Loan Products

A loan is when money is given to another party in exchange for repayment of the loan principal amount plus interest.

A loan is a form of debt incurred by an individual or other entity. When someone needs money, then apply for a loan from a bank, corporation, or other entity. The borrower may be required to provide details such as the reason for the loan, their financial details. Interest rates have a significant effect on loans and the cost to the borrower. The interest rate on loans divided into simple and compound interest. Simple interest is interest on the principle loan, and compound interest is interest by means more money in interest has to be paid by the borrower.

Home Loans-

A Home loan is a contract between a borrower and lender that allows someone to borrow money to buy a home, apartment or other liveable property.

How does Home Loan work?

There are many types of home loans available in the loan market, but every home loan is defined by the following factors:

  • The amount, that you are borrowing, this amount is the purchasing price minus your down payment, minus closing costs, and other related fees.
  • How long you have to repay the entire loan. The period for a home loan can range between five to 30 years.
  • The annual amount you need to pay the lender to borrow the money. (The interest Rate)
  • How often you make payments, borrowers usually pay back their mortgages on a monthly or bi-weekly basis.
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