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In general people may refer purchasing a new home or a land as buying a new property, but the loans taken for purchasing the two significantly differ with each other. Though in broad they may be referred as property loan and both may seem similar to many, there exist differences between the two- home loan …
Defining NRI We all know that NRI stands for Non-Resident Indian. But the official definition of NRI as per India’s Foreign Exchange Management Act 1999 (FEMA) defines NRI as, “an Indian citizen or Foreign National of Indian Origin resident outside India for purposes of employment, carrying on business or vocation in circumstances as would indicate …
With a change in the economic conditions & inflation the RBI alters the Repo rates for the banks. A reduction in the repo rates carries well news in itself for all home loan borrowers while even a slightest increase in the repo rates pinches the pockets of the borrowers. This is because the banks in …
One fine morning you wake up to read the newspaper and found pamphlet advertising – buy a luxurious apartment & captioned in bold “EMI starts only on possession”. You are happy to read and consider this as an opportunity to save money thinking this is a flexibility offered by the lender. The advertisement tactics is so impressive that …
COSTS Associated with Home Loan. Introduction:- Buying a home is the dream of all and is the necessity which is also defined as the basic requirement of the human being along with food and clothing. Therefore to buy this shelter people spend their life savings and many choose to go for borrowed funds with convenient …
While it is easier to get a loan within the city limits falling inMahanagarpalika, funding your house in grampanchayat for home loan in Mumbai becomes equally difficult for the home loan seekers. Mumbai is the city of dreams and is the home for cores of population. Over the period Mumbai has substantially widened geographically to …
Loan Eligibility in broad terms means your ability / capacity to avail the loan from lender banks/ NBFCs. It the measurement tool of the banks to decide to lend what quantum of funds on the basis of your financial credentials (Financial credentials means your income, other obligations, additional source of income, etc. i.e. all financial …
People in general call it a myth that every time you inquire about a loan there is a drop in your CIBIL score. However, it may be wrong to say that they are fully correct, but yes it can be claimed that they are partially right to a extent, and also simultaneously unknown and unaware …
Summary Virtual credit card (VCC) is a one-time usable card which comes with a preloaded amount i.e. the credit limit that is valid only for a specified time period. It has no plastic / physical existence and is created for online transactions only. A Customer can make only one payment with the virtual card in …
Introduction India as a country has always been rich in its culture and people. But over a period of time a cultural shift towards modernization and westernization has altered many things in our society. One such cultural change is the concept of Joint Families. The concept of Joint families also changed to smaller families ever …