Getting a loan by mortgaging a property, is one of the most common ways to raise a lump sum of money whenever necessary at an affordable interest rate. While borrowing, one should ensure that you are not borrowing way beyond your income.
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.
Ownership of a real estate property comes with its share of ownership rights that allow you to enjoy, use, improve, transfer or dispose of the property as you deem fit. This article seeks to explain some of the concepts related to ownership and the ways it can be transferred.
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
Before advancing a home loan to a borrower for the intended purposes, a lender will demand the borrower deposit a certain sum of money called the margin money.
Real estate makes for a good investment and is generally expected to appreciate at value and price in the long run. However, one should understand that it is not the physical form of a dwelling that sets the prices soaring in the market.
Home loans other than the periodic EMI and interest payments come along with several other visible and hidden charges that the borrower has to pay to avail of a home loan.