Automated Clearing House. ACH are electronic payments that are created when the customer gives an originating institution, corporation, or other customer (originator) authorization to debit directly from the customer’s checking or saving account for the purpose of bill payment. A home loan borrower can sign an ECS mandate which enables him to pay monthly instalments to the financial institution electronically without the need of a cheque.
ECS is called Electronic Clearing System. ECS is an electronic mode of funds transfer from one bank account to another. A home loan borrower can sign an ECS mandate which enables him to pay monthly instalments to the financial institution electronically without the need of a cheque.
PDC is called Post Dated Cheque which is written by the payer for a payment in future. The borrower can service his monthly instalments by submitting specified number of PDCs in advance and can replenish them as they get exhausted. However, in order to avoid inconvenience and be efficient, ECS/ACH payment are increasingly used by most of the borrowers towards repayment.
TAM is called Technical Appraisal MEMO which is the output of the technical appraisal of the property done by the technical valuer/certified engineer and contains detailed overview of the technical aspects of the property to be financed including construction as per approved plan, approval from competent authorities, stage of construction, structural stability, deviations if any.