You must plan your home loan well as the home loan tenure is one of the most crucial or important decision making factors of the home loan. There is no standard ideal duration and it should be considered based on your present financial conditions and your requirements.
Most of the borrowers believe that it is easy to make a home loan transfer from one lender to another. However, transferring is similar to availing a new home loan.
According to the Central Bank (RBI) regulations, complete financing or zero down payment schemes are not made permitted. It is made important by RBI that the home buyer has a stake in the property that he is willing to purchase.
Prepayment of loan can be defined as the process wherein you pay an additional amount of the principal (greater than the amount payable as his regular EMI). This will help in reducing the outstanding principal amount and thus reduces either the EMI payable or the loan repayment tenure.
The loan against property is a type of loan which is made available to salaried and self-employed individuals on pledging of residential or commercial property as collateral.
A person can own as many properties as he wishes to and the government does not impose any such restrictions with respect to the number of properties that a person can own. Although deductions, as mentioned in Sec. 80C on the principal amount of a loan, may not be available in case of a second house
There are a number of factors to be considered when you have to select the best home loan or lending option available to you. And the most important factor to be considered is the interest rate.
An EMI stands for Equated Monthly Instalment. A home loan borrower who has availed a home loan needs to discharge his or her liability by making monthly payments to repay the loan amount within a stipulated loan tenure. These monthly payments are called EMI.
Floating interest is the type of interest that changes in response to the changes in the prevailing market conditions and overall interest rates in the economy. It is also called the Variable interest rate for the variable fluctuate with a change in the market.
The home loan rate is the amount of interest payable by you on the loan amount expressed in percentages for a stipulated period. This interest rate for home loans is of two types: Fixed-rate of interest, Floating Rate of interest
