Make sure that your monthly income exceeds
your monthly outgo, so that you never have overdraft fees.
Consider this: if you are considering mortgage when you are in your thirties, a 1 year mortgage term may not be suitable because of the higher
monthly outgo.
Opting for such a mortgage provides you with the knowledge of what
your monthly outgo will be throughout the next 1 year, 5 years, or 10 years, depending on the duration of your mortgage.
The drawback of such rates is the impact they have on
your monthly outgo as EMI.
It is a great option for those who are good at budgeting and do not want
their monthly outgo to go haywire because of market conditions
Not exact matches
The total premium
outgo is less if you opt for the one - time payment or an annual payment compared to frequent payments such as
monthly modes.