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Loans

Annual Reducing Method

Let's dive into the concept of diminishing balance method, a technique used to calculate interest on loans. The reduced principal is taken into consideration at the end of each year, but since loan repayments are based on Equated Monthly Installments (EMI), the interest is calculated on the original loan amount for twelve months. Afterward, the payments towards the principal are factored in. This approach may not be the most advantageous for borrowers.

Acceptance Letter

When you receive your sanction letter, it is important to carefully review the terms and conditions of the loan. If you are satisfied with the terms, you must then confirm y...

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Title

Ownership refers to the legal right and interest one holds over a property. This right is typically evidenced through a document, such as a title deed, which serves as proof...

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Obligation of the borrower

As a financial professional, it is vital to understand the concept of borrower obligations in an agreement. These obligations include maintaining a repayment schedule, regul...

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Clear title

Allow me to introduce to you the concept of "clear title". This term refers to a title that is unquestionably free from any doubts or legal issues. When a property has a cle...

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