Tame your Home loan: Strategies to reduce it

Posted by FPG India on Nov 16, 2011 in Banking | 0 comments

Easy availability of home loans has accelerated the process of owning your own house. Nisha and Rishi have bought their house three years back. It was a smooth sailing and the home loan to them was Rs.37,286 as EMI, to be paid for next 20 years. With the expected salary raises, the amount could have been easily possible. But it was not long before the shockers came. Their bank called them to...

Understanding “Loan To Value” in your home Loan

Posted by JITENDRA P.S. SOLANKI on Jan 26, 2011 in Family Finances | 0 comments

Rajeev lost his job recently and his immediate worry is home loan EMI of Rs.15,000. For a person with an annual salary of Rs.3.0 lakh, this is a huge burden. He is having sleepless nights. He has cut his household budget to minimum and savings have been reduced too. Where did Rajeev go wrong? Initially, when he approached banks for financing his house, he was offered 75% finance. He was not able...