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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.

Refinance

A mortgage is a financial term for a loan secured by property, typically used for purchasing a home. In some cases, a homeowner may choose to take out a second mortgage, als...

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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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Sale Agreement

A sale agreement is a legally binding contract between parties that outlines the terms for dealing with a property. It grants the right to obtain a sale deed which specifies...

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Advance EMI

Equated installments are a common aspect of disbursing finances, and it's important to understand how they work. Essentially, these are a predetermined number of payments th...

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