These days, most buyers opt for a home loan to help them buy the home of their dream. A home loan allows borrowers to invest in real estate now, i.e. before the property prices peak further, and repay the loan over a period in the form of EMIs. Based on one’s income and prior commitments, a buyer can play around with loan tenor to ensure … Continue reading 8 Ways to Have the Best Home Loan Experience
Borrowers purchasing a new property must pay stamp duty charges on all property transactions under Section 3 of the Indian Stamp Act, 1899. Under the same section, the borrowers are also required to pay registration charges. The government uses these charges to authenticate the property purchase as well as maintain a record of all the property-related transactions. The stamp duty is paid to the state … Continue reading What Are the Rates and Fees for Stamp Duty on a Property Purchase?
Stamp duty is a charge that every borrower must pay when purchasing a property, and it is payable to the state government. Paying the charge validates your purchase, serves as proof of ownership, and is a legal document that can be used in court. It is critical that you pay this fee as soon as possible because you will not be able to obtain full … Continue reading Easy Way to Calculate your Stamp Duty Charges Online
Those planning to buy a home must avail of a home loan to fund their purchase. Home loans allow borrowers to keep their savings safe for a rainy day and still be able to afford the home of their dream. Further, home loans come with home loan tax benefits that allow borrowers to save a lot of money over the tenor of the loan. The … Continue reading Important Factors Impacting Interest Rate of Home Loan
When lenders lend money to borrowers, they charge interest. Similarly, when the Reserve Bank of India lends money to lenders, the central government of the country also charges interest. This interest is known as the Repo Rate. Repo is the abbreviated form of Repurchasing Option. While we are on the topic of repo rate, let us clarify the meaning of Reverse Repo Rate. Reverse Repo … Continue reading Repo Rate Meaning and its Effect on Home Loan
Those planning to apply for a housing loan must make sure they are not borrowing more than they can afford to repay. A home loan is a type of secured loan. Borrowers use the loan money to buy a flat or home and this property serves as collateral. In case the borrower defaults on loan repayment, the lender can sell the property for loan recovery. … Continue reading Easy to Calculate EMIs with Home Loan EMI Calculator
Lenders make money by charging interest on loans. Therefore, when a borrower closes their loan or chooses to transfer their loan to another lender, lenders lose money. Therefore, until a few years ago, borrowers could not transfer their loans to another lender. However, a few years ago, the Reserve Bank of India passed a mandate. Now, borrowers on floating rates of interest can prepay their … Continue reading Process and Benefits of Home Loan Balance Transfer
Before you apply for a home loan, you should understand how the process works because this will help you understand how a home loan works and what is expected of you. There is a home loan disbursement process that you must go through before you are approved for a home loan, as well as the terms and conditions of the lender you have chosen. The … Continue reading Guide to Home Loan Sanctioning and Disbursement
Buying your dream home is a once-in-a-lifetime experience because it can be an overwhelming experience that requires an exorbitant amount of money that you will be required to repay over a period of 25-30 years. When you buy a home, you must go through the following steps: shortlisting the property you want to buy, applying for a home loan, meeting the eligibility criteria, documentation, receiving … Continue reading What is Stamp Duty and Why Pay for it?
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