Recommended Home Loan Guide

Unexpected expenses may occur anytime, and you may be forced to borrow money to deal with a sudden unforeseen emergency. Loans are generally the most appropriate means to meet your financial needs. A home loan is another type of loan that you may have to opt for to own a home of your choice. Loans, whether personal or home, are offered against the payment of the principal amount and interest in equated monthly instalments (EMI).

Most people depend on loans to realize their financial dreams. One of the criteria for the eligibility for a personal loan is an ideal CIBIL score. A person’s lending records are maintained by credit reporting agencies, especially CIBIL, which is an acronym for Credit Information Bureau of India Limited. A CIBIL score is a three-digit number derived using an individual’s credit payment history from banks and other financial institutions.

Digitization has paved the way for net banking and mobile banking, which have revolutionized the banking industry. An initiative by the Government of India in 2010 for a unique identification number for every citizen after capturing and storing their biometric values resulted in an Aadhaar card with a 12-digit number. An Aadhaar gives access to various services offered by banks, other than the benefits offered by the government.

There are times when you have to borrow money to meet unprecedented expenses. You take a personal loan from financial institutions like a bank on the condition of paying it in equated monthly instalments (EMI) for certain number of years. Your situation changes, and you find it difficult to repay the loan for some genuine reasons.