Bitcoin Cryptocurrency – Understanding the Basics

It’s been over a decade since cryptocurrency has started to fascinate people over social media and especially over the internet. Bitcoin has been able to rank among the top cryptocurrencies today, nobody knows about the exact origin of the currency however it popped up in mid 2008 related to a Japanese pseudo name “Satoshi Nakamoto”.

So, what exactly is this Bitcoin Currency and why has it been able to sustain its place in the financial markets. Well, the following listed reasons may give you an idea of its popularity and a piece of evidence as to its continued safe future existence.

  • Bitcoin is the first decentralized digital currency.
  • Bitcoin is an independent free-floating currency which is neither owned by any government nor associated with any other currency for it to influenced value wise by the economic indicators that govern the value of traditional currencies.
  • With its growing popularity among the masses, it now enjoys an increased level of acceptability at all levels, for instance, you can now buy stuff with Bitcoin cryptocurrency directly and also trade it at different platforms such as CoinBase, Bitfinex, Bitstamp, Kraken and more.
  • All you need is a wallet and an internet connection to make a peer to peer Bitcoin transfer.
  • In most cases the transfers are instantaneous.
  • The convenience of making transactions over the internet or your mobile phone with a couple of clicks.
  • Your privacy is secure as compared to other modes of payments over the internet where your vital information can be leaked and misused.
  • While transferring money through the conventional methods you have to pay fees depending on the volume of your transactions and further, these transfers are subject to your particular regional and state regulations. While transacting in Bitcoin cryptocurrency does not require you to be bound by any state regulations and furthermore, you don’t incur heavy fees on the transactions.
  • Since you are the only one who has access to your electronic wallet, your coins are always safe with you and no one can steal your money. The process and transactions are transparent due to the shared public ledger and anyone can verify a transaction at anytime from anywhere around the world using the internet.
  • Another advantage of having a Bitcoin cryptocurrency wallet is that your account cannot be frozen.

Keeping in view the growing popularity and acceptability of Bitcoin cryptocurrency we can safely assume that the future of Bitcoin is not only safe rather quite bright and this innovative payment method is here to stay.

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The Basics of a Home Loan

What is a home loan?

A Home Loan is a loan, or financing, that you take for the purpose of buying or renovating your home. The facility of Home Loan makes it easier, and more affordable, to make or buy your dream home. Most banks and many different kinds of financial institutions offer home loans to the public at fairly low interest rates. Whether it is for the purpose of buying a house or apartment, or constructing one, a home loan can be the simplest route towards achieving your dream.

How much can I get?

The actual amount of the loan you are eligible for, or can get, varies, and depends upon many factors such as your capacity to repay it, your age, your family income, the number of dependents you are responsible for, and so on. The amount of the loan will also depend upon the tenure of the loan and the current interest rate. Tenure is the total amount of time that you are given for the repayment of the loan. Most institutions and banks will extend home loans for the purpose of buying a house or even a flat, for renovation of an existing property, or for extensions or repairs to be made to your existing home. However, in the case of buying a second property, when you already have one house or flat, most banks will have a different policy and set of rules, so be sure to ask some relevant questions and get clarifications about the specifics from your bank before you sign.

Home loan process

There is a process for seeking a home loan, which partly depends on your need for information ad clarification, and partly on the internal bank processes. The first step is to apply to a few banks and financial institutions, and begin the process of comparing rates and tenures. (Or you can compare rates on our sites). Once you have decided on the bank, the steps are as follows.

· Filling out the relevant applications and submitting the necessary documents.

· The sanction of the loan from the bank or financial institution depending on their criteria for age, repayment capacity, and property value.

· The disbursement of the loan, transferring the home loan amount to you via check.

There will be some documents which are required before the bank will sanction or disburse your home loan. The information in these documents will decide whether or not you are given the loan, as well as the interest rate you will be charged, and the tenure that will be allowed.

These documents include:

· The application form, filled out correctly and truthfully

· Passport size photographs of the applicant and co-applicant (if any)

· The record of your repayment record for any existing loans

· photo ID

· Proof of age

· Proof of residence

· Signature verification

· A copy of the sanctioned plan for the house/flat

· Loan sanction letter

· A check for the processing fee amount

· Additional documents that are required may include

· Bank Statement for the salary account for 6 months (personal/current account in case of business owners)

· Income Tax return for up to three years

· TDS Certificate (for employed)

· Copy of company issued Identity card

· Salary slip and Form 16 for three months (for employed)

Home loan tips

· Do some homework before you apply for a Home Loan.

· Figure out how much of your income you can afford to pay as EMI.

· Check out bank rates to get a rough idea of how much your total loan can come to and look for properties in that price bracket.

· Different banks and financial institutions offer different interest rates for home loans, so compare rates and processing fees before you decide on a particular bank.

· Take your time, don’t be in a hurry. Discuss all aspects of thee loan with the bank, and get complete information about terms, conditions, waivers and so on.

· When you get the form, and the loan document, be sure to read through the fine print and ask for clarifications on any point you don’t understand.

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