Owning a home is every persons dream. Many feel settled in life only when they have their own home. It gives a special satisfaction staying in own home. But how many can afford a own home.
Dont worry, Allbanksloan will help you in finding an ideal home that fits in your budget and also help in arranging loans from banks. Our team of experts will guide you through out the entire process of buying of your dream house /Plot. Loans for self construction of house, Balance Transfer of Loans from other Banks
A home loan is a type of loan in which the borrower uses the equity of his or her home as collateral. Home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education. A home equity loan creates a lien against the borrowers house and reduces actual home equity. There is a specific difference between a home equity loan and a home equity line of credit (HELOC). A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate. With a HELOC the borrower can choose when and how often to borrow against the equity in the property, with the lender setting an initial limit to the credit line based on criteria similar to those used for closed-end loans. Like the closed-end loan, it may be possible to borrow up to an amount equal to the value of the home, minus any liens.
These lines of credit are available up to 30 years, usually at a variable interest rate. The minimum monthly payment can be as low as only the interest that is due. Typically, the interest rate is based on the prime rate plus a margin.
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