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There is a strong sense of relief and pride that one achieves in paying off a home loan and officially calling the property theirs. With the recent announcement by the RBI and NHB extending the elimination of prepayment charges for home loan foreclosure, home loan borrowers have been further encouraged to pay off their mortgages before the end of the tenure.
The base rate, or prior probability, refers to the initial likelihood of an event occurring before considering additional information or data. It represents the fundamental probability of an event based solely on historical data or general knowledge without considering specific conditions or supplementary factors.
Before you jump the gun and panic thinking that you must pay off your home loan as soon as you can, or at least think about a refinance option for your home loan, take a closer look at your financial plan. See the number of investments you have and the returns they are yielding.
A home loan is often the only financially viable method for a person to fund major purchases like a house. It also offers significant tax benefits to borrowers.
At times, borrowers may want to convert their home loan interest terms from a fixed to a floating rate or vice versa. Although a borrower may switch their interest rate terms as many times as they wish, there is a fee levied each time.
An applicant must present a variety of documents that verify their KYC, the antecedents of the property they seek to acquire, their income background, etc. in order to secure a house loan.
At its core, an equitable mortgage falls along the lines of a legal agreement that leverages your property's equitable interest as collateral for a loan. Unlike the more traditional form of mortgage, where the legal title of the property is transferred to the lender until the debt is repaid, an equitable mortgage retains the title with the borrower.
Balloon payment means that they are significant sums of the loan amount paid after the loan period. However, based on the loan's interest rate, the balloon payment's amount must be discounted at present value.
While numerous factors contribute to the hike in real estate prices, there is one significant factor, known as “ready reckoner rate†that has a bigger part in deciding the movement of real estate prices.
A good credit score is paramount in the home loan application process. In India, the CIBIL score is widely used to measure creditworthiness. In this article, we will delve into the significance of the CIBIL score for a home loan and determine the ideal score that lenders seek.
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