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Author: admin | Category: Loan Car Calculator | Date: 24.04.2014

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Most of our projects are approved by some of the leading financial institutions like HDFC, LIC Housing Finance, Axis Bank, SBI and IDBI Home Finance to make the deal hassle free for our customers and process the quickly. Home loans vary from each other in three major ways and these differences have crucial financial implications for you. What is Fixed Interest Rate and Floating Interest Rate?While fixed rate loans are those whose rates are fixed for the tenure of the loan, in case of floating rate loans, the rate is benchmarked to a retail lending rate of the lending institution and moves in tandem with it. Does the option of opting for Fixed or Floating Interest rate dependent on marketing dynamics ?You should opt for a fixed rate loan only if interest rates in the economy are either rising or have stabilized. What are the various types of fees charged by the banks ?The fees charged by a lending institution for processing loans have one or more components. Commitment charge : This charge is generally 1 per cent of the loan amount and is recovered by the bank if a borrower has not completed the loan withdrawal within the stipulated period. Prepayment charge : This is usually 2 per cent of the outstanding loan amount and also depends on terms in the home loan agreement.
Loan swap charges : To discourage the practice of borrowers shifting to another Lender offering lower rates, banks are now charging a loan swap charge of 2 per cent on the loan outstanding on the date of the full premature repayment of the home loan. Technical and legal fee : In addition to the above charges, some banks also charge for securing an independent legal opinion on issues like the owner's title to the property and an independent property valuation report. How much housing loan can one get ?Housing loan will be sanctioned depending upon your repayment capacity and according to your income.
What is Home Improvement Loan ?A Home Improvement Loan is one that is made available for you to do certain external work like structural repairs, waterproofing or internal work like tiling and flooring, plumbing, electrical work, painting etc.
GeoGebra apps are used by millions of students and teachers around the world to learn and teach mathematics and science. This app has simple yet intuitive interface that lets you calculate fast, smooth, and easy. Calculate Car Loan EMI of HDFC Bank, Axis Bank, ICICI Bank, State Bank of India and Other Finance Companies in India.
Which is the best tenure to opt for ?Loan tenures range from 5-20 years, and you need to choose your depending on factors like number of working years left, repayment ability and cash flow needs.


This means in case of floating rate loans, the total interest you pay out during the tenure is dependent on the way interest rates move during it.
At this point, we need to point out that many home loans being marketed as fixed rate products have provisions in the loan agreement that allow the lender to revise the rate after a certain period of time in the tenure. However, the components to be charged are at the discretion of the banks and varies from time to time.
This is recovered from the borrower if he pre-pays the loan amount in excess of the stipulated limit. There could also be charges for examining technical aspects of a property like adherence to sanctioned plans. Tax benefits are available on both the principal and interest components of the loan as per the Income Tax Act. You can avail of a Home Extension Loan, after obtaining the requisite approvals from the Municipal Corporation.
The following points will help you to get a better insight into the basics of home loan selection process.
The rate is reviewed periodically every six months and refixed in relation to prevailing market conditions. Conversely, if interest rates are falling either because of economic downturn or governmental intervention, and are likely to stabilize at a lower level by the end of your tenure, then opt for floating rate.
The charge is usually 0.5-1 per cent per annum of the property value and is in the form of stamp duties and mortgage charges for the property value that is being offered as collateral to the lender.
The maximum loan that can be sanctioned varies with housing finance companies and ranges from Rs. The upper limit of the amount of deduction of interest repayment allowed from your gross total income is now Rs.
Given the huge interest rate differential in India and the developed world, one expect that with reforms in the interest rate regime-making it more market determined-and with free inflows of international capital, in the long term, interest rates in India would be lower than what they are today. These three parameters should be used to evaluate the cost-effectiveness of various options. Experts advise borrowers to aim at fully repaying the loan before they stop working so that the retirement income is not dented by repayment obligations. Poornima Adiga January 3, 2014Most home loan borrowers face the dilemma of whether to use their monthly savings to prepay their loan or set it aside for emergencies.


Therefore, the lesser number of years you have to retire, the shorter should be your loan tenure. In most cases, the extra money just sits in their savings accounts earning below par (and taxable) interest. The money thus kept in the home loan account reduces the total interest outgo on your home loan and helps you close your loan faster.
Similar home saver loans, albeit with different interest rates, are also available from other banks including Citibank (Home Credit), Standard Chartered Bank (HomeSaver), HSBC (Smart Home) and IDBI Bank (Home Loan Interest Saver).We will focus exclusively on SBI MaxGain in this article. Before we delve deeper into SBI MaxGain, leta€™s understand what is an overdraft (OD) account.What is overdraft (OD)?An overdraft facility is a credit line provided to individuals against their assets.
You can think of it as being similar to a credit card with a limit but without the interest-free (grace) period. You can withdraw money upto the sanctioned limit and will have to repay the outstanding balance along with interest only for the duration that you utilize the money from the account. Even if the surplus amount is kept only for a few days during the month, it helps reduce the interest component of the EMI for that month. The principal component increases and the interest component decreases with each successive payment. However, more of your interest portion goes towards Available Balance.3The money is gone forever. However, any surplus funds parked in MaxGain home loan account can be withdrawn anytime.However, surplus fund deposited before full disbursal or for under construction property cannot be withdrawn until complete disbursal. Your interest outgo will reduce because of this deposit and interest saved will get added to available balance, but you cannot withdraw till you get possession.Interest SavingsIf surplus funds are parked in the OD account, it saves interest outgo on the home loan.
Experts recommend this product over other investment products including tax free bonds and FD.Instead of opening a Fixed Deposit (FD) for 1-5 years, if you park the same funds in the OD account, you will get 1 to 3% higher savings. Note that you will be realizing this rate even if you park your funds temporarily unlike FD where you will pay a penalty for premature withdrawal. Experts advice that you should only park amount over and above the tax deductible interest portion.



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