Homeowners and Condo owners have one thing similar: The shared areas of their property such as building structures, shared utilities, common service or entertainment area, common hallways and driveways, etc. These commonly owned properties are subjected to property and liability losses for which insurance is very important for protection. As a result and other reasons, condominium and homeowners associations are formed to render services in connection with these common areas. Included in these services are risk management and insurance services.
While every unit owner is legally liable for the property and liability losses that may take place inside their units, condo and home associations are answerable for servicing the common areas and for obtaining insurance policies for the benefit of all participating members. For that reason, condo associations obtain a master policy and schedule each unit owner as a loss payee and additional insured on the master policy, each owner with the same percentage of their ownership in relation to the total. Unit owners pay monthly assessment fees to cover managerial and operational bills of the association including premiums for the condominium master insurance policy. Depending on the size of the association, a professional management company may be appointed to run the association’s actions, or some selected members of the association board of directors may handle these daily tasks.
Things Affecting Insurance Rates For Condo Associations
Prime Services offered by a commercial bank include processing of payments by way of telegraphic transfer, issuing bank drafts and bank cheques, accepting money on term deposits, lending money through overdraft or through installment, providing letter of credit, safe keeping of documents, currency exchanges thereby enacting the role of a financial supermarket. The Commercial Bank lays more importance on loans that it provides to its customers. These loans are Secured Loans, Mortgage Loans & Unsecured Loans. A secured loan is one in which a borrower pledges some asset as collateral against the loan. A mortgage loan is granted to purchase property against security provided to the bank until the mortgage is paid of in full. The mortgage or loan can be repaid in easy installments. Unsecured loans are granted without any specific securities, under marketing packages like credit cards, debit cards, corporate bonds, etc. All in all a commercial bank raises funds by collecting deposits from businesses and consumers via checkable deposits, savings deposits, and time (or term) deposits & loans it to businesses and consumers. It also buys corporate bonds and government bonds. Its primary liabilities are deposits and primary assets are loans and bonds.
Commercial Banking in India categorizes itself into project finance & working capital. In the case of Project Finance banks in India offers long & short term loans to business houses to set up their projects. These kinds of loans are issued after approval from banks core credit validating committee. The Project Finance segment in the commercial department is highly competitive with different players in the department trying to get the best deals done by enticing different corporate houses and business organizations to opt for the loan by providing lucrative offers. Working Capital or Capital Funds are issued by banks to corporate or business houses to meet diverse needs and requirements of the business community. Working capital finance is specialized line of business and is largely dominated by the commercial banks.
Commercial Banking in India saw dramatic changes in the last decade after Indias integration with world economy. These economic reforms and the entry of private players saw nationalized banks revamp their service and product portfolio to incorporate new, innovative customer-centric schemes. Marketing and brand building programs were also given a new thrust in the new liberalized banking scenario. Promotional budgets were hiked to cater to the new and large discerning target audience. To meet the personalized needs of the customer and in order to differentiate its services, banks repositioned themselves in specialized fields, like housing loans, car finance, educational loans etc. to optimally service the customer. As of today Commercial Banking in India dominates other areas of banking such as retail banking and investing banking, solely due to influx and the term called installments that lures the customers to opt for loans to satisfy their business needs whether it is corporate or personal needs in terms of a mortgage loan. Commercial banking in India has definitely brought in a new dimension to regulation of finances in the Indian market.
Tesco is the leading retailer in the UK, and it is one of the largest retailers in the world. Along with its wide selection of merchandise and services, Tesco offers several different consumer credit card options that provide users with benefits such as balance transfer options, low APR, and compelling introductory offers. Before election your Tesco credit card, take a moment to review the different options available to you.
Tesco Clubcard for Purchases
The Tesco Clubcard for purchases offers enhanced buying power with its introductory zero-percent interest rate for the first 16 months. You’ll enjoy these low rates in addition to accumulating up to 5 Clubcard points per pound spent on purchases made at Tesco, and you’ll get 1 point for every 1 spent outside of Tesco and its partner companies. These points can be redeemed for Tesco merchandise, airline tickets, and meals at local pubs and restaurants. In addition, you can take advantage of zero percent interest on balance transfers for up to six months. The balance transfer fee for this offering is 2.9 percent, making it an affordable way to manage existing debt.
The Turkish residential mortgage market has grown significantly over the last few years mainly driven by falling interest rates. The New Mortgage law that passed in March 2007 further strengthened the legal background for both primary and secondary market triggering a sudden increase in the mortgage product variety. While there were only a few mortgage products before the new mortgage law, currently there are more than 20 different mortgage products for consumers.
However, the fast growth in the market has not been absorbed by the general public. Surveys show that more than 50% of the people don’t have sufficient understanding of the new mortgage system. Moreover, most people have the perception that the new mortgage system is a miraculous system that will let them buy houses without any savings and with very low monthly payments. This article addresses some of the misconceptions and draws attention to the reality by focusing on the real costs of mortgages.
Length of Loan and Interest Rate Relation: While some banks have started to offer mortgage loans up to 30 years in Turkey since the new mortgage loan passed in March 2007, currently the mortgage rates in Turkey are too high to get a loan with loan length of longer than 10 years. The consumers would be better off with loans less than 10 years.
To demonstrate the irrationality of getting a loan with a length of more than 10 years a simple comparison of monthly payments in a few cases will be sufficient. When monthly interest rate is around 1.30% for most banks, as it is in November 2007, monthly payment of only 2-year loan would be 4,877 New Turkish Lira (YTL). Extending the length of the loan to 10 years, would decrease the monthly payments to 1,650 Turkish Lira, a 82% reduction in the monthly payment. While 82% reduction in monthly payments is significant by extending the length of the loan by 8 years, a further extension in the length of the loan does not decrease the monthly payment significantly. For example, if the length of the loan is assumed to be 20 years, the monthly payment will decrease to 1,361 YTL, an additional 18% reduction from the monthly payment in one-year loan. So increasing the length of the loan an additional 10 years decreases the monthly payment by only 18% more. Even more interestingly, for 30-year loan, the monthly payment decreases to 1,313 YTL, an additional 4% reduction in the monthly payment for another extension of 10 years in the loan.
Let’s note that if the interest rates were lower, the optimum point for length of loan would be more than 10 years. For example, if the monthly interest rate were 0.5%, the reduction in the monthly payments would be 87%, 35% and 16% for 10 year, 20 year and 30 year loans respectively (as opposed to 82%, 18% and 4% with 1.3% monthly interest rate). Similar length of loan comparisons can be computed with a mortgage payment vs. length of loan comparison calculator.
Cost of the loan: Interest rates, commissions and fees
The most important thing consumers should do is calculating the real cost of the loan. The cost of loan includes the interest rate, expertise costs, insurance costs and most importantly, fees and commissions.
While interest rates of the banks are usually available on their web pages, most banks do not choose to publicize the commissions and fees upfront. There are cases when consumers apply for mortgage and goes through all the paperwork without any clue about the fees up until the last steps. Since it is usually known that fees are overlooked by the consumers, some banks offer low interest loans with significantly higher fees, which turn out costlier than the high-interest loans. Such incidents can be avoided if the consumers search internet for the mortgage costs. Kredihavuzu.com provides comprehensive information about the mortgage costs for every bank. Effective interest rates should be calculated to compare the real costs of the loan across different mortgage products with fees included in the costs.
To develop a fresh house is an honest time to united inexperienced highlights in it. A global-green house not solely decreases value of construction, however additionally fills up the factors to form it a lot of valuable within the close to future. Let’s choose, however you’ll be able to develop a global-green living resident.
Your wall and ceiling ought to be separated
Quality separateness makes your home cold throughout summer and heat in winters. Through wool, fiber glasses and a few mirror foils, you’ll be able to differentiate the walls and ceiling of your home. Cooling and heating method holds for around half of the home’s total energy consumption.