A House Loan Megha has taken a loan of `5 lakh from the bank to purchase a house. The annual interest rate on the loan is 12% and the loan is to be repaid in 10 years in monthly instalments.
Megha had to sumbit to the bank, documets showing her employment records and salary before the bank agreed to give her the loan. The bank retained as collateral the papers of the new house, which will be returned to Megha only when she repays the entire loan with interest.
Q.:- Fill the following details of Megha’s housing loan.
|(a) Loan amount (In Rupees)
(b) Duration of loan
(c) Documents required
(d) Interest rate
(e) Mode of repayment
|Loan amount (In Rupees)||5 Lakhs|
|Duration of loan||10 years|
|Documents required||Salary slips, employment record|
|Interest rate||12% per annum|
|Mode of repayment||Monthly installment in cash/by cheque|
|Collateral||New house papers|