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KNOWLEDGE CORNER


• What is an EMI?
An EMI or Equated Monthly Installment is a combination of principal and interest amount which is payable on monthly basis by the borrower to the lender to repay the loan.

• What is an Amortization Schedule?
The schedule of paying of a debt in equal installments made up of changing amounts of interest and principal is known as Amortization Schedule. Through this, you can see what loan amount would be outstanding at a particular time and what would be the ratio of interest & principal in the installment.

• What is a floating interest rate?
Floating interest rate fluctuates as per the market lending rate which depends upon various economic factors. If floating rate goes up, your EMI or loan tenure goes up. If floating rate goes down, you EMI or loan tenure gets reduced.

• What is a fixed interest rate?
Fixed interest rate remains fixed for a particular period or for the entire tenure of loan. It can’t be changed by the lender under any circumstances.

• What is Mutation?
Mutation is done by the Municipality or corporation to record the current owner of the property in order to collect taxes.

• What is the difference between sale deed and conveyance deed?
All deeds transferring the property-rights are conveyance-deeds. Sale-deed is one of them. All sale-deeds are deeds of conveyance but all conveyance-deeds are not sale-deeds. There are five modes of conveyance recognized in Transfer of Property Act 1882 like Sale, Exchange, Gift, mortgage and Lease. Sale deed is one of them.

• What is the difference between Equitable Mortgage and Registered Mortgage?
Equitable Mortgage: It’s executed when a borrower mortgages his existing property to secure a loan by submitting his ownership title and by giving a right to the lender to sell the property in case of his default. In this, the title deeds are kept as a security with the lender.

Registered mortgage: it’s executed when the borrower gets the name of lender registered as lender in the govt records of his property along with the terms of agreement. In this, the govt levies registration charges for such registration.
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