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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.
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.
To know the depths of Repo Rate, it is essential to know what is repo rate. The repo rate, also called the "repurchase rate," holds significant importance as a benchmark interest rate employed by central banks to provide short-term loans to commercial banks, usually overnight.
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.
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 sanction letter is issued by a bank or financial institution to an applicant who has applied for the loan. The letter is a proof that the applicant is eligible to avail a certain amount of home loan from its lender (bank or financial institution) subject to the fulfillment of certain terms and conditions as mentioned by the lender.
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.
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.
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.
Taking a House is once in a life time decision for many of us with the spiraling prices of the property and the high interest rate regime in the market.
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