What is Unsecured Business Loan ?
The word Unsecured Business Loan means when a self-employed person apply for a loan based on his income not providing any kind of security against the loan.
What is the benefit of taking bank loan if even I have enough money to buy a property at my own ?
Taking a bank loan is always advisable as it gives you various benefits as below … 1. A Housing loan as it would enable you to get tax exemptions as per Income Tax rules. 2. A Housing Loan can be given by a bank only after all the due diligence of legalities of property so
Can I prepay the loan? Are there any penalties?
Surly Part-Payment & Prepayment in housing loan can be done at any stage. There is no Part-Payment & Prepayment penalty applicable if loan is on floating rate of interest. If loan is on fixed rate of interest then Part-Payment & Prepayment charges varies from 1.00% to 2.00% bank to bank.
How much is the loan tenure?
In Home Loan bank do offer loan from 5 yrs to 30 yrs which varies bank to bank & age of the borrower.
What is EMI?
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period.