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Author: admin | Category: Loan Car Calculator | Date: 20.03.2014

In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality, unbiased journalism.
In order to serve content on our website, we rely on advertising revenue which helps us ensure that we continue to serve high quality, unbiased journalism. This offer will be available only to those customers who apply for a loan between 22 December 2014 and 31 January 2015 and if the first disbursement takes place on or before 31 March 2015.
Salaried and self-employed individuals can both take this loan, but the interest rates vary. At a later stage, if you want to move from fixed rate to floating rate or make a part-payment or foreclose the loan during the tenor of the loan, you will have to pay a switching fee or a part-payment or foreclosure fee. HDFC said in a media statement that its product is for customers seeking to lock in their home loan interest rates and not take risk on interest rates for a period of as long as 10 years.
When lenders offer a loan on high rates, it is beneficial for them because when rates fall, they can still charge a higher interest rate from consumers who have locked in their fixed loan product. Like any other financial product, you should understand home loans well before choosing one. A fixed rate home loan should mean that the rate of interest applicable is fixed throughout the term of repayment. Before taking a home loan, be it at a fixed rate or a floating rate, one must understand the interest rate environment because that determines the path that most lending institutions will take. According to a Morgan Stanley research report, the first rate cut is likely to be in February-March 2015. Before jumping into a fixed rate home loan, you should do the math to compare the total outgo in fixed and floating rate home loans. Apart from this, there is no prepayment penalty on floating loans unlike on fixed rate loans.

And the most important point you should know about each and every term related with home loans before applying. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience. You will receive an adblock detection screen on private window, even if you are not running any adblock plugins. With the rising number of home loan products in the market, the hunt for the right one is not easy. Ltd (HDFC) re-launched its fixed rate home loan product—Trufixed with added advantage. HDFC also allows you to convert the loan into a floating rate one at any time, though conversion charges will be levied. Banks and non-banking financial companies (NBFCs) are offering fixed rate loans at below 10.5%. Hence, it is important that you ask your lender about the reset clause and get an official document of the reset clause. Therefore, while a fixed rate home loan may sound like a convenient product that lets you calculate a certain outgo every month, the danger lies in getting stuck with a high interest rate. The policy states that if the current inflation momentum and changes in inflationary expectations continue, and fiscal developments are encouraging, a change in the monetary policy stance is likely early next year, including outside the policy review cycle. The lender also levies various charges such as processing fee, prepayment penalty and some miscellaneous charges. So it is always advisable to consult a home loan expert like LK Business Associates before applying for a home loan or purchasing a property.
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Financial institutions seem to think it is a great time to launch fixed rate home loan products, but is it good for you too? Therefore, it makes sense to defer your plan of locking into a fixed rate product for three-six months,” said Mehra.
We have seperate team for home loan which gives needed information on interest rates and documents. In case of trademark issues please contact the domain owner directly (contact information can be found in whois). If you avail of this loan, you can lock-in your home loan at a fixed rate for 2 years, 3 years and 10 years.
Generally, financial institutions have a tendency to launch fixed rate loan products ahead of a lending rate cut to earn extra margins,” he added. Hence, read the agreement carefully and then sign it,” said Dilshad Billimoria, founder and chief financial planner, Dilzer Consultants Pvt. We can help you in finding the best home loan that suits your requirements and we can also easily arrange home loans faster and at lesser documents. After the completion of the fixed rate period, the loan will switch to HDFC’s adjustable rate home loan (ARHL) product without any charges.

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