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.

A Complete Guide To Understanding Home Loan Interest Rates

Home loan rates can be a complicated plateau to manoeuvre through. There are, however, a few major factors that do stand out. This guide should help you to screen through the major sections that need to be kept in mind about this subject:

Types of interests

This section may seem basic; however, it’s not. There are three types, obviously. Yet, you need to know some of the important aspects that may affect your EMIs and the repayment structure in the long run.

• Fixed rates: These rates are higher and so are the hikes after the first few years. So, you should know when your interest rates will elevate again. If you opt for fixed interest rates, you should aim to increase your earnings accordingly.

• Floating rates: These are vulnerable to economic fluctuations. They can work in your favour if they lower over a certain period of time, though you must know that the tenure for home loan repayments stretches from 20 to 30 years. Unless you earn a significant income over the course of the years to pre-pay the loan, you will be paying EMIs for that duration and may also face unexpected recession and interest rates hike twice or thrice in that period.

• Hybrid rates: These rates combine the best of fixed and floating. You make two home loan agreements that divide your home loan into two types of interest rates and repayment plans. Though it seems like the best of both worlds, you need to understand that it can backfire too. You need to read the home loan agreement papers and the fine print carefully and protect yourself against any backfires.

The factors that influence your home loan interest rates:

All applicants may not be able to get the advertised rates. Very few people, in truth, are in a position to avail the best home loan rates in India. Although you can influence home loan proposals to get the best possible interest rates for your housing loan. So, what are these factors?

• CIBIL credit score
• Repayment ability
• Company appraisals
• Employer
• Annual earnings – income, assets and liabilities
• Any other loans
• Your interest rates negotiations

There are always more factors that can come into play, depending on how you choose your house loan package. So, it makes sense to make an effort to mould all these factors in your favour. It is not always possible to transform them all; yet, if you take an expert’s advice and use it to your advantage, you can potentially get much lower housing loan interest rates in India .