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.

The Benefits Of A Home Loan EMI Calculator In India

A home loan calculator in India helps you to get an approximate estimate for the EMI levied on a selected property. While this may seem obvious, there are quite a few benefits connected with this online tool. Among other things, it helps users to make informed decisions and gives them a better understanding of the market. Apart from calculating the EMI, this free online tool can also come in handy in other situations as well. Let’s take a look at some of these:

First timer benefit: As a first time house owner, you will have certain expectations when it comes to your home. It is difficult though to know the real estate market well enough to anticipate important decisions concerning your home and home loan. The type of property, location as well as the number of rooms will affect the cost of the same. Whether your dream home is a duplex in the city or an apartment in the suburbs, a good EMI calculator for home loan can help you to estimate the area of the house based on the EMI you can manage every month. With EMI calculations made in advance, it will be easy for you to know whether to hunt for a 1 BHK in SoBo or a 3 BHK in Noida. Most financial experts advise to opt for home loan EMI which is approximately 20 to 30 percent of your total income. Factoring this makes it easier to calculate the EMI and find the most suitable property.

Ease of access: Available as a free tool online, a home loan calculator is available around the clock. But what else can you do? Most calculators help you to check the rates of various properties for possible loan tenures and offer a standard home loan interest rate. There are other EMI calculators that will allow you to enter the interest rate that you are comfortable with. It is important to understand that several finance companies offer different rates. A borrower, who has a good track record of loan returns, can find that the interest rate is negotiable as well. Keeping this in mind, it makes sense to identify the right combination of interest rate and loan term while undertaking your calculations.

Insights: Some calculators will also help you to understand how to customize your loan to suit your financial needs. For example, it is understood that extending the loan term for a longer period of time will lower the EMIs. That, however, means that much of your payment will be used to pay off the interest rate, with relatively little going to the principal amount. A home loan EMI calculator will help you to get a better estimate on how much you will have to pay while enabling you to make informed decisions.

These online tools come with a few limitations, though. An EMI calculator may not be enough to understand the impact of the fixed and floating interest rates in India. It will also be unable to calculate the EMIs for customized repayment schemes. It is advisable, thus, to take these rough estimates as a basic guideline to help you to select the right property, loan term and EMI.

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?