Imagine you are a person dreaming to buy a house after 10 years. The first thing many persons do after this thought crosses their mind is a plan – Plan of savings in order to fulfill their dream.
Having a plan sounds hard and indicates pressure but it helps you stay oriented and focused, and also gives you enough margin to manoeuvre in life. Not having a plan sounds fun and also removes the pressure but it leaves you totally exposed and unsure.
- Budgeting is the basis for all business success. It helps with both planning and control of the finances of the business. If there is no control over spending, planning is futile and if there is no planning there are no business objectives to achieve. A solid budget serves as a roadmap for a business owner to ensure they are on track to meet their goals as they navigate through each day.
- A loan application fee is what lenders charge when a borrower applies for a loan.
- This fee is usually nonrefundable and many lenders do not charge application fees at all.
- Processing fee is one time charge which the banker collects from you.
- It is charged by the bank as it has to bear some administrative costs while processing and sanctioning your loan.
- This is usually a small amount, which varies from bank to bank and typically costs about 0.5% to 2.50% of the total amount of the loan.
- A guarantee fee is a sum paid to the issuer of a mortgage-backed security.
- These fees help the issuer pay for administrative costs and other expenses and also reduce the risk and potential for loss in the event of default of the underlying mortgages.
- Fees may be a percentage of the asset value or a fixed amount.
- A late fee is penalty or additional amount charged by bank from the borrower who fails to make the payment on a debt (EMI) by the due date.
- Banks recover their money from the interest you pay on the Loan. If you pay off your debt before the stipulated tenure bank may incur a loss, with you discontinuing your loan before the set tenure.
- To make up for this loss, your bank may charge you a prepayment penalty.
- Typically, a bank will charge a small prepayment/foreclosure fee of 2-4%.
- A documentation fee is a sum charged to process the paper work.
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