Mortgage

Home Loan – Home Loan Interest Rates. | Jabar Post Indonesia

Home Loan – Home Loan Interest Rates. | Jabar Post Indonesia/a> – This time JabarPost.Net will discuss about Mortgage.

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Home Loan – Home Loan Interest Rates. | Jabar Post Indonesia

A mortgage loan or, simply, mortgage (/ˈmɔːrɡɪdʒ/) is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is “secured” on the borrower’s property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property (“foreclosure” or “repossession”) to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning “death pledge” and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.[1] A mortgage can also be described as “a borrower giving consideration in the form of a collateral for a benefit (loan)”.

Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender’s rights over the secured property take priority over the borrower’s other creditors, which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first.

In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed. Mortgages can either be funded through the banking sector (that is, through short-term deposits) or through the capital markets through a process called “securitization”, which converts pools of mortgages into fungible bonds that can be sold to investors in small denominations.



Home Loan – Home Loan Interest Rates.

Tough times ahead….for new home buyers and those who have already taken loans under floating rates should be prepared. On the 30th of June 2008, Monday, the leader in the home loan market, Housing Development and Finance Corp (HDFC), and the largest private sector bank in India ICICI Bank, both announced raising home loan rates for existing as well as new customers by as much as 75 basis points (100 basis points=1%). They also announced raising deposit rates. The hike in interest rates as well as deposit rates for HDFC is effective from 1st of July 2008 while for ICICI Bank it was June 30th 2008.Want to know more on Home Loan? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.For every Rs 1 lakh of home loan of 20 years tenure under the floating rate, the increase in monthly installment would be Rs 34 while for loans of 15 years, the increase would be Rs 32 for existing HDFC customers. For new customers, for every Rs 1 lakh of loan for 20-year tenure, the EMI would work out to Rs 1,033.

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