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Do You Need More Than One Mortgage? Take An Additional Loan
<span style="color: #888888;"> A supplementary loan, basically, you can enjoy a loan on top of your mortgage. She bought a comfortable apartment in a nice block of 60 apartments in an enclave community, which housed 300 apartments. At that time, she was a four-wheeler and rode a motorcycle connected to the work, which was parked under the stairs still reaching their fifth <sup> </ sup> floor apartment. She moved the office and went to a search of beautiful little car. Then she had a problem with parking Space.She realized he needed to buy more than the cost of housing alone. How can you do? Are you confused as Vinita want more comfort or looking for a little emergency cash, without interest rates linked to face? Well, an additional loan of your current mortgage may be the answer
Let us understand the nuances of an additional loan before deciding on my list as an option. <strong> How it works </ strong> A high on loan basically allows you to receive a loan amount at the top of your mortgage. The loan period is usually about 10 years and usually appears after several years in the disbursement of the loan because it gives a clear idea about your payment history, which means there is no defect all the way this also increases eligibility. The logic behind is an additional loan that has already begun to pay off your loan, and therefore the amount of your outstanding loan with the bank has already begun to decline with each payment. A Place at the top allows you to use only the margin for a loan can an urgent need to answer some of your needs. Using a booster <strong> loan </ strong> Backup loans are a boon for people who are in urgent need of funds
It's almost like a personal loan, except that it comes with a better interest rate than not as good as the rate of home loan, but it is based on the prevailing rack rate. You can use this loan for any purpose. A loan up to your existing home loan is an ideal choice to pay your parking space or pay for higher education of your son, for example. Eligibility <strong> </ strong> You can take a top-up when you have a mortgage to reload. The conditions for loans above vary from one bank to the. You can write to the same bank where you got your mortgage, but if your bank does not offer the possibility that some reserves the right to deliver a top up so that you could go home loan to a bank which is ready to give you a good deal on the loan up there
Note that you must have an impeccable record of payment of the loan amount outstanding record.The in the bank, the market value of the property and its ability to pay a top, are taken into account in determining how the bank to it gives you. In fact, the upper limit of the loan amount is adjusted according to these three aspects. It is always a guarantee that the outstanding loan owed to the bank on the loan until they exceed 70% of the market value of the property. In addition, each bank has its own limits and the loan amount is restricted accordingly. Tax benefits </ strong> Tax benefits depend on the purpose for which the loan is used
To Vinita, the loan is a car park, which is part of the acquisition of real property. So, he would be entitled to a refund of the head and the fee is refunded to the top of the snow-capped loan of Rs. L and 1 RS. 1.5-liter, which is a complete credit, he uses his current mortgage. Credit <strong> sample calculation Vinita most popular </ span> We took a Rs.30 Vinita <em> The loan to 12% interest for 20 years, and as he is now three years on loan. </ Em> We <em> the second assumption, that since he bought the property value has increased from Rs. 20 L, which pegs the current market value of real estate Rs.50 L. </ Em> 70% of Rs
R 50 L = 35 L (70% of the value into the range beyond which the loan should not exceed) <em> then the outstanding loan is deducted from the figure above: </ em> <em> three years of the loan has been paid the principal amount of Rs.1.31 L </ em> <em> remaining principal amount - 28.7 RL </ em> A 35 L (70% of market value) - R. 28.7 L (outstanding principal payable) = Rs 6.3 LHence up the loan, which qualify in this example is Rs 6.3 L. However, to qualify for a supplementary loan, factors such as their ability to pay based on income and a commitment to any mortgage loan, etc, are taken into account before the bank decides on the roof top exact amount of the loan can offer.