First time buyers are those who are looking to purchase the home for the first time and many of them are eager to find a new home for themselves. Every prospective buyer has to go through the whole process involved in buying a home for the first time. As they search around, they may get confused and frustrated. This is mainly due to the options that they have or simply they don’t understand the need for financing. They are very vulnerable and can be easily trapped into the scam of lenders because of their lack of knowledge in home financing.
So, with some planning and efforts, they can educate themselves with the process of purchasing a home and getting financial aid by lenders in case they need it.
When it comes to finding a mortgage for the first time buyers, it can be a difficult task indeed. There are many options available for you in the market provided you have a good and steady source of income and good track record of your credit history.
In today’s time, finding the right mortgage can be a daunting task as many lenders may market their product as the best “mortgage for first-time purchasers” but in reality, on looking carefully it is seldom true as everyone’s financial condition is not same and score differently on the financial scale.
We are going to discuss the things to look out for and should pay attention if you are a first-time buyer looking for a mortgage.
- Decide the location where you want to purchase a home.
- Calculate the entire expenditure involved in buying a home or building a house.
- Take help from experts like financial advisors or brokers to acquaint yourself with various mortgage schemes and their terms and conditions.
- Examine your requirement and go through various loan plans available in the mortgage market before deciding on a particular deal.
- Make an estimate of the amount which you can pay as a down payment.
- Get yourself in touch with the lender who has the loan package which suits your needs and requirements.
- Get yourself educated on the rate of interest and other fees involved.
- If you have a low credit history due to any reason, try to improve your credit score before applying for a loan.
- The most important thing for a first-time buyer is to save! As lenders are very cautious with their lending and wish to minimize their risk, the larger deposit you have, the more chances are there for your approval and at a lower rate.
- The more money you keep as down payment the lesser the mortgage amount becomes which in turn reduces your monthly expenditure.
- If you can keep 20% down payment, you can get rid of the high insurance cost to insure the mortgage loan.
Documentation and Information
In the past, most first time buyers used to contact a realtor; however, this is not the first step that one should take. Instead, first, you should get all financial information and a better understanding of what can be affordable for you. These documents are necessary for the loan application irrespective of the lender. You should begin by looking at your previous months of bank record. Look at the property you have and verify your income.
Get a Pre-approval Letter
First-time buyers should consider pre-qualification before they start searching for their first loan. Lenders can decide how much worth of loan you can afford at the current rate. Sellers are very likely to accept offers from pre-qualified buyers. During the purchasing process, lenders will look into credit record once again before closing the deal. The reason behind it is just to make sure if the borrower took any additional fund. Don’t apply for a further loan until your house loan gets over.
Ask For Quote
Once the buyer gets their dream home, they need to contact the lender to make sure they have an exact quote. They can then compare all the options available to them before selecting one.
Loan Options for First-time Buyers
There are many options available for first-time buyers. These loans may have very lower down payment from 5% to 20% of the cost and lower interest rate as well. Some loan options also provide deferred payment method during any difficult time. These loans may have some demerits like higher mortgage insurance. Some of these loans may ineligible for refinancing later. There are various options available like Joint Mortgage, Shared Ownership, and Guarantor Mortgage.
Apply For a Loan
The buyers will choose the option which will give the most benefit. The process is very quick as most of the information has already been checked by the lender during the pre-qualification process. In some case, you might have to provide some additional document if required.
Shopping around can be a wise move for first-time mortgage buyers. Most of them have their website and you can go their website to get in touch with them. You can request for a quote and compare it with other lenders. Once you have decided about the lenders, you can move ahead with the process.
Once submitted, you just have to wait for final approval. One inquiry will be done by the mortgage lender to confirm the value of your home. The lending agency may also do a title search to make sure that there are no dispute or ownership issues attached to the home.
In conclusion, get good advice from some good mortgage advisors. Make sure that you can afford the mortgage comfortably and it the right one for you. Keep an eye on any hidden charges and make sure that you have taken the right insurance policy. When someone offers the “best mortgage for first-time buyers” check it out very carefully before going for it. Use the internet to help you understand and get knowledge on the mortgage for first-time buyers.
Description: Rising house prices in the UK have made it hard for first-time buyers to purchase a new house. However, due to various online lenders available to provide loans, it is not difficult to buy your dream home.
Damage analysis for construction delay claims
Besides petty disputes involving change orders; schedule delay issues are the most common type of construction contract dispute. A significant reason for this is that: both parties are becoming increasingly competitive. This places even more importance on the precise pricing and execution of the work.
The current article will outline some of the major issues that occur in the damage analysis for a construction delay claim.
Issues to address in Construction delay claims
Construction delay claims have a lot more to offer when they occur. It is essential to know that they have so much depth and are more than just the delayed project matter or anything else.
There are times when these claims could get out of hand and require a lot more. Hence, by acquiring professional delay experts, you are going to get this issue resolved.
Timetable DELAY ANALYSIS:
Postponement of work affects different gatherings and requires a special place of work costs that aggregate after some time. Moreover, when a debate emerges over obligation regarding these additional costs, the groups will regularly perform calendar defer investigation trying to demonstrate their damage claims.
Another foremost factor that is often missed during construction delay claims is the non-compliance with regulatory guidelines. If not acted upon, they can get you into serious trouble. The thick and thins of regulatory rules can often be missed by the laymen.
Hence, in order to avoid getting into such a situation, compliance rules should be taken care of. By getting expert services of delay experts you can get this issue resolved in no time and also avoid excusable delays.
CPM SCHEDULING AND THE COURTS
Courts, discretion boards and other lawful discussions presently favour CPM planning procedures to distinguish and evaluate calendar delays, effects, increasing speeds, and interruptions on development ventures. Experts have demonstrated a practically all general acknowledgement of, and inclination for, CPM planning for their choices.
Power OF DELAY
As recently expressed, plan investigations will in general centre around the primary way and postpone occasions which affect the basic method. This limited spotlight on the primary way depends on an idea called “power of deferral”, which displays the contention that solitary postponements to the fundamental way are significant in surveying effects to the venture culmination date.
One way of thinking presents the contention that non-basic postponement is only engrossing the buoy made by the essential way delay and, in this way, is not really simultaneous.
The issues talked about above are necessary to all defer claims. The assistance of proper specialists and delay experts will permit presentation of such investigation into proof yet the savvy development expert will comprehend from the beginning of issues on the venture the criteria for harms examination that will, in the end, be indispensable in the verification of damages.
Know Which Is More Beneficial: Top-Up Loan or Step-Up Loan
Choosing between a home loan top-up and a step-up loan requires in-depth know-how about both types of loans. While the financial market is full of lucrative deals from financial institutes, leading non-banking financial companies also offer multiple repayment-friendly choices. Factors like interest rate, EMI, processing fees and hidden charges form the essential aspects to decide before choosing between top-up and a stepup loan.
Difference Between Top-Up and Step-Up Loan
Let’s look at what these loan facilities have to offer –
– Top up loan
A home loan top-up is an additional credit facility extended to those borrowers who already have existing home loans running. Top-up loans can be availed for a wide range of purposes such as:
- House renovation
- Funding your child’s higher education
- Bearing wedding expenses, etc.
This is how you can fulfill your urgent financial needs with a top-up loan. Usually, the Top-up loan interest rate is kept lucrative as compared to other forms of credit.
In case of Top-up loans, an additional credit amount is disbursed to the borrower based on his requirement after checking his:
- Track record of repayment of the existing home loan
- Loan to value (LTV) ratio
- Repayment capacity, etc.
This facility is treated as a separate loan agreement. The documentation required in the case of Top-up loans is kept minimal as the borrower is an existing customer of the lender.
– Step-Up Loan
A step-up loan allows borrowers to access credits with lower interest rates where the lender does not maintain its spread. Step-up loans are offered to low-income borrowers by lenders on a no-profit basis.
Such loans also offer low loan amounts in comparison to a loan top-up although borrowers often refer to them to meet the down payment required for residential property purchase.
You can opt for a Home Loan from NBFCs at the most attractive interest rates. Apart from availing a maximum loan amount of Rs. 5 Crore, you can enjoy flexible repayment tenures of up to 20 years other than Top-Up loan facilities as well. Besides, you get innovative and industry-first facilities like –
- Instant loan approval and fast disbursal of the sanctioned amount.
- When your repayment capacity increases, you can pre-pay the loan amount and foreclose it without any extra charges.
- You can apply for a home loan transfer and avail a top-up loan at a nominal rate of interest. This top-up loan facility can offer loan amounts as high as Rs. 50 Lakh without any additional documentation.
However, you must always use your lender’s top-up loan calculator to calculate your EMI amounts beforehand and fix your budget accordingly.
Both of these loan facilities have their share of benefits. While a step-up loan’s purpose is restricted to purchasing a property, there is no end-usage restriction in case of a home loan top-up. Furthermore, a step-up loan is only for first-time borrowers, while a top-up loan is limited to the existing borrowers.
How To Stop Squandering And Start Earning Money?
Everybody wants to earn some extra income apart from their regular income. With most of us working for lesser hours and less earning, it is always better to earn some extra money to help make ends meet. While the job market is growing, it is still very difficult for many people to get a job and surviving becomes very hard. Hence, in this situation even for an unemployed person, it becomes imperative to earn some money to keep going. In the age of Internet and Smartphone, anybody can earn a few extra bucks from their home itself.
Here in this article, we are going to discuss how to earn extra money. You just Google “how to earn money fast” and millions of pages will pop-up on your computer’s window. But here we will discuss only tried and tested ways to earn money.
Creating Digital Content and Selling it Online
Everybody has something unique in them. We all have one skill or talent which we can share to the rest of the world. Whether it is about your experiences or writing your life journey or providing people knowledge and skills about something you are good at- you can put it out online and start.
For example, if you are passionate about writing then you can write for an established company. Initially, you will get paid very less but with time it can be increased. Or you can become a part of whole content for a website where you have to write for each and every page of a website.
You can also create digital content like eBooks, video tutorials, start a channel on YouTube, etc.
It takes time and hard work to get views and subscribers for your channel but once you get it, you can make enough money from it.
Freelancing to offer products or services is a better way to make some extra money. This could be in any form from selling phots or graphic designs to providing services like editing, translations, etc. Many businesses in the UK need people who can take care of their websites and as a freelancer, you can work for multiple clients at the same time. All you need for this is just a laptop and Internet service. If you are a working person but lacks money to get a laptop then you can take loans without guarantor from any online lenders in the UK.
Earning Through Your Own Website or Blog
A website is a basic need of any business in today’s world. And if you can make a website of your own where you can publish all your contents and materials then you can earn in abundance. But don’t expect to earn as soon as you build and launch your own website. Earning will only start when people start visiting your website in numbers and for that, your website has to be popular. And it takes time to make any website popular. Hence, you need to keep patience if you want to grow.
In another case, if you are unemployed then you can start blogging to earn some money. We understand how difficult it seems to make ends meet during unemployment so in order to make the situation little better you can take cash loans for unemployed from any direct lenders in the UK. There are many direct lenders in the UK who provide this type of loans to unemployed.
Once your blog or website becomes popular you can make use of following to earn money:
- Google AdSense: This is one of the famous ways to make money for blogger and very easy to install. It will display relevant ads to your visitors. For any click on ad, you get money from Google.
- BlogAds: It a good option for someone who wants to sell their blog’s space for ads at their own price and condition and in turn get some money from the advertiser. All the controls of ads will be in your hand so you can accept or reject any ads depending on your choice.
- PopAds: This is ideal for those bloggers who are just starting their blogs. These are instant approval ads and there are no minimum traffic requirement criteria for it.
Hence, we have seen a few ways to make extra money with less or no investment at all. If you too want to make some extra cash during your free time then you can choose from any one option discussed above.
2 Easy Steps to Reduce Your Monthly EMIs With EMI Reduction Offer
EMI financing helps you leverage your purchasing power, allowing you to shop big and maintain your monthly budget as well. However, planning your EMIs is just as important as experts advise that your total EMIs for a month shouldn’t exceed 50% of your income. Abiding by this rule ensures that you have surplus finances, enough to meet obligations that come up unannounced. In this light, if you find yourself servicing large amounts of debt and are wondering how to reduce EMI, consider lowering your outgo via the Bajaj Finserv EMI Reduction Offer.
What is the Bajaj Finserv EMI Reduction Offer?
The Bajaj Finserv EMI Reduction Offer is a facility extended to EMI Network customers via which you can lower your EMI payments by lengthening the tenure. Further, through this scheme, you can consolidate multiple EMI payments into a single consumer durable loan and refinance it comfortably over a tenure ranging from 5 to 18 months.
This facility comes as an added benefit to the No Cost EMI financing that you enjoy when you buy through the EMI Network. No Cost EMI plans ensure that irrespective of whether you shop for a television, a washing machine or a refrigerator, you pay for the item’s purchase price only without any additional charges. The EMI Reduction Offer goes further, allowing you to purchase multiple consumer durables at the same time, without worrying about exceeding your monthly budget.
Read on to know about how the EMI Reduction Offer helps you make your monthly outgo manageable.
How Can I Reduce My Monthly EMI?
The Bajaj Finserv EMI Reduction Offer helps you reduce your EMI burden by allowing you to repay over an extended tenure. You can do this for one item’s EMIs or for multiple ones by first consolidating them into a single consumer durable loan.
To illustrate the full range of benefits obtainable via this scheme, take a look at how you can reduce your EMIs for multiple purchases in just 2 easy steps.
Step 1: Consolidate Your EMI Purchases Into a Personal Loan
Consider that you have bought a home theatre system worth Rs.15,000, an air conditioner priced at Rs.25,000, and a refrigerator costing Rs.60,000, all on No Cost EMIs via the EMI Network. Also, assume that you are repaying these purchases over a 5-month tenure with EMIs amounting to Rs.20,000.
As you can see, servicing multiple EMIs involves handling a large monthly debt and requires you to keep track of several payment dates. To tackle this, Bajaj Finserv allows you to consolidate all your previous consumer loans into a single one and enjoy a relaxed repayment policy at the same time too.
Read on to learn about how the EMI Reduction Offer makes financing this single EMI easy.
Step 2: Choose The Right Length of Tenure to Optimise Your EMIs
Once you consolidate your debts, you can choose an extended EMI tenure ranging from 5 to 18 months. Thanks to a longer tenure, your debt is now spaced out over a greater number of months, thus making your EMIs smaller.
To illustrate the benefits, consider these tables showcasing the EMI structure after availing the Bajaj Finserv EMI Reduction Offer.
Existing Loan Outstanding Amount
|New Tenor||New EMI
(Inclusive of interest)
|Total Fixed Interest||
Reduction in EMI
The above table illustrates how you can achieve the objective of lessening your monthly debt outgo. Here, the EMI reduction amounts to 46%. At best, the EMI Reduction Offer helps you reduce your installments by up to 70%.
Now that you know how to reduce EMI and are aware of how the Bajaj Finserv EMI Reduction Offer works, apply today!
Availing this offer is easy as you don’t have to produce any documents over and above the ones you’ve already submitted. All you have to do is follow these simple steps:
- Click on the apply now button
- Enter your basic details such as name and mobile number
- Wait to receive an OTP on your number and enter it correctly
- Check your pre-approved offer
- Accept the offer by submitting the new OTP that you receive
Once you do the above, you will receive an approval message in seconds! So, avail of this unique facility to shop as per your needs without hampering your monthly budget.
Things to Considered Before Availing for a Home Loan
With the launch of the PMAY scheme, owning a property has become significantly affordable. This scheme benefits specific sections of the society such as the economically weaker sections, low-income group, mid-income group, and individuals from the minority sections of the country.
Several financial institutions and NBFCs provide advances like home loans at an attractive interest rate to those who do not qualify for this scheme. With the development of some best loan app, managing your credit has become more comfortable.
Given below are certain things that you should know about a home loan before you avail.
- Loan Amount And Tenor
Home loans provide you with a substantial amount of up to Rs.3.5 crore. You can use this amount to fund the purchase or construction of a house. The loan amount will depend on your financial stability and capability of repayment. The property you purchase with this loan will serve as collateral for the lender in such cases.
You get to enjoy a prolonged tenor of 20 years to make your payment, making your EMIs affordable. You can track the payment date and EMI amount with the help of the instant loan app of your lender.
You avail a loan at a specific percentage of interest. Along with the interest rate, your lender may impose other costs, such as:
- Application fee.
- Late payment fee.
- EMI bounce charge.
Also, there can be other applicable charges such as secure charges, statement charges, etc. You can learn about these charges from a home loan app developed specifically by your lender.
To avail a loan, you will have to furnish some documents as mentioned below.
- KYC documents – these include PAN card, Aadhaar card, passport, voter ID, and driving license.
- Address proof – these include water bill, electricity bill, gas bill, telephone bill, etc.
- Income proof – these include bank account statements, income tax returns, salary slips, profit and loss statements, etc.
- Business existence proof – documents like GST registration certificate, SEBI registration certificate, partnership deed, etc. can serve as a business existence proof. Salaried employees are not required to provide such documents.
You can learn about the other required documents from the home loan app of your lender.
Several financial institutions and NBFCs provide loans against minimum documents. Bajaj Finserv is one such NBFC that offer credits at an attractive interest rate with minimal pre-payment and foreclosure charges. They also provide a balance transfer facility, top-up loan, Bajaj Finserv App, online account access, and other lucrative benefits.
Bajaj Finserv also brings you pre-approved offers to make the application process hassle-free and help you save time. These pre-approved offers are available on secured credits such as home loans and unsecured advances like business loans and personal loans.
- Eligibility criteria
The eligibility criteria that you have to meet to avail home loans are:
- Age – the age bracket provided for salaried employees is between 23 and 62 years. If you are a self-employed individual, you have to be within the age group of 25 to 70 years.
- Work experience – if you are salaried, you should have working experience of three years. Working experience of five years is required for a self-employed individual.
- CIBIL score – you will be required to have a CIBIL score of 750 and above.
In addition, you will have to be a permanent resident of India, residing in any of the cities where your lender operates. Use the home loan app to gather all the necessary information.
- Application process
You can conveniently apply online or through a home loan app. To apply online, head over to the official website of your lender and fill the application form with the necessary personal, financial and employment details. After you submit the online form, a representative of your lender will visit you to collect the above-mentioned documents. Once the papers reach your lender, your amount will be disbursed after you receive the approval.
In addition to the above, there are other things that you should know about your home loan, such as pre-payment and foreclosure charges, NOC, etc. You also get to enjoy tax benefits on such financing. Make sure you pay your due amount on time to improve your credit score.
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