Ownership of a home is any average middle class person’s cherished dream. The purchase and moving into a dream house generally ranks among the top three things on the wish list of most people. Buying your own home eliminates the house hunting every few years, grumpy landlords and killing rents. With a dedicated and […]
A mortgage or home loan becomes necessary when you do not have the required funds in hand. The need to tap the necessary funds to close the deal on a dream home or property creates the need to identify a resource. The mortgagor or borrower owes the obligation secured by the mortgage.
The mortgager could be […]
The rates of interest could be either fixed or floating, depending on the lending institution. The terms are self explanatory in nature and are very rarely interchangeable. Some lending institutions offer loan seekers a fixed rate of interest. This means the rate of interest remains unchanged for the entire duration or term chosen for re-payment […]
Home loans and mortgages are usually accompanied by:
a) This fee is payable to the lender of the loan amount when applying for the loan. The processing fee can be a fixed amount that is not linked to the loan amount or a fixed percentage of the loan amount, fixed by the lending institution. The ruling […]
• Home Purchase: These are the basic home loans where the purchase of a new home is financed.
• Home Improvement: These loans are given for repair work and renovations in a home that is owned by the person seeking the loan.
• Home Construction: These loans are available for the construction on purchased land
• Home Extension: These loans are extended […]
The tax benefits applicable to home loans and mortgage influence both the principal, as well as interest rate applicable. Principal amount set by the lender for the repayment of the loan or mortgage along with other savings like PF, PPF, life insurance etc is eligible for deduction from gross income. This helps savings in […]