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Home loans top the segment of secured loan business of the banks. The EMIs option further makes it easier for the loan borrower to purchase his dream home. EMIs help to take away the burden of paying upfront the huge cost of the house. It is the fixed amount of money that the loan borrower needs to pay …
Meaning: A co-applicant in a home loan means a Co-borrower of the loan. He is a person who applies for a loan along with the borrower and accepts the responsibility for repaying a debt along with the primary borrower. Who can be a Co- applicant? 1) A Co-applicant has to be in blood relation to an applicant. He can either …
When a borrower’s home loan application gets approved by the bank, the bank intimates the borrower of the loan approval by issuing a SANCTION LETTER. The sanction letter so provided mentions all the facts, figures (loan amount), conditions as well as the PSD conditions including the banking terms and policies about the rate of interest. Let us …
Amit applies with bank for his home loan requirement. Apparently his loan application gets rejected on account of poor CIBIL record. Amit never bothered to check nor did he keep track of his CIBIL history until recently when he faced rejection for his home loan requirement. Like Amit there are many who do not bother …
A home loan segment of the bank tops the highest business in the loan industry. Everyone goes for a home loan atleast once in his lifetime. Since it is the huge and lifetime investments of the borrower’s hard earn money, selecting the best bank for home loan becomes equally important. The borrower compares series of …
We all know the traditional loan products in the home loan industry i.e. the home loan product & the mortgage loan product. We assume that you also know the very common facts and figures of such products such as the rate of interest, processing fees, other charges, offering banks, fixed or floating rate of interest, loan …
Introduction: Gone are the days where education was cheaper and getting a good job was not competitive while holding a Secondary School Certificate. However, over a period of time education began to be of vital importance and all parents now dream about proving the best possible higher education for their children. With the increasing importance …
The current outbreak of the pandemic coronavirus has disrupted the lives of millions and millions of people around the world. It has a direct impact on the economy of the country. What does it mean for the common man? The “Aam Aadami”. The most equipped question is the financial distress that remains common among all. …
In home loan industry the term home loan refinancing is used in two contexts. 1) Home loan balance transfer 2) Funding on the already purchased residential property 1) Home Loan Balance Transfer When a home loan is transferred from an existing lender Bank/NBFC to a new lender Bank/NBFC, it is called as a home loan …
A mortgage is a type of secured loan as it is secured against the collateral provided. The collateral means pledging of property to obtain the loan. Such a property can either be residential or commercial. The mortgage loan is termed as Loan Against Property (LAP). Let’s highlight some important aspects of the property in mortgage …