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Category Archives: Loans and advances

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Know all the associated costs of your home loan before you apply

Investments & Insurance, Loans and advancesBy Surendra NaikJanuary 20, 2022

There are 18 types of charges you may have to pay on home loans. Do keep in mind all of these charges may not apply to every borrower; so before applying for a home loan know what are the fees you may have to pay on home loans. Also, these charges will vary across lenders…

Meaning of Margin/down payment in loan explained

Loans and advancesBy Surendra NaikJanuary 17, 2022

The word ‘Margin’ has multiple meanings. In trading percentage of profit is known as margin. The amount we have deposited with the equity brokers is also called margin. When you approach a bank or NBFC for loans like home loans, education loans, personal loans, etc., they do not finance 100% of the value of the…

Meaning of reset clause in Bank loan rates

Loans and advancesBy Surendra NaikJanuary 16, 2022

A home loan interest rate reset clause allows the lender to review the interest rate after a certain period, as per the occurrence of a scheduled reset date of the loan. A reset rate is the new interest rate that a borrower must pay effective from the scheduled reset date. The lender will provide details…

Meaning of Spread/Mark up in Bank loan rates

Loans and advancesBy Surendra NaikJanuary 16, 2022

In banks, the markup is the value added to the cost of funds used for lending as Spread or mark-up broadly: profit. Banks are free to decide the mark-up or spread over the cost of funds. As per RBI guidelines, banks shall adopt the following broad components of spread: (i) Business strategy: The component shall…

Do you know how your loan EMI is calculated?

Loans and advancesBy Surendra NaikJanuary 13, 2022

EMI stands for Equated Monthly Installment for the loan you avail of from your bank or other lenders. Each installment of the loan repaid under EMI consists of the principal portion of the loan amount and the interest paid on the loan based on the tenure of the loan, and rate of interest. The principal…

Whether the sale of property through power of attorney is valid?

Investments & Insurance, Loans and advancesBy Surendra NaikJanuary 12, 2022

In the past, it was a prevalent practice in certain Indian States wherein a deed of power of attorney, coupled with the sale agreement, was treated as concluding or confirming the sale. No sale deeds were registered for conveying the properties.   However, in 2011, the Supreme Court, in the case of Suraj Lamp & Industries…

RERA sweetens the homebuyers deal with an extra layer of security

Investments & Insurance, Loans and advancesBy Surendra NaikJanuary 9, 2022

RERA stands acronym for Real Estate Regulatory Authority came into existence as per the Real Estate (Regulation and Development) Act 2016.  It is mandatory for every state and Union Territory to have its own regulator under RERA in tandem with the Centre’s regulations. According to the Ministry of Housing and Urban Affairs, 34 States/UTs have…

How does the CERSAI database help Homebuyers and banks?

Loans and advancesBy Surendra NaikJanuary 8, 2022

The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) was established, under Section 20 of the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002). It is a government-owned company that operates a central registry that deals with the filing of the security interest of…

Do you know what an amortization schedule is?

Accounting, Loans and advancesBy Surendra NaikDecember 27, 2021

Edited on 27.12.2021 Amortization refers to the process of paying off debt over time in regular equal payment consisting of interest and principal loan amount sufficient to repay the loan in full by its maturity date. Amortization also refers to the spreading out of capital expenses (similar to depreciation) related to intangible assets over a…

Will I qualify for a second home loan?

Loans and advancesBy Surendra NaikDecember 23, 2021

Generally, you can seek a first-time home loan for buying a house or a flat, renovation, extension, and repairs to your existing house. You can own more than one house and borrow home loans for that purpose. However, it depends directly on your income and your repayment capacity of paying off the debt simultaneously for…

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