Find A Home Loan With The Best Home Loan Interest Rates

Most borrowers, when looking to get their dream home, aim to get the lowest home loan interest rates. This is an obvious thing to do, given that a low interest rate means that the amount payable over the principal loan amount decreases. While it is difficult to pinpoint any one option in the market, there are steps to ensure that you are in a position to find the best loan for yourself. Other than interest rates though, there are a few other factors that you can consider before making a decision. These include details like the tenure, the type of interest rate as well as the terms and conditions. All these factors need to come together when you are selecting your home loan.

1. Work on your credit score: Having a strong credit rating will go a long way in helping you to get a loan with the best home loan interest rates . Potential lenders, while reviewing your financial background, will look at a number of factors. The lender profile will typically be a cumulative perspective on your source of income, credit score, repayment track record, assets and so on. It is advisable to make any and all payments on time in order to get a good score. It is also advisable to find out what your current credit rating is, and whether it is good enough to avail a home loan. You can apply to the Credit Information Bureau (India) Limited (CIBIL) to get a detailed credit history. A high credit score will allow you to negotiate the best home loan interest rate.

2. Interest rates: While looking for the ideal home loan rates in India , it is important to get as much information possible about the existing interest rates in the market. It is wise to contact a number of financial partners and banks in order to get their individual rates. Alternatively, you can also approach a financial expert who can give you an approximate understanding of what banks are offering today. This is important in order to get the best possible interest rates.

3. Profile of the property: Many lenders will check the value of the property that you wish to buy and compare it with your ability to repay the loaned amount. They will also look at the property in terms of price, neighbourhood as well as the quality of construction. In order to be eligible for a good home loan interest rate, it is important to look at properties that fit in well with your repayment ability.

4. Decide the price: It is always a good idea to have a fixed budget in mind when you wish to buy a new house. Plan out exactly how much you are willing to pay before getting a home loan. While loans are a great way to buy a home that you can’t afford right now, it is important to keep an upper limit in mind while deciding the amount that you are willing to pay. Any kind of loan is a long term commitment; hence, it is essential for you to be certain of the decision as well as its financial repercussions before signing on the dotted line. This clarity will also help you to negotiate the repayment scheme and help identify the right home loan interest rate for the time line you have in mind.

While a good interest rate is definitely an important factor to look at, it is important to understand what your current financial position is. It is also important to understand the repercussions that this kind of financial exposure can have on you. While looking for the best housing loan interest rates, it is essential to make sure that the same suits your needs.

Five Must Know Facts About Loan Against Property In India

While there is much to be known, here are the 5 facts that you must know about opting for a loan against property in India :

1. It has more competitive interest rates.

A loan against property is a secure form of a personal loan. Since you have collateral, lenders don’t require a guarantor or repayment capability in terms of credit score. Therefore, you enjoy much lower interest rates as compared to non-secure personal loans.

2. LTV (Loan to value) ratio is a very important factor.

Offering property as collateral is a big risk. Hence, it is essential to ensure that you receive a suitable amount against it. It gets a bit more complicated when you take a loan against your residence or business property for the foreseeable future. The optimal LTV ratio for loan against property in India is 80%; however, the amount may be much lower if you are currently paying EMIs. Lenders may incorporate payables into the calculations and offer small amounts. If the amount is too low, then you should choose one of the other alternatives as the risk is much bigger than the reward in the case of a loan against property.

3. Right amount of loan and EMI is vital.

Most people use it as a personal loan of sorts. They take it for their children’s education, wedding or medical expenses. So, it is mandatory to ensure that it suffices your requirements and is worth the collateral. EMIs can change over a period of time. Floating and fixed interest rates on loan against property can change based on external factors such as stock market, world economics etc. The EMIs should fit in your earnings comfortably enough so that you can repay them easily. Missing EMIs on such loans can be a very expensive mistake. So, estimate your financial situation carefully and choose these two factors at the best of your ability.

4. You may lose collateral (property) if you fail to repay loan.

If you fail to repay this loan, the bank will take the collateral into custody and sell it. So, if you are taking a loan against your residence or business property, your risk is a lot more than just the loss of property. You and your family could lose your home or you could lose your office. It is too big a loss to recover from. Therefore, realistic understandings of these facts are essential before you accept such a big responsibility.

5. Do not ignore the prepayment clause.

Most loans are taken because you cannot accumulate the needed amount in a specified time. For most borrowers though, it is easy to gather the required amount over an extended period of time. So, it makes sense to keep the option of prepaying the loan open. However, most banks do not want you to prepay the loan as they lose their interest for the remaining period. Hence, they levy heavy penalties to discourage you. Therefore, you should take a closer look at that cause too.

Best Practices for API Development

API stands for “Application Programming Interface.” It is a set of standards, instructions, and requirements that enables a computer program to import or access data, features, and services of another program. In layman terms, APIs are a gateway for apps or software applications that allow them to communicate with each other.

The most famous and common API used by mobile developers is Facebook’s API. It is primarily used at the time of user registration. Facebook’s API gives mobile developers limited access to the profile of Facebook members. This helps mobile developers to simplify the user registration process.

Another example is the Google Maps API. It is very popular for the apps that require mapping and location services. Unlike Facebook, Twitter and LinkedIn’s social APIs, Google charges for its map API if the requesting application is paid, or exceeds 100k API queries within a 24 hours period.

Integration of APIs is crucial for the mobile app development process, as it abolishes the need for creating every app program from scratch. Instead of reinventing the wheel, the development teams can utilise existing apps or platforms that allow API integration. It boosts their mobile app’s time to market and reduce the cost of development.

Terminology Used Frequently
API Key: The API key is an authentic code passed by the mobile app owner to the API requester. It is to recognize the receiver of the API.

Endpoint: The API communication happens between two software systems. One end of the channel is coined as Endpoint.

POST: It is an HTTP method to build resources using the REST ful API.

JSON: JSON (JavaScript Object Notation) is a data format used for request parameters and response body.

GET: GET is the HTTP method of obtaining resources from RESTful API.

OAuth: It is an open standard authorisation framework to access from the user’s side without sharing the credentials.

Latency: Latency is the time taken by an API from request to response.

Rate-limiting: It is the process of limiting the number of requests a user can make on the API.

API Throttling: The process of regulating API usages by the users is termed API throttling. So, when the user crosses its daily or weekly API request limit, the server alerts the user.

REST: Representational State Transfer or REST is a type of programming architectural implementation that enhances the communication efficiency between both the endpoints. As the name itself elaborates, the REST programming shares only references of the data instead of sharing the data itself. Systems built on this architecture are denoted with ‘RESTful’ systems. The most successful example of a RESTful system is the World Wide Web.

SOAP: Simple Object Access Protocol or SOAP is a protocol to share structured information on computer networks SOAP is a messaging protocol and works and XML information set for message format and application layer protocols for message negotiation and transmission.

How API Development Works?
Suppose that you are on a website to book a flight. The site asks you to fill up a form with details such as departure date, preferred time, domestic or international flight preferences etc. Right after you fill-up the form, you get the list of several flight options with details like pricing, seat availability, timings etc.. Ever wondered how it happens?