Home Loans: Joint ownership

Photo by:  kevindooley Tax benefits on home loans have turned out to be an important aspect of home buying . Here is how you can benefit from the same. Tax breaks For self-occupied house property, the annual value of the house property is considered to be nil. Further, an individual could claim a deduction for [...]

Author: Austin Comments: 4 comments Date: 17 Jan 2010 More: Read more
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Document Checklist for Loans

The application for the home loan is a very simple procedure. Most banks offer a home banking facility wherein the bank’s executive visits you at a convenient time, at your home or office. He liaises between you and the bank, also suggesting schemes, added benefits, interesting insurance policies and educating you on the best rate [...]

Author: Austin Comments: 1 comment Date: 1 Jun 2008 More: Read more
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Black Money Saves Our Financial Sector

Traditionally, US mortgage lenders checked the creditworthiness of borrowers and then provided 80% of the home loan amount; the remaining 20% had to be paid by the borrower. So, even if the price of the house dropped it would still be higher than the bank’s loan thus giving an incentive to the borrower to repay it. However, in the recent years in order to increase lending volumes and profits the US banks followed a relaxed approach (many lenders even stopped checking the creditworthiness of the borrowes) by giving loans that were EQUAL to the entire value of the house, so the borrowers had no personal stake at all. Ultimately, this led to loans that were given to people who did not have any documented income, job or assets.

Are you eligible for a home loan?

There are a number of factors that have a bearing on eligibility for a housing loan. The banks have their own criteria to determine the eligibility and quantum of housing loan. It would do well for borrower to be aware of some such factors. To begin with, it is the information on the application form. [...]

Author: Austin Comments: 1 comment Date: 29 Feb 2008 More: Read more
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