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FINANCE TIP OF THE DAY
Can you afford your loan?!
Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
Search Results for: mortgage
Reverse Mortgage – A regular income after retirement?!
Old age can be very challenging, or rather miserable, when there is no financial support from any source. Taking this into account, some of the finance companies have introduced the Reverse Mortgage scheme in India. This scheme originated in the United States and has gained popularity in the West since its inception. Reverse mortgage, as the name implies, is a kind of loan through which you get cash flow serially in return for pledging a proper…
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What reverse mortgage does for the senior citizen
…lving and may take on new dimensions depending on how the banks wish to present its consumer appeal. In 2007, the finance minister of India introduced a concept well-known and widely accepted in the West – Reverse Mortgage. Reverse Mortgage – What is it? A reverse mortgage (or lifetime mortgage) is a loan available to seniors. Reverse mortgage as its name suggests, is exactly opposite to a typical mortgage such as a home loan…
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Is your property on mortgage? Know your rights
The right of the mortgagor to redeem his mortgaged property is protected by his right to redeem. Once a full settlement of the mortgage amount is made the mortgagee is legally bound to re-transfer the property on mortgage either to the mortgagor or to a third person as the mortgagor might direct. Moreover, the transfer of the property is complete only when the mortgagee gives in writing that he does not anymore hold any legal rights on the prope…
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What is a Mortgage?
The word mortgage has to be explained clearly before we start. Any property that is pledged to the financial institution/ bank until the repayment of a loan is done is called a mortgage. Generally houses, land etc are taken as mortgage. The word mortgage loan would mean two different things in Indian scenario and US scenario. In US, in case of a loan for new house and a loan for renovation or extension of existing house, both would be called a m…
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LIC to venture into reverse mortgage sector
Life Insurance Corporation (LIC), plans to venture into the reverse mortgage sector. LIC is in initial talks with the home loan regulator, National Housing Bank (NHB), for offering this scheme to its clients, a top official in the company said. He said, “Once we get clearances from within our organisation, we’ll explore opportunities with other banks and start offering this service”. LIC’s entry in this sector is importa…
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Reverse mortgage, ideal for senior citizens?
…e very common in Urban India, where people always move away from their home town to find jobs and further their careers. The house becomes a place to visit, rather than stay for them. In such instances, the concept of reverse mortgage would fit the bill very well. Till recently senior citizens of India did not have a way to liquidate their most significant and largest asset the house but now people like the Kumars can take a lump amount as a loan…
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Sardar Vallabhbhai Sahakari Bank Limited – Mortgage loan
…nk. Customers of the Bank includes Manufacturers, Wholesalers, Traders and retailers dealing in textiles, chemicals, machine tools, plastics, cars, papers, computers, jewelers etc. The banks credit basket includes home loans, mortgage loans, vehicle loans, gold loans, personal loans etc. Purpose: For any personal purpose Eligibility: salaried, professional, Businessmen etc. with repaying capacity Rate of Interest: 13.5% Initial Requiremen…
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NHB has identified a technical partner for its mortgage guarantee foray
A recent press report said that the National Housing Bank (NHB) has identified a technical partner for its mortgage guarantee foray and expects this four-way joint venture to take off by March next year. Reports said that a mortgage guarantee company will provide credit guarantee to housing finance companies and banks on behalf of home loan borrowers. The guarantees are invoked in case of default by home loan borrowers. Mr. R. V. Vera, Chairman …
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Consumers rage against US Mortgage Bankers
A recent press report stated that the US mortgage bankers who attended a conference in Chicago have encountered the anger of the consumer on account of the poor financial system that caused protest rallies throughout the country. In the Mortgage Bankers’ Association’s annual conference in Chicago, the attendees of felt that their industry was being used as the scapegoats for the economic woes that occurred on account of the housing bubble burst….
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The Varachha co-op. Bank Limited – Mortgage Loan
The loan is offered for anyone like businessman, employed, self employed, Profession having their own property to mortgage like flat, house, factory, office, gold etc. The loan is also offered for personal reasons like marriage, well-deserved holiday, and medical emergency. The loan amount depends on the valuation of the property by the bank. Purpose – Purpose for any reason. Features – The…
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