Archive for July, 2009
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Mortgage: Understanding the term
A mortgage is basically pledging a property, home or business premises, to a lender. This works as collateral for a mortgage loan. Mortgage is not a debt, but its evidence and a transfer of interest that moves from owner to the mortgage lender. The condition on which a mortgage is extended is that the […]
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Eligibility conditions for a home loan:
To qualify for a home loan, most of the lending institutions anywhere in the world require the person seeking the loan to be a citizen of the country. The loan amounts are not extended to foreigners. This makes it easier for the application of the rules and regulations set by the law of the […]
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Incentives offered by lending institutions
To lure the average middle class family, lending institutions have come up with some great frills and extras like:
a) Sanctioning of the loan amount without requiring the person to identify the property he or she is interested in as a prerequisite for eligibility. This enables you to close the loan deal first and then […] -
What is EMI?
Equated Monthly Installment or EMI is the amount you are liable to pay to the lending institution every month. This is a regular monthly payment till the loan amount is paid back in full. The Equated Monthly Installment or EMI also comprises a portion of the interest as well as the principal. The Equated […]
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Importance of a home loan:
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 […]