or died from a disability acquired during service, you can qualify for a VA-backed loan. You can get a VA loan with no down payment.

USDA loans are also available with no down payment. The catch is that you have to buy a home in an approved rural or suburban region. So, if you want to live in a metro area like Virginia Beach, mortgage lenders won’t be able to give you a USDA loan (although you may be able to qualify for an FHA loan). However, if you want to get out of the city a little ways, a USDA loan could be for you.

Down Payment Assistance

Of course, all the loan options in the world won’t be enough to get you into a house if you can’t come up with the down payment lenders require. If you want to buy a home but can’t afford a down payment, don’t despair. There are down payment assistance programs available in every state to help low- to middle-income borrowers. Many of them come in the form of grants that don’t have to be repaid, while others come in the form of a second mortgage that can be forgiven as long as you make a certain number of on-time payments on your primary mortgage. You may be able to qualify for assistance to offset closing costs, too.

Purchasing a home is about more than just putting down roots. Your home purchase will help you build wealth in the form of equity, and give you something to pass down to the next generation. With all the mortgage products available to borrowers today, a home may be more accessible than you realize. Start looking for lenders today, and you could be a brand new homeowner before you know it.

3 Powerful Negotiation Secrets – Get What You Want

Skills & Productivity

Shitanshu Kapadia

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May 18, 2022

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Negotiation is one of the most important skills in business as well as in life. You can get whatever you want in life if you negotiate well.

So maybe you are a businessman or maybe you are in sales.

Or even day-to-day life.

How do you negotiate so that you can get what you want?

Today I am going to share 3 Powerful Negotiation Secretes.

3 Powerful negotiation secrets

#1 Start with NO

First, you need to detach yourself from the deal. Instead of going into a scenario, going into a negotiation mode that oh I got to close this deal, I have to get this deal.

If you get attached to the deal you will end up reducing the price to get the deal.

The minute you are not attached, the minute you start with no.

You will stick to the price that you want and your chance of winning and getting a deal would be high.

It’s almost like you are going to go well with the deal but at the same time, you are not attached.

It is called a – Walk Away Power.

The minute you say you know what, it would be nice if we do this deal.

But I’m perfectly okay if we don’t do the deal.

So the minute you are okay to walk away from the deal then the other party, the person that you are negotiating with can feel that hey you’re not needy.

You’re not desperate, you’re here to work out a win-win deal.

And that’s very very good. So start with the no in your mind first so you’re not attached.

Three Powerful Sales Secrets – Sell Anything to Anyone

#2 Always Find the Hidden Motive

You need to always find out that – What is the hidden motive of the deal? In the other words –

What motivates this party?

Not what they say –

Why do they want this deal?
What happens in case they don’t get this deal?

They might say they want this, they want that but what is it?

They might say oh I want this price. Anything less than that I’m not going to say yes to.

Well, is it price or is it something else? Could it be that if they don’t do this deal there’s some kind of deadline?

There might be urgency that you may not be aware of. So if you talk a little bit of time and do your research or you ask if you know how to ask good questions. Or you just find out maybe from the people around them what motivates this person?

What are the hot buttons to crack the deal?

Once you find that when you’re going in you are not attached but at the same time you’ve done your homework.

Negotiation very often is about doing your homework right.

Whoever does the most amount of homework about the other person, will have an edge.

Top Skill for the Success of Business

#3 Ask for the Moon

So imagine you are negotiating a particular deal.

So when you just ask and say –

Hey, I want this. Well no I’m not going to give you that.

Well, I want this. Well, I’m not going to give you that.

Now you are fighting over this one thing right? It either becomes a yes or no kind of scenario.

Instead, when you are asking for something, ask for the moon meaning this. Let’s say there are three things you want out of this scenario right, out of this negotiation. Don’t ask for three, ask for five or more.

So when you’re negotiating say okay I want one, two, three, four, five, six, seven, eight, I want these things.

The other party will be like, they will freak. They’ll be like no, that’s crazy, I’m not going to give you these things, you’re insane.

There is no way, there’s no deal to be made here. And you’re like well hmm so what could you do?

Well, I’m not going to give you things. The most I could give you is like four things or five things or three things.

Good, because those are the three things that you want in the beginning. So when you ask for the moon, you give them a little bit of leeway to negotiate to kind of haggle right.

To know hey, you’re not going to get it all but if you get half of it, you get one-third of it, you’re happy and that’s what you want in the beginning anyway.

That’s the outcome that you want right. So ask for the moon.

When you go for negotiation you need to practice a lot. Remember – Practice makes a man perfect. You got to practice almost with a straight face right. You got to practice negotiating.

It should be very, very professional right. But also believe that you’re not asking a lot because you’re greedy or anything like that.

It is hey you want to get the best deal right? Everybody wants to get the best deal. But at the same time, once you’ve done your research, you’ve done your homework. You know the motives, what are the motives they have, then you can make it a win.

Because here’s what I did early on in business that I think was wrong. That I was always trying to make it almost like I always win and other people lose.

And you might be able to do that if you have enough power. But the problem is, people, don’t come back.

They don’t want to do business with you again. So you might think you win short term but long term but you don’t get any repeat business.

You don’t get referrals. You won’t have a very good reputation. So at the beginning of my business career, I was a very hard tough negotiator. And now I’m much softer.

I’m much more easygoing because I think now coming from a place of abundance. Hey, you know what, I don’t need to grab all the chips on the table.

I don’t need to win all the time.

I could make it a win-win.

I will not do a deal nowadays if it’s not a win-win.

That if I win, I want you to win.

I want everybody to win.

Because this way then you feel good.

When you feel good about the deal, you’re more likely to do another deal and then another deal and then another deal and another deal right?

So then you’re more likely to do that. So I would say those three secrets combined to always strive for a win-win.

Over to you

So what you can learn from the above is Win-Win or NO Deal.

No deal is a better option than win-lose or lose-win.

I 100% am sure 3 negotiation secrets shared by me will help you in getting and cracking a better deal.

One more piece of advice, whenever you go for negotiation, do read these articles (3 proven secretes of negotiation) one more time and see the difference.

These magical secrets will work for you and you can get what you want from the deal.