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Mortgage means long-term loan that you put together through a bank or financial institution. The property serves as security for the mortgage or loan. Home Mortgage is generally taken for buying house and the mortgage is repaid in monthly installments over a period of 15 years and more from a mortgages company. There are basically four components in mortgage payment i.e., principal, interest, taxes and insurance. Mortgage or loan repayment in monthly installments is known as amortization. It is structured in a manner that the property owner pays the maximum interest in the first few years and the principal starts getting adjust slowly. As the time passes the interest amount reduces with each installment and on the other and the principal amount increases by each payment of mortgage installment.  

Down payment means the difference amount which the house owner has to payfrom his/her pocket between the cost of the property and the mortgage amount.
Down Payment = Cost of the property- Mortgage/loan amount.

current mortgage rates

• Origination fee
• Appraisal fee
• Credit report
• Inspection fee (newly constructed homes only)
• Document preparation/review fee

• Attorney's fees
• Title insurance
• Transfer tax (excludes refinances)

Must see

• Get hold of a clear title of the Property.
• Make sure that the paper work and title documentation are in order. Consult your lawyer
• Check for proper Development Agreements and the authority for conveyance of title in favour of builder
• Make sure execution of proper sale agreements on your first payments.
• Check out the sanctioned plan.
• Get the property registered.
• Check for total area and carpet area.

Site

• Check for proper approach road.
• Check for electricity connections.
• Check for water facilities.
• Check for sewerage and garbage disposal arrangements.
• Assess the natural lighting, ventilation, water connection & sanitary connection status of your prospective property

Necessary approvals

Check out the required documents and get hold of them :- approvals from Municipal Corporation, Area Development Authorities, Electricity Boards, Water Supply & Sewerage Boards.

• Automobile Loans
• Personal Loans
• Secured loans & Unsecured Loans
• Education Loan

Today motor vehicle has become a necessity not a comfort. However, vehicles are an expensive commodity. Most people do require a loan to satisfy their desire for vehicle. Vehicle loans are available from a number of sources, though the most likely option that you will make is using the vehicle dealership or a bank.

These days the most popular option is the loan from banks. You have two options for financing the purchase of your vehicle. The first is with a personal loan and the second being a variation of a personal loan which is tailored specifically for the purpose of purchasing a vehicle. They are both very similar in concept but by choosing the vehicle loan it is possible that the lender will recommend to you an automobile -related incentive on the loan. This could range from special discounts on automobile accessories at associate garage and stores, free automobile insurance or roadside assistance cover.

Whereas many car dealerships will entice the buyer with offers of interest-free loans on their motor cars, usually on brand new cars but also models that are being discontinued. This is usually branded as a 0% finance deal and these packages can prove to be a cost effective way of securing a cheap car loan. However, you are not necessarily going to get a 0% finance deal as these are few and far between. When you take out a loan with a CAR dealership, it is in fact the Finance and Insurance department, not the sales division, which dictates the rate of interest that you will be paying. The business manager will be given your credit information by the sales team and he will then send it to the lender's that the dealership use. When they have calculated their quotes the business manager will collate those figures and then take the lowest approved interest rate. The reason for this is so that a mark up can be implemented on the initial quote to accommodate the dealership's cut. Therefore, to put it simply, the marked-up amount is the dealership's profit on the financing they are offering for the purchase of your chosen model.

• Get an estimate of how much money you can borrow as personal loan
• Get a good estimate of your repayment capacity
• Check out the interest rates being offered by different lenders; check out the administrative and processing charges of each lender
• Check if there are any prepayment charges, etc.
• Compare loan schemes of different lenders
• Decide the lender you want to take the personal loan from on the basis of all the above considerations

Benefits personal loan?

• You don't need to tender a security.
• You don't need a guarantor.
• Money can be used for any purpose.

Disadvantages of a personal loan?

•  Minimum and maximum loan amount

There is a limit fixed by all the financial institutions of personal loan to be given. It varies from bank to bank. If the bank is not willing to give you the amount you need, try clubbing your spouse's income along with yours to avail of a higher amount.

•  Interest rate

•  Repayment tenure

The majority banks offer the loan from one to four years. Choose the one which suits you more but keep in mind that shorter the period the less interest you pay.

•  Relationship

It's not necessary to open a bank account to take a personal loan from a bank. If you already having an account with the bank, check if they have a preferred interest rate for existing customers.

•  Penalties

•  Fees

Check for documentation, administration or processing fees

There are many reasons why you may require a secured loan, some common uses of such financing is carrying out home improvements, for example to add an extension or convert the loft space in order to add a much needed room or further space, or getting the cash in order to buy a new car. Whatever the reason you need the money, a secured loan will offer you the lowest rates of interest, and as the borrowing limits are higher than for unsecured loans they are suitable for a wide range of uses

5. Check out the smallest publishes - One should always pay notice to the smallest publish as any extra conditions will always be found there. Read the document carefully as the extra charges is mentioned in the smallest publish so that one does not read and feel happy that they are getting the best and cheap loan.

6. Do some research, analyze all options - this is something you can not miss if you want the best value.

7. Keep All Your records - Keep the offer document, loan application form and agreement form safely. You may need them .

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