Residual value is the estimated worth of an asset after its useful life ends. It helps in calculating depreciation, lease pricing, and loan evaluation. Use the formula: Residual Value = Salvage Value – Disposal Cost. It’s vital for cost analysis, leasing decisions, and asset management, especially in real estate. Website URL: https://www.herohousingfinance.com/blog/knowledge-series-of-experts/residual-value Country List: India
BBMP property tax is collected in Bangalore based on property type, zone, and usage. Use forms I–VI based on property details. Calculate tax using BBMP’s formula or online tool. Pay via BBMP portal using PID or application number. Early payments get a rebate; late ones incur penalties. Receipts and grievance status can be accessed online. Website URL: https://www.herohousingfinance.com/blog/knowledge-series-of-experts/bbmp-property-tax Country List: India
Choosing between an NBFC and a bank for a home loan depends on your needs. NBFCs offer easier eligibility, faster approvals, and flexibility, especially for those with lower credit scores or non-standard properties. Banks, however, offer lower interest rates, stronger regulation, and wider branch networks. Compare both before deciding. Website URL: https://www.herohousingfinance.com/blog/knowledge-series-of-experts/nbfc-vs-bank-for-home-loan Country List: India
Buying property online? Ensure thorough due diligence. Verify all legal documents like title deeds, possession and completion certificates, and check for pending litigation. Do a background check on the seller and visit the property physically. Use verified portals and legal help for a secure purchase. Website URL: https://www.herohousingfinance.com/blog/introduction-to-property-buying/buying-a-property-online-here-are-a-few-things-to-watch-out-for Country List: India
Society Patta properties is a land ownership document issued by co-op societies in Jaipur. Unlike JDA-approved properties, Patta plots may lack basic amenities and face legal hurdles, making bank loans difficult. Registration involves applying at the Tehsildar’s office with proper KYC and documents. Hero Housing Finance offers loans after due diligence. Website URL: https://www.herohousingfinance.com/blog/introduction-to-property-buying/all-you-need-to-know-about-society-patta-property-in-jaipur Country List: India
Home loan insurance protects new home buyers by covering outstanding loan dues if the borrower passes away before loan maturity. It secures families from repayment burdens, offers affordable premiums, and tax benefits. Different plans cater to varying needs, ensuring peace of mind and financial security for homeowners and their loved ones. Website URL: https://www.herohousingfinance.com/blog/introduction-to-property-buying/home-loan-insurance-for-new-home-buyers Country List: India
The Reset Clause in a home loan lets lenders periodically revise your interest rate, usually every 2-4 years, to match market rates. Initially, you may have a fixed rate, which then switches to floating based on benchmarks. If rates rise, your EMI or loan tenure may increase, affecting your finances. Budgeting for this clause is crucial. Website URL: https://www.herohousingfinance.com/blog/introduction-to-property-buying/reset-clause-in-home-loan-agreement Country List: India
Digital tools simplify home loan applications by streamlining eligibility checks, EMI calculations, amortisation schedules, and prepayment impact. These calculators help estimate loan amounts, monthly payments, interest, and savings. With AI chatbots and online portals, the process is faster and hassle-free, making home loans easier to manage and apply for. Website URL: https://www.herohousingfinance.com/blog/introduction-to-property-buying/home-loan-process-with-digital-tools Country List: India
A loan against agricultural land lets Indian landowners pledge their land as collateral to borrow funds for various needs. Eligibility requires clear land ownership, income proof, and a good credit record. Interest rates vary by market, land location, and loan purpose. Compare lenders to find the best terms before applying. Website URL: https://www.herohousingfinance.com/blog/introduction-to-property-buying/loan-against-agricultural-land-in-india Country List: India
A Loan Account Number (LAN) is a unique ID assigned by lenders to track your loan details. It’s essential for paying EMIs, raising queries, checking statements, and updating personal info. You can find your LAN online via the lender’s app/website or offline by visiting the branch or calling customer care. Website URL: https://www.herohousingfinance.com/blog/introduction-to-property-buying/loan-account-number Country List: India
