Owning a home gives you a sense of pride and liberty, but also many responsibilities. For a first timer, it would be a rather complicated process, especially ‘saving’ for down payments. The savings for a home purchase can be started at any time, much before you seriously start shopping for a home. With the RBI… Read More »
Updating the credit report will be an ongoing process – lenders send updated data regarding an account to the agencies. It depends on how may credit accounts and individual has and when there is a change in the credit data. The moment there is a change in the credit data, it will reflect in the… Read More »
If you and your spouse earn similar incomes, then its best to opt for an equal co-ownership of the property and split the tax benefits of the home loan equally as well. In case one of you fall under a smaller tax bracket, it is good to let the partner with the higher pay make… Read More »
Moving into one’s own home is a joy, which is to be felt not explained. It is utopia what with the poojas, house warming functions, searching for just the right furniture and fittings, praises you get for having taken care of the finer parts in construction and decorating the house and the pride in having… Read More »
There is no legal problem with six people opting for a joint loan. However, banks insist that all co-owners of the home must be co-borrowers in a joint home loan, though the reverse is not stressed.
To understand how a home loan works one needs to understand what a rest means. A rest is the interval at which the remainder of the loan amount is recalculated as you repay the loan. This is relevant only in the case of a reducing balance loan as opposed to a flat rate interest loan.… Read More »
To begin with why do you need flexible repayment options? The biggest advantage is that choosing the right flexible repayment option would reduce your EMI load! Moreover, it could help you avoid getting that adverse ‘defaulter’ tag. Remember, if you had borrowed from a bank even a single default could deface your credit report and… Read More »
Building your own independent home is a dream that many of us want to do. The thrill of owning your own piece of land, building a structure as per your requirements, and helping design the architecture with your architecture friend sounds very attractive. Of course it goes without saying that a lot of painstaking work… Read More »
The year 2011 witnessed a high interest rate scenario, shrinking profit margins and soaring input costs for property developers in India. The economic slowdown added problems for property dealers, as the number of customers dwindled in 2011. Most of the developers had to put their expansion plans on hold, and their existing projects also… Read More »
Once the checks are in place and the bank pre-approves the loan, it will hand over a letter stating that an in principle approval of a particular home loan amount has been granted and will be valid up to a particular period. Some banks will also state the rate of interest at which the loan… Read More »