Government Foreclosures
A new home brings with it new hopes, joys and emotions. Every customer has a specific and unique concern and home loan products and foreclosures are customized to provide you solutions to address these concerns. Here’s a quick look at some of the foreclosure measures and plans approved by the government.
Money Saver home loans is an innovative product that helps you repay your loan amount much faster with a lower interest outflow as compared to a normal home loan. With Money saver, you can save even up to 50% on your interest outgo. The way it works – with Money saver you get an account with a bank. You can deposit your savings here or any idle money that you may have into this account. As a result you pay interest only on your outstanding home loan minus your accumulated savings in this account. Thus you pay less and pay faster as compared to a normal home loan. This way the government enables you to foreclose your loan faster.
Accelerate Repayment scheme - this government loan foreclosure scheme offers you a great opportunity to repay the loan faster by increasing the EMI. Whenever you get an increment, increase in your dispositions income or have lump sum funds for loan pre-payment, you can benefit by increase in EMI, means faster loan repayment, saving of interest because of faster loan repayment. You can invest lump sum funds rather than use it for loan pre-payment. The return from the investments also gives you the comfort of paying the increased EMI.
Two-in-one loans – under this government and bank foreclosure scheme, a borrower can opt to break up the loan into fixed as well as floating categories. Here, no one part of the interest is charged at a fixed rate and on the other part, interest is charged at a floating rate, thereby minimizing the adverse impact of interest rate hike, at the same time you could avail of any benefits that may come by the way of favorable changes.
Step up repayment facility – This helps young executives take a much bigger loan today based on an increase in their future income. It helps executives buy bigger home today. Flexible loan installment plan - often customers, parents and their children, wish to purchase properties together. The parent is nearing retirement and their children have just stared working. This option helps such customers combine their incomes and take a long term home loan where in the installment reduces upon retirement of the earning parent.
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