Tips To Get TheBest Deal On Your Car Loan

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Terms associated with Home Loan In India
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• Roti, Kapda aur Makaan is the basic need of every
  individual and we all dream of having a home. But
  homes are expensive and Home Loans can make dream
  of owning a house a reality. Home Loan is offered
  to individuals who wish to purchase or construct
  a house. The property is mortgaged to the lender
  as a security till the repayment of the loan. The
  bank or financial institution will hold the title
  or deed to the property till the loan has been
  paid back with the interest due for it. This
  article covers the term associated with home
  loans. We suggest our readers to read the lending
  institutions website to familiarise with the Home
  Loan Terminology and get Overview of Home Loan .

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Down payment or Margin

• Because houses are expensive, home buyers
  typically pay a percentage of the total value
  of a home. The remaining price is covered by a
  bank or other financial institutions through a
  mortgage or home loan online. The amount that a
  home buyer pays is called as down payment or
  Margin. For example if you plan to purchase a
  property worth 80 lakhs, and the bank can fund up
  to 80 of total amount, which is 64 lakhs. You
  will have to pay remaining 16 lakhs. In Jul
  2010, RBI set a ceiling limit on home loans to
  80 of the property value. But in case of small
  value housing loans, up to Rs 20 lakh, home loan
  lending institutions can provide loans up to 90
  of the property value, as such loans are part of
  priority sector advances. Please note Down
  payments usually do not include costs such as
  registration charges, stamp duty costs etc.

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• Loan to Value Ratio
• LTV (Loan to Value) ratio is loan amount divided
  by the agreement value of the property for
  example, if the value of the property is Rs
  40,00,000 and the lender is giving you a loan of
  Rs 28,00,000, the LTV is 70.

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• What is Resale Property
• Resale means you are not buying an apartment in a
  building under construction, or a ready flat,
  directly from the builder. Instead, you are
  buying a flat from the owner. While buying resale
  property, one should make sure that it has clear
  marketable property title , it has record of all
  previous owners of property and the reseller has
  undisputed ownership. One should also check for
  the existing loan on the property and be aware of
  the amount that is to be paid to the society at
  the time of transfer of ownership

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• What is Freehold Property? What is Leasehold
  property?
• A freehold property means that you own the land
  it is built on and also the house. For
  apartments, ownership of the plot is shared
  jointly with the other owners of the respective
  flats within the building in proportion with the
  ratio of the area owned of the consolidated
  built-up area. In a freehold property. You can
  live there for as long as you desire. Home loan
  online You have the right to make alterations to
  the house or redo some parts of the house though
  You might have to take permission from
  authorities if you have to make structural
  changes.

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erms-associated-with-home-loan/
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