1) Refer to the ‘list of documents to submit’ when making the application for a loan, and make sure that all the original documents are recovered. 2) Ensure that the documents are complete and received in good condition, in the presense of a bank official, before signing the acknowledgement. 3) Take an NOC from the …
The interest rate of an existing home loan and the flexibility the financing institution offers determines whether one continues with the same loan or thinks of a switch. For a lower interest rate and/or other advantages, customers can transfer the outstanding balance to another financial institution or bank. The new finance company pays the old …
Purchasing a house is a major financial decision. It requires large investment due to high property rates across leading cities in India. Higher property rates would mean higher loans but sometimes, single income is not enough to make one eligible for a higher amount that one requires. Under such conditions, a joint home loan is …
What are charges you may have to pay while taking a Home Loan? Processing Fee :Processing Fee is a fee charged by the lender to service the cost of the credit appraisal. This fee can be ranging from 10,000/- upto as high as 1% of the loan amount depending upon (i) Profile of the borrower, …
A home purchase is probably the biggest financial decision and transaction in a person’s financial life. It is a decision that has an impact for many years to come. It is also a transaction that requires planning around your income outflow for many years to come. A home loan is a prolonged financial commitment that …
Before applying for your home loan you should keep in mind some vital factors such as Interest rate determines the amount of EMI you will pay. Select a viable percentage which doesn’t pinch your pocket too much and moreover, doesn’t eat up all your income. Home loans generally have 2 kinds of interest rates i.e. …
What are the options available to a mutual fund investor? There are three primary options available: If no choice is exercised at the time of application, the fund house will select the default option for that scheme as mentioned in the application prospectus. How does the dividend option work? Under this option, you will get …
With the tax-saving season having begun, many people are thinking of investing in equity-linked saving schemes (ELSS), where they can get equity-like returns along with the benefit of tax saving. Here is a look at some of the key characteristics and benefits of ELSS: Benefit of tax saving: Tax Benefit under section 80c of the …
What is Systematic Transfer Plan (STP)? Systematic Transfer Plan (STP) is a strategy where an investor transfers a fixed amount of money from one category of fund to another, usually from debt funds to equity funds. Investing a lump sum amount in stocks or equity mutual fund could be dicey for the investor as equity …
What is Systematic Withdrawal Plan (SWP)? A Systematic Withdrawal Plan (SWP) is a facility that allows an investor to withdraw money from an existing mutual fund at predetermined intervals. Systematic withdrawal plans are used by investors to create a regular flow of income from their investments. Investors looking for income at periodical intervals usually invest …