Second mortgage loans or second mortgage financing, as the name suggests, means providing a loan against the security of a property which has already been mortgaged elsewhere. This means that the same property is being used for a second time to secure a new loan. For example, Mr. X wishes to purchase a property for… Read More »
Buying a home is a very significant investment for most of us. You would not like to take a risk with any inappropriate investment. During this project of buying a house, the procurement of home loan is equally important, as selecting a property is. In fact, for most of us, the decision of purchasing a… Read More »
Rajesh was very happy on identifying his dream home for Rs 50 Lakhs. Just as Rajesh was all set to buy the property, his world came crashing down when he approached the bank and coming to know that the maximum home loan he could avail as per his eligibility is Rs 40 lakhs. Rajesh had… Read More »
Buying a piece of land and building their first home is the biggest dream harboured by many Indians. So, when Prabhat told his mother that he was buying a plot of land, she was proud of him, something she did not show when he invested in the flat.
When Nikhil moved to Chennai for beginning his new work life, he decided to ditch the standard homes and considered purchasing a contemporary penthouse. The rapidly increasing net-worth, enhanced aspirations and the desire of enjoying an affluent lifestyle have played a major role in increasing the number of individuals who invest in these ultra-modern high… Read More »
People looking towards purchasing a new property, which is “free from encumbrances”, may be puzzled to find certain restrictive covenants in the contractual documents, which necessitate a careful approach from their end. They could also find themselves at risk of becoming the owner of a land, which may be subjected to a variety of charges,… Read More »
Victor has taken a home loan of around 25 lakhs. He is regularly paying the EMI. Despite interest rate increases and rising inflation, Victor never defaulted. His savings reduced drastically because of increase in EMI. On top of that he had paid off a lump sum amount of Rs.5L as part of his prepayment to… Read More »
Does it make sense to reduce one burden by taking on another? This is the first question that would be top of mind when faced with the question of whether to refinance an existing home loan. Given the fact that a home loan is the biggest reason for cash outflow in most Indian households, this… Read More »
The home loan agreement is usually a 50 page document that most borrowers do not have the patience to study in detail. However all such agreements have a few tricky clauses that protect the lending institution and may compromise the interest of the borrower! Thus one needs to be aware of these clauses and the… Read More »
Neeraj, a middle class sales and marketing professional based in Pune, purchased a decent abode in a metropolitan by securing a home loan worth Rs. 24 Lakhs from a leading financier. Divided into easy monthly installments, Neeraj was reducing his liability quite comfortably. Being able to increase his bank balance to Rs.8 Lakh, Neeraj found… Read More »