You are planning to buy a home. You have done your research, decided the lender you wish to avail yourself of a home loan from and saved enough to easily be able to clear the down payment. You now approach your preferred lender and are surprised to learn that they plan to charge you a home loan interest rate much higher than you imagined. You … Continue reading How Prime Lending Rate (PLR) Impacts Your Home Loan Interest Rates
Repo rate is the rate at which the Reserve Bank of India lends credit to all commercial banks against their treasury bills. The Monetary Policy Committee decides the rate every two months. The repo rate today stands at 6.50% after an increase of 25 basis points from 6.25% on June 8, 2023. The RBI repo rate and the rate of interest charged on various loans offered by … Continue reading Stay Informed: Today’s Repo Rate and Its Impact on Loans
NOC refers to the No Objection Certificate. This important legal document is also sometimes referred to as a No Dues Certificate. It’s a document that states that the home loan borrower has paid all home loan EMIs as well as successfully repaid both the interest and the principal component of their home loan and therefore, they are now the rightful owner of the property against … Continue reading Home Loan NOC: Everything You Need to Know for a Smooth Transition
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