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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.

Fixed installment

One fundamental aspect of loans is the concept of fixed installments. This refers to the regular and predetermined payments made towards a loan over the duration of its term...

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Borrower category

In the realm of finance, it is crucial to determine the status of a borrower - whether they are salaried or self-employed. This distinction holds immense significance as it ...

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Documentation

Documentation, also known as loan papers, refers to the necessary paperwork that must be completed when obtaining a loan from a housing finance company. This includes signin...

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Sale Deed

A fundamental concept in finance is the deed, a written instrument that conveys ownership of a property in exchange for consideration. This crucial document must be register...

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