Commonly asked questions for Home Loans

                                                  

Definition of Home Loan

It is the funds or finance that are offered by national or private banks, financial institutions or housing financing companies to the customer, who wants to purchase a house or plot or flat. The funds are given for a certain period, and the person has to repay the amount through EMI. In India, all profile people and even NRI can avail this loan.

Different types of Home Loans

The person can avail various types of the home loans that are:

  1. Home purchase
  2. Home construction
  3. Home Improvement
  4. Home extension
  5. Land Purchase
  6. Loan against property
  7. NRI home loans
  8. Refinance or Transfer of Balance

Definition & calculation of EMI

EMI means Equated Monthly Installments, i.e. the person can repay the loan amount back through monthly installments that are divided equally among all the months till the tenure of the home loan. The EMI amount comprises of interest as well as the principal amount. It is calculated on the basis of the tenure of loan, interest rate and the loan amount.

 Eligibility Criteria

The person should have minimum age of 21 years for availing the loan, and maximum age is 60 for salaried person and 65 in case of self employed. The person should have a regular source of income.

 Interest rates

The person can avail the loan either at floating interest rate or floating interest rate. The banks normally charge around 10% to 16%, which depends upon the loan amount and on the customer’s profile.

 Fixed Interest rates

The fixed rate of interest of home loan means that the interest rate will remain fixed for the whole tenure. It will not change with the market changes.

Floating Interest rate

The floating interest rate means that the interest rate will modify with the change in the market interest rate. It will go up if the market rate goes up and vice-versa.

Additional Charges

The additional charges are processing fee and prepayment charges.

Collateral Required

The banks or financial institutions provide loan only after, when the customer provide property documents to them. The bank keeps the property documents with them till the person does not repay the entire loan amount. Some banks or financial institutions also ask for the guarantor.

Rough time for loan sanction

The banks or financial institutions usually, take 15 days, if the customer provides all the documents that are required by the bank for assessing the customer creditability, income and repaying ability.

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India Insurance

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India Insurance  Programs are purchased with the purpose to protect up economical reduction, if, in situation, you lose a loved one who is the employed individual of the household. You must evaluate Insurance  Programs to create certain that your household gets the most fantastic economical assistance in the occurrence of a crisis. A lot of plans are available providing various kinds of India Insurance  strategy protects, and selecting the most fantastic India Insurance  strategy appropriate to your needs is very essential. You may pick cheap Lifestyle Insurance strategy or a big, finish package.

India Insurance  strategy is a considerable economical tool for the insurance holder since this strategy is intended to provide an adequate protect to a individual. In situation, if the insurance holder passes away, unfortunately, then the strategy should be able to protect up the damages. In most cases, Insurance  strategy can be mainly separated into two kinds of India Insurance  strategy products. One is phrase Insurance  strategy, and the other one is whole Lifestyle Insurance strategy.

The Term Insurance strategy provides the finish life protect, and the insurance holder is due, only in the situation of his or her dying during the impact of the India Insurance  Policy. On the other hand, Whole India Insurance Policy protects lifetime of an individual and also provides opportunities for investment. In Whole India Insurance strategy, the insurance holder is due in both cases either he/she pass away during the impact of the strategy or lives after the maturity of the strategy.

The associates in the household who generate earnings actually require India Insurance  strategy plan the most. The foremost priority should be to have satisfactory protection on those generating close relatives because the decrease of earnings of any loved one, if he/she passes away unfortunately, would have an adverse affect on the other close relatives. After this need is managed wisely, the consideration can then be given to the household. The issue is whether there is any reason to give India Insurance strategy anticipates other close relatives since the rates money in the form of premium.

Moreover, it is perfect to have India Insurance Policy when your household budget is very tight, or there is only one generating participant in the whole household. As in the occurrence of dying of the generating participant in the household, the India Insurance strategy may facilitate the household to overcome the expenses that might have been not easy to protect otherwise.

Purchasing India Insurance  strategy for kids is not advisable as Insurance  Policy is purchased for those who are assistance to others in economical terms. And for certain you are not reliant on your kid’s earnings. However, buying a India Insurance strategy for your kid with an alternative to purchase more insurance at a later age sometimes does add up. This could offer security to your kid if required second insurance in the later period of life. It can also help in situation your kid becomes uninsurable due to some unexpected occurrence. These requirements can be best provided by buying low-priced phrase insurance for appropriate period of time.

Now, we reached at the conclusion that one considerable decision to create about India Insurance  strategy is who to choose your successor. Receivers are mainly separated into two kinds. The first one is main beneficiaries. These kinds of beneficiaries obtain a part or the whole strategy advantage if they live longer than you. The second type of successor is called Broker beneficiaries. These kinds of beneficiaries obtain strategy advantage, if a main successor passes away before you. You can nominate your domestic partner, kids, spouse, relatives, nonprofit organizations, friends, trusts or businesses as your successor.

To Know More About India Insurance  and Its Insurance Plans Visit India Insurance  or Call 600 11 600

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