Commercial Refinance
If you have to decide to buy an own home it is a major financial decision for you.It involves huge amount of financial commitment from your end. So it is quite likely that you would have to stretch your finances and borrow from the bank to buy your own home. Even before you apply for a home loan from the bank you should study the financial market and understand all about how the loans work and what are its major components.
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Of course when you borrow from the bank it impacts your financial status. Normally the tenure of a home loan is in upwards of ten years. Ten years is quite a long period and you have got to plan out your financials keeping in line with your other priorities in life too. You have also got to factor in your taxation. The income tax rebate is applicable on the interest repayment that you make on your home loan.All these points will have to be considered when you do your financial planning.Normally the experts advise you to limit your monthly repayment to one third of your total earnings.This is what is comfortable for a salaried person to be able to pay towards the monthly commitment towards the loan.
When it comes to repayments of your loan, there are several methods of repayment that you can work out with the banks. Understanding of the different options can be had through a detailed explanation from the bank’s representative.
We have covered here for you some of the options at a macro level.
One of the options of available under home loans is called Step up Option. This step up option is just ideal for those who have just started their career and earning. The bank considers the fact that the income of the borrower in this will increase in the later years and hence the monthly repayment is kept low in the initial years.As the years go by the repayment amounts increase along with the increase in income.This helps you to get a larger loan sanctioned based on the future potential of revenue generation.
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The other category is the Step Down Loan which is the opposite of a Step Up Loan.This loan scheme is aimed ideally at those professionals who have a decade or so to retirement and are earning a steady income today. The monthly repayment under this scheme is quite high in the beginning and reduces as the years roll by.
There is yet another scheme called balloon payment. You will start paying a lower monthly repayment sum but you will have to make a lump sum payment at a point of time in future and commit to it.
There is yet another scheme called accelerated repayment loan where you are allowed to make part payments to the principle outstanding whenever you accumulate some savings of your own.Of course there is a ceiling as to how many times he can make the repayment in a year. With each repayment you get to save on the interest flow because the bank calculates the interest on the principle outstanding on daily basis.
Here is a quick resource for you to take a look at: commercial-refinance.org
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