'Down payment', simply put, is the difference between the purchase price of a property and the mortgage loan amount. It underlines the buyer's commitment to complete the deal and indicates the buyer's fidelity in making the loan payments.
Decided to buy your own house? There are many pitfalls that can turn this process into a bumpy one. Here are some of those pitfalls that you should be aware of and avoid.
Industry experts predict that the second quarter of 2009 could present opportunities for the prospective home buyer to land an excellent home deal.
Personal loans are the one of the most widely chosen options, in case you are in a spot and need some urgent cash. However, personal loans are tricky and you need to know as much as possible about their basics before applying for one. Let's start with some common questions.
Different banks are coming up with different schemes to home loan customers. You have different options to choose from and should use this option to find out about the best deals available for you. However, when you look at a home loan, it is important that you take into consideration not only the interest rates but also all the other charges applicable with the loan.
The key to understanding your loan offers from multiple banks is to calculate the total amount of interest and fees you would pay for each offer and zero in on the offer that gives you the least total interest outflow.
If you do become a guarantor, you have to understand that there is no turning back. You cannot revoke your guarantee after the loan has being sanctioned. So, before you do sign the dotted line, check whether the contract tells you the amount you are guaranteeing, the situations in which you will have to repay the loan and if the amount to be borrowed can be increased without you being told.
A reverse mortgage (or lifetime mortgage) is a loan available to senior citizens. Reverse mortgage, as its name suggests, is exactly opposite of a typical mortgage, such as a home loan.
There are many ways you could arrange for money, and one of those ways is taking a loan. You could take a personal loan for the amount required, or you could take a loan against your property.
If finances are wisely coordinated, it can greatly help in controlling the continuous process of rising prices. To handle your finances during inflation, this is what you should do. . .
Have you ever considered a home auction that is periodically conducted by several banks? You actually can get a house which is lesser by nearly 20 per cent of the current market value. Let us help you get started on some research for you to build the plan for your steal.
The interest rate scheme where 8 per cent is frozen for one year may not actually be as profitable as it appears upfront.
Let us put away that dreaded thought and focus instead on ways to have access to funds when we need them the most like, for instance, a job-loss or an emergency surgery for a loved one! Here budgeting comes into play.
To avail a top up loan, factors like your repayment capacity based on your income and commitment towards any other loans other than your home loan etc, will be factored in
If you can afford to make larger payments towards your home loan, perhaps because of a promotion or because of a bonus, then making prepayments towards your home loan is a very good idea as it will save you a lot of money over the term of the loan.
We also have strict regulatory bodies like the Reserve Bank of India, which ensures that loan products that could produce systemic risk never make it to the market.
The earlier you start saving for your rainy day (read retirement) the richer you will be when it finally arrives.
Let's take a quick look at what all these terms mean to see how they affect the loan interest rates.
As with all mass processing systems that are not dependent on a single source for information, there are quite a few things that could be incorrectly recorded in the credit information reports, which are stored with CIBIL. Here's what to do to have your report corrected...
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