Not all loans are the same. It all depends on the nature of the loan and the type of property being purchased. For example, in the case of recovery or transfer of property, the full and final exchange of the loan is done at the same time. For properties under construction, only a partial loan is exchanged, which means the money will be released in stages.
Maken IQ tells you that each loan option has a different subversive mechanism.
Buying a home is an emotional decision once in a lifetime and for many of us for which we save most of our savings, borrow money and make a monthly payment commitment that lasts for many years. When negotiating interest rates and processing fees with financial institutions, we often forget the cost-saving opportunity that is present before our eyes. Some of the biggest concerns of every home loan borrower is to be fit for a higher loan amount, so that one can easily choose his dream home and get a home loan approved and disbursed quickly. Fortunately, there is a way in which one can take steps not only to reduce these worries to some extent but also to reap many benefits at the same time. Home loans for women are the answer.
Home Loan Eligibility for Women:
For any financial institution to approve a home loan to a person, she must be able to meet certain criteria set by them. When it comes to homefirst, these home loans are a little simpler for women's eligibility criteria:
She should be a citizen of India
She should be over 20 years of age and under 60 years of age
Credit score should be 650 or higher
✔ Monthly family income of Rs.15,000 or more
Aside from the issues mentioned above, a specific home loan eligibility can be calculated using a home loan eligibility calculator.
The above benefits in terms of home loan for women can give a big relief to the borrower in terms of some cost savings associated with buying a home and speed up the whole process of home loan approval. Involving the wife as the main applicant or co-borrower not only reduces the burden of home loan EMI on the individual, but is also an important step towards achieving women empowerment.
So, ladies, who are planning to buy a house, take good advantage of the home loan scheme for women and take a step towards your dreams!
5 Cheapest Home Loan Banks
Union Bank of India:
The state-owned bank is offering home loans at 6.70 per cent. The bank charges a processing fee of 0.50 per cent on the loan amount. Of course this processing fee does not exceed Rs 15,000.
Bank of India:
The bank is offering home loans at 6.85 per cent interest. Bank of India charges processing at 0.25 per cent of the total loan amount. The amount is between a minimum of Rs 1,500 and a maximum of Rs 20,000.
Central Bank of India:
You can get a home loan from this bank at 6.85% interest. The bank charges a processing charge of 0.50 per cent on the total loan amount. Of course, the bank has set a maximum processing charge of Rs 20,000.
Canara Bank:
This public sector bank is offering home loans at an interest rate of 6.90 per cent. The bank charges a processing fee of 0.50 per cent on the total loan amount. The bank has fixed a minimum processing charge of Rs 1,500 and a maximum charge of Rs 10,000.
HDFC Bank:
The country's largest private sector bank is also offering home loans at an interest rate of 6.90 per cent. In terms of processing fees, the bank charges a processing charge of 0.5 per cent of the total loan amount. Of course, this charge cannot be more than Rs 3,000.
If you need money for a short period, the easiest way is a personal loan. People are always hesitant before taking out a personal loan, as no specific information is available about it. But with a personal loan we can meet our own needs.
Personal loans are available at interest rates set by banks and various financial institutions, meaning personal loans can be useful for everything from moving around to shopping, jewelery or starting a business or even paying a credit card bill. Let me tell you that a personal loan can range from a minimum of Rs 50,000 to a maximum of Rs 50 lakh.
Get information about the best interest rate
The interest rates of each loan company are different. So market rates keep changing. You should look at these different offers before taking out a personal loan. The difference in interest rates may be small but in the long run these rates can affect your EMI.
Whatever the loan period, it is important to choose the best interest rate to make the loan repayment affordable and hassle free. With the help of online facility like EMI calculator, you can calculate EMI based on loan amount and loan period. This way you can make the right financial decision in an emergency.
This document for a personal loan
Most of the time if you go for a loan you need the same type of document. Only one or two documents can be minus plus. For personal loan you need passport size photo, proof of income, proof of identity, ration card or electricity bill, PAN card and pay slip.
In case of loan, there is no charge if you repay ahead of time. The procedure for closing a loan ahead of time is called foreclosure. However, other loans carry a prepayment penalty on foreclosure.
Everyone has an economic crisis from time to time. At such times it becomes difficult to get a loan easily. In an emergency like medical or accident, a person is not in a position to pledge anything to get the documents and the amount of qualification or requirement.
At such times gold remains handy. Based on which a person can get a gold loan.
Qualification
You do not need to provide a salary slip, credit card history to get a gold loan. In such a situation, an unemployed or uneducated person can take a loan against gold. The value of a loan against gold depends on how much gold you have.
While personal loans are available to salaried, self-employed or professional persons. However, this loan is available only when the person has a good ability to repay the loan.
Documents
Getting a gold loan does not require much documentation. A few documents and ID proof and address proof are required to take a gold loan.
To get a personal loan you need last 3 months salary slip, 6 months bank statement, last 15 days credit update, proof of identity and address proof. Any other type of loan requires a loan schedule. It is necessary to give details like bank statement etc.
Interest rate
Gold loans are usually available at an interest rate of 12 to 16 percent. Personal loans are available at an annual interest rate of 15 to 26 per cent.
The term of the loan
It only takes a few hours to get a gold loan. Which makes it useful in times of emergency. These loans range from one year to 3 years. Some banks do not charge a loan prepayment charge while it takes a few days to get a personal loan. This process is due to verification.
Fees
Gold loans do not charge a processing fee. However, there is a charge for the valuation of gold. While on personal loan the bank charges 2 to 3 per cent processing charge.
Do you remember the 2008 housing loan crisis in the United States? Most companies in the US offered teaser loans, which resulted in a home loan crisis in the US.
Speaking of India, it is common in our country to issue teaser loans. Especially teaser home loans. In fact, in the last several years, leading institutions or companies like State Bank of India have started giving teaser loans.
People who are unfamiliar with teaser loans must ask what is a teaser loan? How is it Here are all the things you need to know about teaser loans ...
A teaser loan is a special loan that is given for a certain period of time and can be withdrawn.
What makes it different from other loans?
Teaser loans differ from other loans in that teaser loans have lower interest rates in the early years. Or there are special offers for it. The loan lender has to pay interest at normal rate after completion of the prescribed period.
SBI had two types of teaser loans
In India, two types of teaser loans were offered by the State Bank of India. The first type includes Easy Home Loans and the second type includes Advantage Home Loans. However it was later withdrawn. The loan had a low interest rate for the first three years and then a normal interest rate.
Directions of the Reserve Bank
Due to the high risk of bankruptcy in teaser home loans, the Reserve Bank of India pointed out that the provisions for it should be stricter. The bank said the teaser loan should be scrutinized so that the risk of bankruptcy remains the same as other loans.
Can I take a teaser home loan?
Just because banks offer teaser home loans does not mean that you should take out a teaser loan. Before taking out any loan, you should consider your ability to repay the loan.
by April 13, 2015,
These banks offer the highest interest on fixed deposits
Reserve Bank of India officials have called a meeting in early February 2015. At this meeting, they will decide on amendments to the country's new monetary policy. The meeting is expected to decide on interest rate cuts in banks as the wholesale price index has reached zero.
If you want to make a safe investment and for this you think fixed deposit is the best investment tool, now is the best time to invest in a bank fixed deposit. Because next month, interest rates on bank fixed deposits will probably go down.
Here we are showing which bank pays the highest interest for a fixed deposit of Rs. 50,000 for a period of 1 year and 6 months for Indian citizens ...
9 percent interest rate
At present, interest rates of 9 per cent are being offered by Central Bank of India, Dena Bank, Punjab National Bank and State Bank of Mysore. The interest is calculated every three months. At maturity you get back Rs. 57,106 with interest.
Many Indians who trade in the stock market avoid trading in the forex market. An important reason for this is the lack of knowledge and information on the subject. The important thing is that with the help of technology anyone can trade in the forex market without any time constraint. However, trading in the forex market is not easy as it carries a high level of risk.
Here are some interesting facts about the Forex market, which will help a person to do forex trading ...
The foreign exchange market is the largest and most liquid in the world.
Forex market works 24/5. It opens at 5 pm EST (10.00 on GMT) on Sundays and closes at 5 pm EST (10.00 am GMT) on Fridays.
The Forex market has a daily turnover of 3. 3.98 trillion.
A person can do forex trading at any time if he has an internet connection.
. The foreign exchange rate of the currency you are trading depends on its demand and supply globally.
The largest currencies in the world are as follows. United States (USD), Eurozone (EUR), Japan (JPY), Great Britain (GBP), Switzerland (CHF), Canada (CAD), Australia (AUD), and New Zealand (NZD).
Any first currency in a currency pair is called a base currency. While the other currency is called the quote currency.
PiP = is used to denote a small improvement in the price of a currency pair. For example, if the USD / EUR changes by 1 pip, it changes from 1.2345 to 1.2346.
Quotation is said to indicate the current value of a currency on the basis of which it is exchanged with another currency.
No comments:
Post a Comment