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Terms Used in Housing Finance

If you are preparing for taking a housing finance loan, then read some common terms used in housing finance. Here is a list of some of the most common terms used in housing finance paper work.

• EMI: Equated Monthly Installment

• Floating Rate of interest

• Monthly Reducing balance

• Annual Reducing Balance

• Fixed rate of interest

• Processing charge

• Prepayment Penalties

• Commitment Fee

• Miscellaneous Cost