We all are looking to spruce our lives and have a home, or a vehicle we can call our own. In today’s world, this has become rather a necessity than a desire. Now that being said, during the festivities, banks like to offer lucrative options that well, not only benefit the customer but ensure that these festivals go on a happy note. Now in this day and age, who wouldn’t want a house to call their own, or to drive their own vehicle without any hassle. Owning a property always adds a spark and hopping onto festive offers could lower the cost it would take to buy the dream home you desire.
What exactly are processing fees and what are the options out there:
It is important to understand the basics. Banks charge a standard processing fee, and depending on the bank, it will range on the type of loan you are looking out for. This fee is to cover the administrative costs that go behind the loan. This fee, however, can easily range from 0.5% to 2% and well, can sure cost a lot on the pocket. With Union Bank’s zero processing fees on Home Loan and Vehicle Loan, however, customers can now save this amount entirely. This means more money in your pocket upfront, easing the financial burden as you step into a major investment. While we have mentioned that these offers can be fruitful for you, how exactly can it help? Below are some of the ways it will help you save more.
Reduced total payable interest: During the time of offers, it is easier to get lower interests on loans, hence you can end up paying the amount faster, which inturn allows you to reach your goals.
More Savings:No processing fee would mean that you can allocate that money somewhere better and or use it to clear out a chunk of the down payment that is initially required.
Reduced EMIs:The more money paid upfront, the faster and lesser amount of EMIs you pay. We often choose to pay through EMIs as it allows us to allocate a certain amount of our monthly income towards achieving our financial goals. With a better chunk of the money paid, you can reduce your EMI, thereby clearing your loan and inturn bettering your credit score. The EMI can be calculated by using Union Bank Home Loan EMI Calculator and Vehicle Loan EMI calculator.
Increased Credit score:During such offers, customers can better their credit score, which is used by banks to determine if the customer can pay their loans up on time and ensure seamless loan clearing. Your credit score and creditworthiness will increase if you pay off your EMIs timely as per schedule on a home loan. It is simpler for you to get other loans if your history with your home loan is solid.
Its not just that, but banks have a range they can offer on their interest rates and currently, Union bank has the lowest rate of 8.35% on home loan and 8.70% on vehicle loans.
We are all looking to have our own homes and vehicles as it gives a sense of security and of pride, to infact own a home in this day and age. For this, Union bank is offering the most lucrative rates in the sector, which in turn allows you to achieve your goals. With the unbeatable combination of interest rates, it’s a sure shot incentive to reach and achieve your dreams.
