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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 …
“ChottaSa Ghar Hoga——Chhao Mein….” old melody from (Naukari 1954), silver lines the dream of every human being to own a house of his own. Though today the time and generation may have changed but what remains still common is the silver lining dream of every human being to purchase a house of his own. There …
Big announcement by RBI today – Owing to the corona-virus outbreak RBI governor Shaktikanta Das today on 27/3/2020 announced the massive measures providing the required desperate relief for all working and middle class. As per RBI, the measures are intended to mitigate the negative effects of the virus, to revive the growth, and to preserve …
We received a call today. It was a loan inquiry. The enquirer wanted to know on the loan he can get on his property, his eligibility, time process, fees and importantly the rate of interest, in precise. Our executive before explaining re-confirmed “Is it loan against property that you want to know?” The enquirer exclaimed …
A home is a home whether it is bought in resale or from a builder. Likewise, many loan borrowers are of the opinion that a home loan is a home loan whether it is taken on a resale property or from the builder. From their perspective, there exists no difference in going for a home …
It is the new product in the home loan industry. The name itself suggests- where a mortgage loan is given in the form of overdraft facility it is termed as “Mortgage O/D”. It is also referred to as the “LAP O/D” product in the home loan industry. (LAP stands for Loan Against Property). The product is …
Looking for a land loan? Here it is everything that you should know about – before purchasing land and before going for a land loan. To build a dream house of your own with your specifications and requirements with modern amenities along with gardening, lawn with a swing char, duplex bungalow with 5 bedrooms, indoor …
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 …