10th Class Social Science Money and Credit

  • question_answer 9) A House Loan Megha has taken a loan of `5 lakh from the bank to purchase a house. The annual interest rate on the loan is 12% and the loan is to be repaid in 10 years in monthly instalments. Megha had to sumbit to the bank, documets showing her employment records and salary before the bank agreed to give her the loan. The bank retained as collateral the papers of the new house, which will be returned to Megha only when she repays the entire loan with interest.   Fill the following details of Megha's housing loan.             
    (a) Loan amount (In Rupees) (b) Duration of loan (c) Documents required (d) Interest rate (e) Mode of repayment (f) Collateral  
     

    Answer:

     

    Loan amount (In Rupees) 5 Lakhs
    Duration of loan 10 years
    Documents required Salary slips, employment record
    Interest rate 12% per annum
    Mode of repayment Monthly installment in cash/by cheque
    Collateral New house papers 
     

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