Loan terminology is the language used to describe the different aspects of a loan, such as the interest rate, fees, repayment terms, and collateral. It is important to understand loan terminology before you apply for a loan so that you can make an informed decision.
Some of the most common loan terminology terms include:
- Fixed obligation to income ratio (FOIR)
- What Are: Daily Reducing, Monthly Reducing And Yearly Reducing?
- Prepayment penalty or foreclosure charges on your loan
- What is a Top-Up Home Loan?
- What is Balance Transfer?
- What is Debt-to-Income Ratio?
- What is Pre-EMI Interest?
- What is Amortisation?
- Calculation of Amortization Schedule?
- What is Loan to Value Ratio?
- What is a Fixed Rate of Interest?
- What is the Base Rate and BPLR?
- What is a Floating Rate of Interest?
- What is an EMI? How is it calculated?
- What is a Down payment or Own Contribution?
- Home Insurance Vs Home Loan Insurance
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