The word net monthly repayment is defined as the standard payment that must be made every month to a lender. The purpose of making this net monthly repayment is to repay a loan that has been taken. It must be paid according to the schedule or scheme of repayment of the loan, which is clearly written in the original loan agreement.
Net monthly repayment is also called a net payment. This is because any tax relief which can be applied to the net monthly amount which is repayable has already been taken into consideration.
If this kind of relief is applicable to the person who has taken a loan, the necessary deduction would already have been made out of the gross payment. Hence it is called a net payment. The term net monthly repayment was most often applied to MIRAS tax relief on mortgages. The MIRAS system was abolished in the year 2000.
Net monthly repayment is also called a net payment. This is because any tax relief which can be applied to the net monthly amount which is repayable has already been taken into consideration.
If this kind of relief is applicable to the person who has taken a loan, the necessary deduction would already have been made out of the gross payment. Hence it is called a net payment. The term net monthly repayment was most often applied to MIRAS tax relief on mortgages. The MIRAS system was abolished in the year 2000.
