Archive for February, 2008
-
Miscellaneous costs on home finance and mortgage
A home loan does not only come with the re-payment on the amount of loan. It includes a number of other costs that are applicable and add up to quite a sum. The processing fee for one is a fee that is payable to the lender by the person seeking the loan, on applying […]
-
Terms used in Housing Finance and mortgage
Equated Monthly Installment or EMI is the monthly repayment to the lending institution, till the loan is paid back. It comprises of a portion of interest and the principal amount.
Floating Rate: Rate of interest which varies with the market lending rate is called the floating rate. This rate of interest includes an element of […] -
Tax benefits of home loans and mortgage
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 […]
-
Other costs that usually accompany a home loan or mortgage
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 […]