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 »
Choosing between the fixed interest and floating interest home loans is one of the biggest challenges facing the prospective home buyer. There are advantages and disadvantages in both variants which needs careful scrutiny as a home loan is along term commitment and the actual money paid back over the entire tenure could vary drastically. Such… 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 »
Most of us are now aware of some of the critical reasons a bank might refuse a loan and gear up for it well before a loan needs to be sought! This is very true in the case of a home loan, which requires preparation on various fronts. You are likely to pep up your… 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 »
A pre approved personal/home/car loan is usually offered by banks to people who have a clean track record of loan repayment history, like in my case. You get it even if you had pre closed your earlier loan amount. Some banks pre approve a loan to its own customers even if they had not… Read More »