Tips For Selecting Housing Finance Company

It is often said that buying a dream home requires huge expenditure for most of the investors. Some people spend a long period of time, garnering their savings to fulfil this dream, while others opt to take a loan (credit) to fulfill this dream.

Having done your self assessment about the repayment capacity, location of your dream home, amenities and other fancies that you would like your dream home to have. It’s time for some serious exercise of selecting your HFC.

Selecting a HFC requires extreme care and proper consideration, and therefore following the under-mentioned pointer will make this exercise easier. Past record of such institutions should be properly checked as it will be a long term relationship between you and institution. Ensure that the whole task does not end up becoming a whole day headache or nightmare for you, thus prudent steps while deciding upon the financer.

1. Rate of interest

This is where it all begins. Although the rate of interest offered by most HFCs is more or less the same on paper, some degree of bargaining in most cases, leads to a lowering of rates by as much as 0.25 to 0.50 percentage points. More so if your profile happens to match the requirement of the HFC. The lowering of interest rate has a significant impact over the long term although the difference is not so noticeable over the near term. For instance, a 0.50% interest rate ‘concession’ on an Rs 1,000, 000 loans over 20-year tenure will reduce your liability by upto Rs 72,000. But care needs to be taken to ensure that the difference is not being offset elsewhere by the HFC under the guise of other ‘charges’.

One must also be careful about teaser rate offer, as they are sometimes really teasing. They benefit you for a short-term – say couple of years (till the fixed interest rate tenure), but later as floating rate starts applying they dig a bigger hole on your wallet.

2. Calculation of the exact home loan amount

Here, HFCs differ in their calculation of the loan amount to be disbursed. Some HFCs calculate the amount to be disbursed on the basis of, say, the gross salary while some HFCs calculate it on the net salary. This might make a difference to individuals as the loan amount and the EMI will vary across HFCs. One needs to look into this and get a comparative analysis done across HFCs, to understand which HFC offers the best deal. Also one should check whether the HFC is offering pre-EMI and tranche based EMI repayment option. This will help one whilst taking loan for an under construction property, as this gives them an option to pay interest only on the portion of the loan disbursed or to choose the instalments they wish to pay, till the time the property is ready for possession.

3. After-sales service

And you thought after-sales service was synonymous only with consumer durables! No – it applies to practically everything, and so also applies to HFCs. In fact, it is very crucial while choosing an HFC. An HFC can differentiate itself with excellent after sales. Take the example of post-dated cheques (PDCs). It is general practice to give 36 PDCs during the time the loan is disbursed. It is after 36 months are over that after-sales will play a role. How diligent are the HFC’s follow-ups? Are they prompt? Are reminders timely? Moreover, during the financial year-end, the HFC should be punctual in giving the borrower interest paid certificate (components of interest and principal amount paid in the financial year) so that he can file the necessary documents for availing tax benefits (under section 24b and 80C of the Income Tax Act) on home loans.

4. National presence

The HFC should be present across the country or at least have branches in all major metros and towns. This provides an individual an easier accessibility. This assumes importance if the current job of an individual is of a transferable nature (e.g. bank job, defence personnel) or if he needs to make long and frequent outstation visits (e.g. consultants, businessmen). The individual shouldn’t be put through the hassle of couriering his cheques to the home branch every time or contacting the home branch, each time he has a difficulty or a query. So it helps if the HFC is well networked across the country.

5. Prepayment / Foreclosure benefits

For many individuals, this plays a significant role in their decision to go in for a particular HFC. For example, many salaried individuals know for a fact that their salaries would be revised every year. This means that they can pay a higher EMI going forward. Some of these individuals also know that they would be getting a bonus, which they can utilise to pay off their home loan (either fully or partly). Some banks do not charge individuals for making a prepayment / foreclosing their account. Obviously such HFCs should get preference over other HFCs that do levy a prepayment charge.

6. Do your homework

Many people have a tendency to buy into ‘brands’ rather than going for what suits them best. It’s not about how big the brand is; it is more about whether that brand suits your requirements and satisfies your criteria. Make a list of your requirements first and then home in on an HFC. Talk to people who have already taken a loan from a particular HFC and get their feedback.

Other factors like documentation, processing fees, document storage facilities and time taken for processing the loan should also be considered. For example, individuals do not like it if the documentation is an irksome process; or if the processing fees are exorbitant.

Apart from this, read all the terms and conditions carefully and do not forget to take an expert advice. Therefore, instead of reading on the lucrative offers of the company, it is important to read and understand the technical aspects of the offers. So if you want to be in a win-win proposition while dealing with the Housing Finance Company, the onus is on reading the fine print in the loan document and seeing through the maze of exciting offers.

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What Affects Your Home Finance Company Car Insurance Rate

A home finance company car insurance rate is determined in several ways. Home finance companies that sell car insurance are generally stable companies. They are very prompt about paying claims in most cases. They are large insurers who are diversified and can cover all their obligations.

Home finance companies offer mortgage insurance and home owner insurance as a means to protect their investments. Auto insurance is not so obvious a move, but it protects their customers’ solvency, too.

If you have an accident, you may be liable for damages to someone else’s car. That is usually the easy part. What can really break the bank is liability for injury of another person or persons.

You could have to pay for medical expenses, which could be astronomical. A court could award pain and suffering to the victim. You might even have to pay loss of wages. The auto insurance will protect you from these losses.

Many factors affect car insurance rates.

Having air bags can help your rates. If you have a wreck, your insurance might have to pay for injury to passengers in your car. Your home finance company car insurance rate will go down if you have air bags in your car to protect yourself and your passengers.
Having multiple cars helps. The more cars you have insured with your insurance company, the less you will pay per car.
Paying by the year is best. Even paying for six months at a time lowers your car insurance rate. If you pay by the year, it is even better. This is because the company does not have to bill you or do make entries on your account as often. If you pay every month, it is more of a hassle for them.
You can get a discount if you are in the military. This includes active duty members of all the military services. Veterans can get the discounts as well. If you are a member of the National Guard or Reserves you also qualify.
Senior citizen discounts can help you. If you are over 55, your home finance company car insurance rate could be lower. This is true of most insurance companies. It even makes more sense for home finance companies because your house is usually paid off or nearly so.
It pays to be a good student. Whether you are in high school or college, a grade point average of 3.0 or higher can earn you a better car insurance rate.
It helps to be accident-free. If you have not had an accident in five years or more, the car insurance company will look kindly on you. You are a good risk for them. You are not nearly as likely to have an accident as someone who has had many wrecks.
Having home insurance with the same company is a big plus. A home finance company that also sells auto insurance will reward you well if you take their home and car insurance both.

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Things To Consider When Choosing A Finance Company

There are so many things to consider when it comes to choosing a finance company. Finance companies usually provide leasing or hire purchase contracts to the small and other business owners. There are several types of finance companies in the market. For example, some finance companies are the subsidiaries of the major banks. Some companies provide finance to promote marketing of their own products. A typical example of this kind of finance companies is car manufacturers. Some suppliers of the business equipments and other kind of equipments also facilitate financing. Adding to this list are the members of the finance and leasing association and some other independent houses also.

Competition is Growing Among The Finance Companies:

There has been a significant increase in the number of finance companies entering in the market recently. This is naturally resulting in fierce competition among the finance companies. Growing advertisements of the finance companies in the major newspapers is a proof of this fact. How can you judge whether a particular finance company is right for you or not? First, you should look for the reputation when choosing a finance company. It should have a good reputation in the market and even better if it is also a member of the finance and leasing association. The second thing is that whatever kind of contract you have with the finance company, it should be in accordance with some type of written or verbal quotation. The duration of the leasing agreement should be long enough to cover the period for which the asset is required. The finance company you are going to choose should be open enough to tell in advance regarding the penalties if any in case of early termination of the leasing agreement. Prepayment penalty is the biggest hidden cost of borrowing any loan. You should avoid companies that charge any such penalties.

In other words, you should choose a finance company that tries to hide nothing from you. You get to know every condition of the company before signing the agreement including the amount of rentals and the notice and hire periods. Moreover, also make sure that whatever equipment you are going to lease from the finance company is new. You should not forget that when you choose a finance company, it is not a short-term deal. You cannot take it easily, because you have to maintain relationship with the company for a longer period. It will be better if you can choose a finance company that gives you the flexibility of switching between the floating and fixed rates while not charging a single penny extra for this facility.

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5 Great Ways To Use Vinyl Banners For Your Finance Company

Vinyl banners can be an effective way to market to new customer and build up business for your finance company. Knowing how to effectively use a vinyl banners for your business will help to effectively design a banner that can increase your customer base and build your clientele. Think about what your finance company has to offer and how a large vinyl banners can help to grab attention and increase new return customers.

The intelligent designs and vibrant, professional colors of a vinyl banner are great to attract business and build a professional image. A strong, respectable message can be all you need to motivate new clients. Find out some the most effective uses for vinyl banners for your finance company.

Tax Season

Tax season is highly competitive time of the year for a finance company, but also the best time to focus your advertising on the tax services you offer. Most customers don’t have a designated tax store, so any persuasive advertising can quickly increase business. Hang a custom banner at the front of your establishment to help customers find a tax location, and convince them to try your services. Boast about your abilities, services, and guarantees to persuade them to choose your services.

Hiring

Hiring and training are also at a high around tax season, as a quick way to gain a full staff for the season high. Whether you are hiring for tax season only, or are trying to build your staff, a vinyl banner can be great way to recruit applications. Use it as an opportunity to increase the visibility of your needs, emphasize their training, and promote the advantages of working for a professional finance company. Use bright colors that represent your business brand for a more recognizable sign.

Services

Your finance company offers many advantages and additional services that individuals may not be aware of. A finance company not only helps during tax season but can help to improve lives if others are aware of their services. Advertise your extended services to keep business running year-round and you can gain business by advertising your financial planning, investing, and debt management services. A vinyl banner makes a bold statement is ideal for ensuring your message is recognized.

Promotions

Running promotions is a way to build business and influence new customers, but if you don’t advertise your promotions you’ll never see improvements. Banners are ideal for impacting advertising because they are one of the most visible forms of outdoor advertising. Use a banner to announce your free consultations, lending specials, or advances.

Guarantee

A guarantee on your services and your accuracy can be just the advertisement you need to draw in new clients. A guarantee is a representation of your professional services and that your business can be trusted. If you have taken the time to offer any kind of guarantee, there’s no reason why you shouldn’t advertise it. An outdoor banner that emphasizes your guarantee and your promise to customers can quickly help to bring in business.

Michael Allen works as a Director of Marketing in Boston, Massachusetts. He has worked with both large companies and small local businesses for over 20 years. His vast experience in the field of marketing positions him as an expert in helping businesses expand by using marketing tactics.

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Dealing With Development Finance Companies

It’s a fact that developing sites or properties for commercial use in UK requires considerable amount of money. When your application is not approved by the high street banks or your personal budget won’t suffice, the only option you have is to avail services of companies that offer development finance UK.

With many development finance companies that are available both offline and online, there are plenty of options to choose from and the choice is always laid within you hand. Most of the time, the success and failure of the utilization of development finance lie on the company that you work with. It is essential, then, that you can trust whichever development finance agency you decide to go and what relevant options you have for financing; whether you are into 100% development finance, buy to let mortgage, refurbishment finance, and other ways of financing the project.

Both you and the agency must be comfortable with the arrangement; in terms of time range, finance options, proposal making, and basically everything on the process. In other words, it is important to develop a good relationship with the company that’s providing you with residential or commercial development finance.

Aside from the confidence and comfortability, expertise should be highly considered in choosing development finance UK. They actually go hand in hand; as you can’t be confident with a company that is not an expert on the field. Once you developed good relationship based on trust and confidence, they could be a ready partner in any future developments; and once you become a frequent client, they can offer you higher support and privileges such as working for favorable arrangement with 100% development finance.

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The Benefits of Stainless Steel Roller Chains

Typically, roller chains can be found in a lot of mechanically powered systems. For instance, you can find them in a number of environments like automotive industries and agriculture systems. Examples of automotive industries they are used in are bicycles and motorcycles. In this article, we are going to take a closer look at some of the common benefits of roller chains made of stainless steel. Read on to find out more.

Rollers chains are also commonly used in conveyor belts and many other industrial assembly environments. Aside from this, you can find these systems in many other environments too.

Advantages of Stainless Steel Roller Chains

Although these products are made of other metals as well, stainless steel is the most common one. This is because this metal offers a lot of benefits. Some of them are listed below. Please note that this list doesn’t talk about all the benefits the unit offers.

Food Applications

Stainless steel roller chains are quite popular in the food industry for many reasons. One of the main reasons is that the steel offers immense strength unlike other metal types you can find and use.

Therefore, products made of this metal can withstand even extreme conditions. Another good thing is that it’s much easier to clean. For instance, in an environment where food packaging, processing and handling is done, you may need to clean the chain more frequently. This is what makes these roller chains a great choice.

Temperature Resistance

Another great thing about these roller chains is that they can work fine even if you place them in an environment where temperature exceeds 400 Celsius. In the same way, they won’t stop working even if you use them in a place where temperature drops below -20 Celsius. This is what makes it an ideal choice in environments that are not good for other metals.

Corrosion Resistance

They are also corrosion resistant even if used in acidic or alkaline environments. In many industries, these roller chains are used either in alkaline or acidic settings. This is why they are preferred in a lot of industries. Aside from this, it offers quite low magnetic permeability. Therefore, we suggest that you opt for them instead of other options out there.

Heat-Treated

Another good thing about these chains is that they are heat treated for a lot better temperature resistance. Plus, they are put under a lot of stress for testing purposes to reduce the chances of stretching issues or premature leakage. So, as far as safety is concerned, this is the best choice you can take. They can save you a lot of money due to their long lifespan.

Long story short, these are some of the most common reasons why these roller chains are quite popular these days. Although they can’t be the best option for all types of applications, they can work well in many environments. Therefore, if you want to opt for them, we suggest that you give them a go. You won’t regret your choice.

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