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All The Things You Want to Know About Home Loans
Regular Home Loan
Home Loan - Term Loan
A home loan is a type of term loan that is primarily used for purchasing or constructing a residential property. Term loans are typically repaid over a set period of time, usually ranging from 10 to 30 years, with a fixed or floating interest rate.
In the case of a home loan, the borrower receives a lump sum of money from the lender, which is then used to finance the purchase or construction of the property. The borrower is required to repay the loan amount along with the interest charged by the lender over the loan tenure.
Home loans are typically secured loans, which means that the borrower has to provide collateral, usually the property itself, to obtain the loan. The amount of loan that can be availed is generally a percentage of the value of the property, which is assessed by the lender through a process known as valuation.
Home loans are one of the most common types of loans in the world, and are widely used by individuals and families to purchase their own homes. They offer a convenient and flexible way to finance a property purchase, with the option to choose between different interest rate structures and repayment tenures.
Overall, a home loan is a long-term financial commitment, and it's important for borrowers to carefully consider their financial situation before applying for one. It's also essential to compare the different home loan options available in the market and choose the one that best suits their needs and budget.
Advantage Home Loan
Home Loan - Overdraft Accounts
A home loan overdraft account is a type of loan that is typically best suited for high net worth individuals. With a home loan overdraft account, borrowers can access funds that are in excess of their home loan amount, which can be useful for managing cash flow or making investments.
The primary advantage of a home loan overdraft account is that it provides borrowers with greater flexibility and control over their finances. Rather than being restricted to a fixed repayment schedule, borrowers can choose to withdraw funds from their account as needed, and only pay interest on the amount of the loan that is outstanding.
However, because of the flexibility and benefits provided by a home loan overdraft account, they are typically only available to high net worth individuals who can meet the lender's eligibility criteria. This may include having a high credit score, a stable source of income, and a substantial amount of equity in their home.
Overall, a home loan overdraft account can be a useful tool for managing finances and making investments, but it is generally only recommended for individuals who have a strong financial position and can meet the lender's eligibility requirements.
This home loan product may have different names across various banks. For example, some banks may refer to it as "Max Gain Account," while others may market it as the "Advantage Loan."
An Essential Guide to Understanding Home Loans: From Type, Eligibility to Repayment
Do you have questions about home loans, such as the different types available, important terminology and concepts, or are you seeking in-depth information? View Q&A here….
I'm having trouble accessing my account online. What should I do?
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What is the address I mail my credit card payment to?
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How do I dispute a charge on my account?
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How do I contact the payment assistance team?
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How do I activate a card?
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