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Mortgage loans are most commonly referred to as loans against property in India. It can be availed by both salaried and self-employed individuals to fulfil various personal or business-related needs.
Are you looking to start your dream business? Or are you in need of working capital to expand your current venture? Or do you want funds to give your daughter a lavish wedding?
A loan against property is a secured loan that is sanctioned keeping an asset as a mortgage with the lender. This asset can either be an owned land, a house, or any other commercial premises.
Imagine this scenario – you have taken a 30-year home loan with a fixed interest rate of 9%. That probably sounded like a good deal, when you initially availed your loan. But, right now, the interest rates have dropped significantly and range around 7.5%.
When interest rates fall as they have done recently, most homeowners look to refinance their existing loans. While refinancing can help you cut down loan costs and repay the loan faster, it's not always the right choice.
Home refinancing is the process of replacing an existing home loan with a new loan. Normally, people refinance their home loan to reduce their monthly payments, lower their interest rate, or change their loan program from an adjustable-rate home loan to a fixed-rate home loan.
Refinancing your home is the process of replacing an existing home loan with a new loan. Often, people refinance their home loan to reduce their monthly payments, lower their interest rate, or change their loan program from an adjustable-rate home loan to a fixed-rate home loan.
Home loans are one of the biggest financial burdens for an individual in his/her life. It’s a long-term loan that ranges, on an average, from ten to thirty years. Besides the principal, a home loan EMI also includes the interest component.
One frequent question among home loan borrowers is, "Can I refinance my home loan with bad credit?" The short answer is – of course, you can, but it may be difficult. For the long explanation on how to refinance a home mortgage when your credit scores are not that good, continue reading below.
There may be situations in life when unexpected expenses come your way. When it happens, refinancing your home loans and taking cash out may be a smart way to raise the funds you need.
A large number of existing home loan borrowers in India switch their ongoing loans to new lenders to enjoy a reduction in interest rates and consequently, lowering on the home loan EMIs.
Refinancing a home loan could help you lower the interest rates, thereby reducing your EMIs and overall loan burden. But, ultimately the decision whether you should opt for a home loan transfer is a personal decision.
Property is not just an asset, but it is also the biggest security available to you. A mortgage is a loan from a bank or any Non-banking financial institution that helps the borrower purchase a house.
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