What is bearer Cheque?

What is bearer Cheque?

A bearer cheque is the one in which the payment is made to the person bearing or carrying the cheque. These cheques are transferable by delivery, that is, if you are carrying the cheque to the bank, you can be issued the payment to.

Is there any penalty for prepayment of home loan?

While on adjustable rate home loans there are no prepayment charges, on fixed rate home loans, lenders usually charge a penalty of 2 percent of the amount being prepaid through refinance, i.e. when you borrow to prepay your home loan.

What is a prepayment charge?

A prepayment penalty is a fee that your mortgage lender may charge if you: pay more than the allowed additional amount toward your mortgage. break your mortgage contract. transfer your mortgage to another lender before the end of your term.

Can home loan be offered to NRI under the HL product?

HDFC’s home loans for NRIs can be availed by Non-Resident Indians (NRIs), those who have an Overseas Citizenship of India (OCIs), those who are a Person of Indian Origin (PIOs), as well as those employed in the Merchant Navy.

Can a bearer cheque be endorsed?

The cheque is payable over the counter to the bearer or the presenter of the cheque by the drawee bank. A bearer cheque can be transferred to another person. The transferor of cheque while passing the cheque does not need to endorse the cheque.

Can anyone withdraw bearer cheque?

This type of cheque can be withdrawn in cash by a specific person on whose name the cheque has been drawn. The cheque receiver only needs to show his identity to the bank by submitting a document to prove he/she is the same person whose name is written on the cheque.

What is the minimum salary required for home loan?

What is the Minimum Salary for a Home Loan? Your salary should be above Rs. 15,000 per month to qualify for a home loan.

Can I make a prepayment on a home loan?

Although this applies to the initial phase of getting a Home Loan, you need to put in a lot of research before deciding which one to go with – especially if you plan on making a prepayment at some stage. It’s advisable to check all the options being provided by various banks before taking the final call.

How to avoid misusing your home loan cheques?

It also mentions the principal outstanding after prepayment and the balance Home Loan tenure. Remember to get it signed and stamped by an authorised representative of the bank. This is a precaution measure. Collecting cheques will ensure that nobody misuses unused cheques. Ensure collecting them to prevent misuse.

Can I open a joint Chegg account with my father?

Yes, you can also use a joint account of yours along with one of your family member. If you Don’t have your own bank account and wanna register with your father bank account details, I suggest you to create a Chegg Expert account by your father’s documents and details.

What is a partial prepayment in a home loan?

Many Home Loan seekers look to prepay the full loan amount. Instead of doing this, you can look at a partial prepayment if the amount for which interest is being paid is less than what the funds would fetch when invested in other financial instruments with assured returns.