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Basics: Floating Interest Rates & BPLR

    This interest range for the bank to choose from is termed a spread. This spread is left to the discretion of the bank and depends on the other factors involved in loan eligibility like.....

Basics: What Influences your Loan Rate

    Banks have something called the benchmark prime lending rate, which is a reference interest rate that is used as a benchmark to determine the interest rate that is passed on to the cus.....

Basics: Loan Against Property (LAP)

    The loan amount you can avail for this loan depends on the value of the property, which you place as your collateral for the loan. This can range anywhere between 1 lakh and 3 crores.....

Basics: EMI & Your Income

    A long term loan like a home loan is a debt that is part of your budget every month. If you invest too much into it, there might not be adequate funds to manage a huge list of other ex.....

Lessons: How to Increase Your Loan Amount.

  This type of home loan offers the flexibility of an increased loan amount eligibility keeping in mind the future, career growth, prospects of the home loan borrower. You can either opt for a.....

Basics: Importance of stamp duty

    In the case of real estate transactions, mortgage deeds etc. which tend to be high, the stamp duty value is also high. Stamp Duty charges also vary from state to state and is left to t.....

Basics: All about ECS payments

  The Electronic Clearing Service (ECS) is a retail payment system that can be used to make bulk payments or receipts. Its aim is to decrease volumes of paper instruments in MICR clearing and im.....

Lessons: Tax Savings on a Joint Loan

  To get the best out of the tax savings, it is good to let the partner with the higher pay make a higher contribution towards the home loan resulting in a better tax benefit collectively. In an.....

Lessons: How to Choose Between Personal Vs Home Loan

  LAP (loan against property) is one of the cheapest retail loans after home loans; usually in the range of 12% - 16%. Since the rate of interest is lower, frequently LAP Equated Monthly Install.....

Basics: Prepayment of a Home Loan

    Saving on the net interest is the significant advantage of prepaying the home loan, other than the fact that you will retain the complete ownership of the house earlier than planned. T.....

Lessons: How to Manage a Credit Report

Maintain and use your credit card. It serves as an excellent tool to boost a good credit score if utilised properly. However, the trick is to use it well and avoid making late payments. Things lik.....

Basics: How Compound Interest Rates Work

  How does compounding work? When you save Rs.100 and get an annual interest of 10%, you will have Rs.110 at the end of one year. If its a compounding interest rate, then next year you will ge.....

Lessons: How to fund for your Loan's Down Payment

  There are a few more options too that you could look at. For instance, you can obtain a loan against the surrender value of your life insurance policy from the insurance company or from a ba.....

Lessons: Loan Repayment Inability

  Try to lower your interest rate. Negotiate with your bank. One other way is to convert your credit card debt into a personal loan debt. It will definitely be lesser than the credit card inte.....

Lessons: Getting to Know CIBIL

  CIBIL acts as weeding mechanism, that helps identify poor repayment track records. It helps protect lenders from giving credit to people and establishments who are unlikely to repay what i.....

FAQ Loan Amount Eligibility

If you do not have that kind of funds for an outright purchase or for the down payment, then you should consider a joint home loan, where you can combine a family member’s income to be eli.....

How to Choose between Home Loan or Own Funds

  She discussed the idea with her close friend Ashwath, who suggested she put the inheritance in a fixed deposit and get a home loan, as she could avail tax benefits for her income. Such.....

Interest Rate Calculations Made Easy

    Different banks quote their interest rates differently. Some might quote rates with an annual rest, while others may quote rates with a monthly rest. In every case the bank will usuall.....

Lessons: Tax Savings on Home Ownership

  Nisha and Narain bought two houses and is paying Equated Monthly Installments (EMI) for both. She wants to know how to get maximum tax rebate on it. “My husband and I are working prof.....

How to Save tax on Home Loans

Nisha and Narain bought two houses and is paying Equated Monthly Installments (EMI) for both. She wants to know how to get maximum tax rebate on it. “My husband and I are working profession.....
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By vayaM CS