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Buying a home is dream for many people. Owing to the rising price of properties, it has almost become impossible for an average earning person to buy a home on a lump su payment. Therefore the concept of home loa has come in trend. There are plethora of housing finance companies and equal numbe of banks that offer home loans these days. The task of selecting one company and one offer for home loan amidst the thousands available options have become a very comple task owing to the burgeoning housing financ market in the country. Apart from this, there are intricate business jargons and technicalities that make this task more difficult. Explore here the basics of home loa technicalities, so that when you apply for the home loan next time, you can understand the basics and help yourself remain away from the duping elements in the market.
Home loans are usually accompanied by the following additional costs: a) Processing fee: It's a fee payable to the lender on applying fo a loan. It is either a fixed amount not linked t the loan or may also be a percentage of the loan amount. b) Prepayment Penalties: When a loan is paid back before the end of the agreed duration a penalty is charged by som banks/companies, which is usually between 1% and 2% of the amount being pre paid. c) Commitment Fees: Some institutions levy a commitment fee in case the loan is not availe of within a stipulated period of time after it is processed and sanctioned. d) Miscellaneous costs: It is quite possible that some lenders may levy a documentation or consultant charges.
●Full details below given ⬇️⬇️
👉Click here to read news report
Buying a home is dream for many people. Owing to the rising price of properties, it has almost become impossible for an average earning person to buy a home on a lump su payment. Therefore the concept of home loa has come in trend. There are plethora of housing finance companies and equal numbe of banks that offer home loans these days. The task of selecting one company and one offer for home loan amidst the thousands available options have become a very comple task owing to the burgeoning housing financ market in the country. Apart from this, there are intricate business jargons and technicalities that make this task more difficult. Explore here the basics of home loa technicalities, so that when you apply for the home loan next time, you can understand the basics and help yourself remain away from the duping elements in the market.
Home loans are usually accompanied by the following additional costs: a) Processing fee: It's a fee payable to the lender on applying fo a loan. It is either a fixed amount not linked t the loan or may also be a percentage of the loan amount. b) Prepayment Penalties: When a loan is paid back before the end of the agreed duration a penalty is charged by som banks/companies, which is usually between 1% and 2% of the amount being pre paid. c) Commitment Fees: Some institutions levy a commitment fee in case the loan is not availe of within a stipulated period of time after it is processed and sanctioned. d) Miscellaneous costs: It is quite possible that some lenders may levy a documentation or consultant charges.
●Full details below given ⬇️⬇️
👉Click here to read news report