The Benefits Of A Home Loan Balance Transfer

A home loan balance transfer is a mere financial service to avail certain advantages that you previously didn’t. Any smart borrower should be able to determine if the transfer is worth the expenditure. Otherwise, it may turn out to be a very expensive choice. This is a primary reason why financial experts do not suggest opting for a home loan balance transfer in the last 2 to 5 years of the housing loan tenure. Hence, every borrower must identify the vantage point for his or her Home Loan before considering a transfer.

Lower interest rates

When you opt for a housing loan with certain interest rates, you may gain an advantage by shifting to another housing finance company, which offers much lower interest rates. For most borrowers, who have made well-disciplined repayments, it can be a huge save. This kind of ideal home loan transfer is a profitable choice based on the home loan offer received. So, make your own calculation before making the decision, though.

No prepayment charges

A lot of borrowers do not want to pay the applicable prepayment charges for Home Loans with fixed interest rates. If the new housing finance company allows you to repay your loan in a lesser home loan tenure, you can save a substantial amount of interest. That can make it a smart move, based on the other costs incurred in the home loan transfer, though. So, you must calculate the savings against the expenses incurred before signing on the dotted line again. Most borrowers forget that this is the same home loan process – you will need to meet the home loan eligibility criteria, you must submit the documents required for home loan and you will need to pay the processing charges, service taxes etc. Hence, you must include all these expenses in your calculations.

Loan restructuring options

Some of the housing finance companies in India deny two types of home loan restructuring that you may need as a borrower; extra money for home renovation, and extending the home loan tenure as the current floating or fixed interest rates may be too high for easy repayments. Sometimes, housing finance companies fail to take this into account and make the necessary changes. It is perfectly alright to seek an alternate lender. Even if your current lender fails to offer the restructuring, you still will need to get a NOC (No objection certificate) from them, because no housing finance company will complete the home loan process otherwise. It is a much needed move; though, you must make it cautiously.

Make the Right Choice – Select the Best ERP Software

Though there are a number of organizations offering ERP Solutions for Logistics ERP Software, Manufacturing ERP Software, Oil and Gas ERP, Asset Integrity Management, Risk Based Inspection Software, Anomaly Management Software, it is simply not easy to choose an ERP solution that suits the specific requirements of your business. Various ERP software are equipped with diverse features, configurations which renders it quite intricate to opt for a solution that best matches the needs of your business.

As mentioned, the number of organizations offering ERP solutions is several however, the fact of the matter is that none of these organizations have a clear understanding of your business. In fact, only the organization seeking ERP solution will have an in-depth knowledge about their business and they are in a better position to select the right ERP software that suits their business needs. Another challenge when it comes to selecting the right ERP software is the fact that the ERP landscape is continuously changing. There are new features that are added to existing ERP solutions and organizations offering ERP solutions are also changing their approach when it comes to developing appropriate ERP Software.

In such a situation, it is imperative that the organization seeking ERP solution has a clear cut idea about what they are looking for and how a specific ERP solution can prove to be apt for their organization. The organization needs to identify areas within their operations that they believe needs to be optimized to enhance the business process or improve outcomes. The organization also needs to weigh the pros and cons as to how implementing ERP solution can help the organization in optimizing their processes. Similarly, the requirements of different organizations within each industry would drastically vary. For example, in the logistics industry, a particular ERP solution that works for one organization may not necessarily work for another organization from the same industry. A ‘one size fits all’ approach may not work. Rather organizations need to be clear about the specific issues they intend to resolve by implementing ERP software within their business process and outlining the expected outcomes.

Organizations also need to understand the capacity of the intended ERP software to be easily integrated within their existing processes or understand whether the ERP solution can be aligned to the purpose with which it is being acquired for example, return on investment, process optimization etc.

Cost is another factor that organizations need to take into consideration while opting for ERP software as it can be expensive. But, cost cannot be considered as a distinct factor on the basis of which organizations select ERP software. The common belief that higher cost means higher quality and low cost means low quality may not be necessarily true. There are ERP software that are expensive but have high functionality and ERP software that are comparatively cheaper but offers the same level of functionality. Therefore, the choice of ERP software should not be on the cost of the product but rather it should be on the offered functionality and how it matches with the business requirements.

Another factor that needs to be kept in mind is to assess the viability of the vendor providing the ERP software. The organization should ensure whether the role of the vendor will be restricted only till the sale process or whether extended support and maintenance services are provided.

Selecting the best ERP software can be a challenging proposition considering the fact that the market is inundated with several ERP software service providers. In view of this, it is essential that the organization keeps the above said factors in mind while selecting ERP software. To reiterate, these factors would pertain to understanding the business requirements, weighing the pros and cons, integration and alignment with existing processes, cost and viability of vendors. These factors can be crucial in enabling organizations to choose the right ERP software solution that best matches their business requirements.

In view of the above factors, the process of selecting the right ERP software is rendered easy when it comes to ERP solutions offered by Agaram InfoTech. Clients are presented with multiple options for selecting the right ERP software from the array of solutions that Agaram has to offer. To facilitate ease of selection, Agaram has conceptualized a distinct model where 30% of customization is incorporated within the cost of the product. In addition, the process of customization and implementation does not take much time and the turnaround time would at the most stretch up to 3 to 4 months as compared to several other organizations where the turnaround time for customization and implementation often stretches from 1 to 2 years.

The quick turnaround time for customization and implementation at Agaram is driven by our team of experts who facilitate the implementation at the client’s end and extend their assistance till the process is actually complete. Moreover, as a pioneering organization that provides exceptional ERP solutions, Agaram simplifies the process by replacing conventional methods thereby offering results that are accurate.

Agaram InfoTech is an organization that offers impeccable ERP Software Solutions that not only match the business requirements but it can be easily integrated with existing processes. Needless to say, we offer competitive prices and establish a long term association with our clients. In addition, we also offer customized ERP software solutions that can be tailored to suit the needs of the client. Agaram ERP offers a comprehensive solution that is best amongst equals and can prove to be the logical choice for you.

Loan Against Property In India: A Brief Overview

A loan against property in India is not very common. In fact, the concept of loan against your home is taboo in most Indian communities. However, the fact remains, that property is a valuable asset and you can certainly use it to your advantage instead of opting for a humongous and unaffordable personal loan or a credit card debt. Thus, here is what you need to know about the loan against property in India .

What is a loan against property (LAP)?

This is a secure loan against an asset, pretty much like any other loan against assets. The interest rates for a LAP are lower than for unsecured loans like personal loans. The primary eligibility criterion is the value of the asset rather than the repayment ability or credit score. So, thisis much easier to avail for people, who are financially challenged at the moment.

What are the consideration factors for loan against property in India?

You will need to complete the standard loan application process with the required documents. You will also need to meet the eligibility criteria of the lending company. Nonetheless, when you apply for a loan against property with a housing finance company or a bank, you must do so with due consideration to the following factors:

• You will need to give time to the lenders in order to process the market value of your property, which varies from 5 working days to 2-3 weeks, based on the lending organization.

• The loan amount depends on the third party analysis conducted by the housing finance company. You will receive approximately 80% to 85% of the market value of the property, which will be decided by the lender.

• You can negotiate for competitive interest rates on the loan against property, if you have the required documents to demonstrate good repayment ability and credibility.

Thus, you can also receive a higher loan amount at lower interest rates by opting for loan against property. Additionally, you can enjoy more relaxed repayments as the monthly EMIs will be lower.

When is the right time to apply for loan against property?

In one sentence, when the loan amount is much higher than you can easily borrow. It is not advisable to risk your property unless there is no other choice available. If you can take a loan against shares, fixed deposits, gold or luxury items, you should. The cost of property is the highest among the several assets for most individuals. So, take a rough estimate of the market value of the property and if it is approximately the amount you need, then apply for loan against property. If you have other assets available, do include them in your consideration.