Funding your dream property with right finances聟 Posted by robbinkendy06 on November 9th Lonnie Chisenhall Jersey , 2016
People dream of owning a residential or commercial property in life. But financial conditions and family responsibilities often proved to be a major obstacle between their dreams. Although, there are traditional finances but they come at extremely high-interest rate & stringent payment measures. Borrowing from friends or family members also carries a fear of creating a rift in the relation if not paid on time. The best way to arrange finance would be taking a property loan. It plays a vital role in helping potential borrowers to finance their housing needs. These loans are best for the ones who want to achieve higher dream but at present have small pockets.
In India, there are leading private finance companies who offer property loan with interest rate as low as 9. 80% with a processing fee of mere 1. 25% of the loan amount or Rs 3,000 whichever is higher Larry Doby Jersey , plus applicable taxes. They offer flexible repayment options with extended loan tenure. You can enjoy efficient doorstep service with a speedy approval of your loan.
Loans offered by private finance companies are tailored for a salaried individual at attractive interest rates & longer tenure. You can get expert legal and technical counseling to help you make the right home buying decision. Loans are offered for the purchase of flat, row house, bungalow from private developers in approved projects, properties from development authorities such as DDA Kenny Lofton Jersey , MHADA, etc.
Most of the time people get stressed with the tedious manual calculation of monthly installment and tenure for repayment. But thanks to the internet savvy world that has made our lives easy and hassle-free. With the introduction of online property loan calculators, you can calculate your loan amount and EMI at the click of the button on your smartphones, laptops or desktops. It uses the combination of the loan amount Josh Tomlin Jersey , loan tenure and interest rate to calculate EMI instantly online. You can use this to decide whether the EMI is affordable for you or not. The calculator also tells you the interest that you would be paying for the loan. Longer the loan tenure, more the proportion of interest for the same loan amount and interest rate. This can help you choose the optimum tenure for your loan without paying too much interest.
Types of property loans:
These loans can be taken at interest rates as low as 9 to 10% and come under fixed or floating rate basis concept. Under fixed rate loan the ROI remains constant throughout the loan period, while in floating rate loan the ROI is linked to market condition and may change periodically. They could be linked to the base rate, inflation Jose Ramirez Jersey , or other parameters, each bank selects its own methodology to fix this base rate. These rates have to be declared by the bank each quarter. Some leading private sector banks offer loans in the form of adjustable rate of interest loan, Trufixed loan (2 to 3 year fixed rate variant) or Trufixed loan (10-Year Fixed Rate Variant).
Taking a property loan is a long-term decision of over 10 to 15 years, which involves factors like interest rates Joe Carter Jersey , principal amount, monthly installment, repayment options, inflation impact Jim Thome Jersey , etc. Therefore, you need to be sure that the end benefits at any point of time are passed onto you so that you clear the housing finance at a lesser rate and well deserved time
Our life is full of such blessings.
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