Recent reports said that the rates of home loans will remain the same as there is lesser chance for it to rise in the current situation. Bankers said that there was enough liquidity in the system and so the interest rates will not go up. According to K. R. Kamath, Chairman and Managing Director of… Read More »
Recent reports said that demand for home loans have gone down recently. The market players have said that potential buyers are waiting for the high property prices to go down. They also fell that the high-interest rates could be one of the reasons for the lesser demand for home loans. The downtrend is more prevalent… Read More »
Foreclosure charges are the loan closing costs/additional fees associated with the closing of a loan, most often in case of a mortgage loan or home loan. These may include the costs of legal formalities, inspections, penalty fee, etc. In some cases, the payment of loan closing costs may be negotiable. Although the ministry of finance… Read More »
A loan that is not meeting its stated principal and interest repayments is called non-performing asset or NPA. Any commercial loans which are more than 90 days overdue are usually classified as nonperforming assets by banks. Loans of this type are considered nonperforming because the bank is no longer receiving a return on the investment… Read More »
Electronic Clearing Service (ECS) is an electronic mode of payment for transactions that are periodic and repetitive in nature. This makes the transactions of banks cost effective, smoother and easier. The person/ institution availing this facility has to furnish an authorization to the bank giving consent to avail the ECS Credit facility with details of… Read More »
A report of all transactions in an account during the time from the previous statement to the current statement is called the bank statement. It could be report of monthly transactions or even annual transactions. The opening balance of previous period (month or year) along with account of all transactions and the closing balance of the… Read More »
A fixed payment amount made by a borrower to a lender at a specified date each calendar month is called equated monthly installment or EMI. EMI are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full. The biggest benefit of an… Read More »
Central bank is a bank of a country that has control over the regulation of currency supplies and the banking industry. The central bank of a country plays a very important role in the stability of the money supply and the currency of the country. The central bank has the responsibility of regulating the banking… Read More »
Home is one of the basic necessities for every human, but possessing a home of his own is a dream for many people particularly for the average families. Today it is possible for most of the people in the country to full fill their dreams through home loans. The reasonable interest rates have increased the… Read More »
It is very important for a borrower to understand the meaning of teaser loans before taking up a home loan. Teaser loans are home loan offered to attract new home loan borrowers. The loans offer low fixed interest rates for the first two years of the tenure and from the third year the interest rates… Read More »