List of Home Loan Articles

An applicant must present a variety of documents that verify their KYC, the antecedents of the property they seek to acquire, their income background, etc. in order to secure a house loan.

Buying a home is an important lifetime decision. It not only impacts your family's sense of security but also impacts your long term financial goals. After all, nobody buys apartments cash down. While you do put in a small margin, nearly 80-85% of the cost of the apartment is financed with home loan.

There is a strong sense of relief and pride that one achieves in paying off a home loan and officially calling the property theirs. With the recent announcement by the RBI and NHB extending the elimination of prepayment charges for home loan foreclosure, home loan borrowers have been further encouraged to pay off their mortgages before the end of the tenure.

At its core, an equitable mortgage falls along the lines of a legal agreement that leverages your property's equitable interest as collateral for a loan. Unlike the more traditional form of mortgage, where the legal title of the property is transferred to the lender until the debt is repaid, an equitable mortgage retains the title with the borrower.

While numerous factors contribute to the hike in real estate prices, there is one significant factor, known as “ready reckoner rate” that has a bigger part in deciding the movement of real estate prices.

A home loan sanction letter is issued by a bank or financial institution to an applicant who has applied for the loan. The letter is a proof that the applicant is eligible to avail a certain amount of home loan from its lender (bank or financial institution) subject to the fulfillment of certain terms and conditions as mentioned by the lender.

A home loan is often the only financially viable method for a person to fund major purchases like a house. It also offers significant tax benefits to borrowers.

Taking a House is once in a life time decision for many of us with the spiraling prices of the property and the high interest rate regime in the market.

The base rate, or prior probability, refers to the initial likelihood of an event occurring before considering additional information or data. It represents the fundamental probability of an event based solely on historical data or general knowledge without considering specific conditions or supplementary factors.

At times, borrowers may want to convert their home loan interest terms from a fixed to a floating rate or vice versa. Although a borrower may switch their interest rate terms as many times as they wish, there is a fee levied each time.