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The interest rates on home loans have eased in last few months. In this scenario, many borrowers are considering to refinance their mortgage and capitalize on this opportunity.
For many of us buying a home is once in a life time activity. Not long ago, our parents had to put all their life’s savings to buy a house to call their own. Now, with easy availability of mortgage loan, atleast we can buy a home earlier.
Your home loan may become cheaper soon. However, if you feel that the rate of interest offered by lenders on new home loans are much lower than that of your loan, you may consider refinancing your home loan.
Owning a home is perhaps the biggest and most important dream of an average Indian family. Due to its inherent socio-economic nature, ownership of a home goes beyond pure financial considerations. Renting a house on the other hand is acceptable for the sake of convenience and financial constraints. So, how do you decide whether to buy or rent your home?
Greed & Fear have been and would be the two indisputable factors that would drive the markets. Factors that led to this global meltdown are linked to subprime lending losses in US (3 trillion dollars and counting according to some estimates).
There were times when finding credit was difficult, and money lenders were outright wicked, remember Shylock from Shakespeare’s, The Merchant of Venice, or for instance our local Sahukaar. But today the scenario is different. Many financial institutions are competing with each other to lend you money.
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