9 glossary terms in this category
A co-applicant joins the primary borrower in the loan application. Combined income increases loan eligibility. Most lenders require property co-owners...
home loan essentialsA down payment is the portion of the purchase price paid from personal funds, with the rest financed by loan....
home loan essentialsA home loan (housing loan/mortgage loan) is a secured facility where a bank, HFC, or NBFC provides funds for purchasing,...
home loan essentialsA balance transfer allows borrowers to move their outstanding home loan to a new lender with better terms — primarily...
home loan essentialsLTV is calculated as (Loan Amount / Property Value) x 100. RBI sets maximum limits: 90% for loans up to...
home loan essentialsA mortgage creates a legal charge on immovable property in favor of the lender. In India, mortgages are governed by...
home loan essentialsPre-EMI interest is charged during the period before full loan disbursement and regular EMIs begin. Common in under-construction property loans...
home loan essentialsA certified valuer (appointed by the lender) assesses property value considering location, area, age, condition, construction quality, amenities, and comparable...
home loan essentialsStamp duty is a mandatory state government tax on property transactions. In India, rates vary from 3-8% of market or...
home loan essentialsMonthly EMI: --
Total Interest Payable: --
Total Payment (Principal + Interest): --
