Switch over charges/ balances transfers charges of home loans
Switch over or Balance transfer of Home Loan means you can switch the loan amount from one bank to another. If you are facing the problem of the high rate of interest charged on your existing home loan, whereas other banks are charging a lower rate of interest, you may prefer to close your account…
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Is your lender insisting you buy an insurance plan before sanctioning a home loan? Here’s what to do
It is not mandated by any authority like RBI or IRDA to buy a life insurance policy from a bank to get a loan. However, if you buy a life insurance policy equivalent to the loan amount it is beneficial to family members in case of your unfortunate death. The loan amount will be liquidated…
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Illustration of how your loan EMI is calculated?
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…
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Will I qualify for a second home loan?
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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What is pre-EMI interest?
EMI stands for Equated Monthly Installment for the loan you avail of from your bank. The EMI consists of the principal portion of the loan amount and the interest. The installment amount is fixed on your loan depending upon the loan amount, tenure of the loan, and rate of interest. The higher the interest rate…
Things to know while buying or selling house property, associated costs involved in home loans, EMI calculation tax rules etc.
This post provides you the key legal checklist for buying and selling a house property; method of title deed verification, database available with CERSAI and RERA, EMI calculation, associated costs of home loans, teaser rates, risks involved in transferring of loan to other banks, rules regarding funds transfer abroad after disposal of properties in India;…
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