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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.
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.
If you are planning to take a home loan to buy your own dream home, you better do you homework right, else you would end up paying much more than you had bargained for, apart from the EMI.
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.
A floating interest rate, variable or adjustable, is not fixed and can change periodically based on shifts in an underlying benchmark or reference rate. Unlike a fixed interest rate that remains constant over the entire loan period, the floating interest rate is subject to adjustments.
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.
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.
Banks and non-banking finance companies provide home loans at fixed or floating interest rates. One should understand the initial contrasts between these two loan kinds. However, to do this, one should compare fixed vs floating interest rate and consider them both.
Firstly, the loan is still in your name, so your credit rating is at stake. Secondly, go with builders who have a track record of delivering projects on time. Else, you could end up with a huge cost on your shoulders.
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