One of the kids in the office said ‘I am planning to buy a house….what should I look for?’
I said house – I have no clue, but have friends in Hdfc and I can give you their numbers…and they may be able to help on the builder feed back…
She said….No, no, I have chosen the builder and the house too…just tell me what to look for in a loan (mortgage as the yankee would say)…I thought for some time and said:
She said what in interest rate: So I said
Flat rate or Reducing balance.
Rests: Monthly, Quarterly or Annual.
Floating rate or a Fixed Rate?
If floating rate, then linked to what rate.
Is that rate independent of the lender?
then how often will the reset change?
will she have to check the reset…
and the reset will increase her term or her EMI….
she said ‘I thought the TOUGH job of buying the house is over…..now it is the ‘EASY’ part.
Sounds complicated, does it not? L O L.
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