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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.
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 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.
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.
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.
what is a reverse mortgage loan, how reverse mortgage loan works, eligibility criteria and key benefits and limitations, and if it pays to have a Reverse Mortgage Loan.
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.
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.
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.
Buying a home is an important lifetime decision. It not only impacts your family's sense of security but also impacts your long term financial goals. After all, nobody buys apartments cash down. While you do put in a small margin, nearly 80-85% of the cost of the apartment is financed with home loan.








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