Accelerated Payment plan - This particular mode of repayment

An applicant has several choices in terms of finding the most suitable housing loan, similarly there are a number of repayment options too which can be explored as per one's financial capacity of making timely payments to the bank. Choosing the right mode of repayment allows the applicant to avoid any hassles or stress related to delayed loan installments. Let us have a look at the various choices of repayment:

Accelerated Payment plan - This particular mode of repayment offers an applicant, the freedom to increase his/her EMI (Every month Installment) in order to close the loan as soon as possible. Accelerated Payment Plan is most suitable for those who need monetary assistance from the bank on an immediate basis but posses the ability to repay the loan within a short period of time by increasing their monthly installments.

Step-up Repayment plan - Applicants who have a stable career are most likely to receive this particular repayment option from the bank. Here, the bank verifies, the applicant's current professional details and accordingly sanctions a certain loan amount for purchase of a residential property. The EMI's within this plan rise over time as and when the applicant experiences a subsequent growth in his career. Depending on the applicant's professional career, the bank can also decide on sanctioning a higher loan amount.

Step-down Repayment plan - A complete contrast to the above mentioned repayment option, here the applicant's EMI's reduces in time instead of amplifying. Applicants who purchase a house at a later stage of their life normally use this repayment option mainly because of their approaching retirement age. Banks arrange for a Step-down repayment plan for an applicant after careful analysis of his/her current income and the remaining years of employment before retirement. The interest rate is fixed in a manner that the installments are within the payable limits of the applicant even after his/her retirement.

Balloon Repayment plan - This repayment option is very much similar to the Step-up plan, in terms of having to pay lower EMI's at the initial stages of loan approval, although here the applicant is given a pre-determined repayment date on which the applicant is expected to make a one large payment to the bank which finally closes the loan. Some financial institutions may also allow the applicant to make 3 or more large or medium sized interim payments. In addition to being used frequently for housing loan repayment, this scheme is also considered as a viable option by several applicants for personal and auto loans too. One of the biggest advantages of utilizing the balloon repayment option is that it provides the applicant major relief from worrying about the constantly fluctuating interest rates. Money lenders mostly offer this option to applicants who require monetary assistance on a short term basis so as to be sure about timely repayment. It is recommended to select this repayment plan only if you have a great investment sense in order to gain sure-shot returns to pay-off the loan amount within the provided time limit.

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