Home Loan by SBI-North Karnataka at 8 per cent

SBI-North Karnataka offers Home Loan for residents or Property buyer in North Karnataka. SBI, one of the India leading Home Loan provider offers Home Loan at a very low interest rate of 8 per cent and with less document formality. SBI-North Karnataka Home Loan helps property buyers in North Karnataka and borrowers to take-over of housing loans from other Banks.

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The North Karnataka includes the districts of Belgaum, Bijapur, Bagalkot, Bidar, Bellary, Gulbarga, Yadagiri, Raichur, Gadag, Dharwad, Haveri, Koppal and Uttara Kannada District. Major cities in this region include Hubli, Dharwad, Belgaum, Bellary, Bijapur, Gulbarga and Karwar. Residents of North Karnataka or People intersted in buying property in North Karnataka can apply for the Home Loan.

SBI-North Karnataka also offers takeover Home Loan at 8 per cent for borrowers who are paying more interest for their existing Home loan from other Banks/Institutions. The Borrowers in North Karnataka can utilize this scheme to bring down their interest rate and take-over of housing loans from other Banks.

State Bank of India, the largest state-owned banking and financial services company in India,provides a range of banking products through its vast network of branches in India and overseas, including products aimed at NRIs. SBI-North Karnataka offers Home Loan at 8 per cent and also offers Takeover Home Loan where borrowers who are paying higher interest for their existing Home Loan can bring down EMI or interest rate by using this scheme.

State Bank of India also presents a SBI Triple H Scheme (Health, Happiness and Home). SBI Triple H Scheme offers free insurance for 9 critical illness for Loans sanctioned up to 31st Jan 2011and EMI as low as Rs 836 per lakh. The Home Loan offered by SBI is lowest interst rate of 8 per cent.

Land loan for finance to buy a plot

A land loan is different from housing or home loan granted by banks or financial institutes for those borrowers or buyers who aren’t ready to begin construction at this time or just wants to buy a plot. Usually, banks insist that the plot of land be purchased from a recognised authority such as the development authority of the city, from a society, or from a recognised developer. The loan amount has no relation to the market value of the property. Most banks specify a limit for the loan-to-value ratio that they would finance for a land purchase. It could vary from 70 to 80 percent of the registered value. The maximum loan amount that banks or financial institutes lend for the purchase of a plot of land differ from one bank to another.

Many different factors can go into an approval for a land loan, including future plans, and the down payment.In addition to the normal documentation, some additional documents are required to avail a land loan. These include original documents regarding ownership of land, no encumbrance certificate certifying that the land is not already mortgaged from the registrar’s office, layout drawing (as approved by the city development or planning authority) of the location where the plot of land is located with details of the precise location of the plot and its surrounding areas, no objection certificate from the society for sale and transfer of land, revenue receipts confirming payment of land dues to the government and tax receipts for taxes paid by the owner of the land.

The repayment of the loan is through equated monthly instalments (EMIs), just like in case of other home loans. However, the tenure of these loans is usually shorter – up to 10 years.  It is to be noted that no tax benefits are available on land loans. The interest paid on the money borrowed for the purchase of land is not eligible for income tax deductions. However, once the borrower converts the land loan into a housing loan to finance the construction of a residential property, he can avail the tax benefits available under the Income Tax Act.

Loan against property has come as a boon for borrowers

Loan against property (Lap) has come as a boon for borrowers who need large sum of money to fund their emergency financial needs.If the property is currently not under any mortgage, the process to avail a Lap is simpler as compared to a mortgaged one.You can take Lap as a lump sum amount or as an overdraft account, which lets you draw more than your available bank balance.

Lap was essentially a domain of foreign and private banks.Bankers said that mostly salaried customers take Lap when they need money for marriage or foreign education of kids, when buying a new property or to fund their business needs and to pay off debt. Make sure that you repay loan on time. If you don’t, you run the risk of losing the property you pledge.

Loan for senior citizens

A Reverse Mortgage is a loan for senior citizens where they do not have to repay loan as long as they continue to live in their home. The owner’s responsibility to pay back the loan is delayed until the owner dies or the home is sold, or the owner moves.The loan becomes due when you sell the property, moves to another house or dies. If one of the spouses dies, the other can continue living in the house.

Valuation of the residential property would be done at such frequency and intervals as decided by the reverse mortgage lender, which in any case shall be at least once every five years.The homeowner’s obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (i.e. moves to aged care).

In case you sell the property, move to another house or you and your spouse die your heir can settle the overall outstanding loan and retain the house. If your heir fails to retain or settle the overall outstanding loan, the bank will proceed to settle the outstanding loan and give the rest to the heirs.Reverse mortgage is loan and not income, hence the same will not attract any tax liability.

Links to refer

Reverse Mortgage Loan For Senior Citizens

Home loan for NRIs for Property Buying in India

If you are of an Indian Origin and holding an Indian Passport then you are entitled to buy any property. Person or Persons of Indian Origin need not require any approval by the Government of India to buy immovable properties. If you are buying the property through your NRE accounts, then you could repatriate your sale proceeds and rental income to your foreign account.

When Buy your property with a home loan,Your personal documents required for your home loan pre-approval only. Disbursement will happen only when you buy the property.

Documents required by salaried (Non Resident Indian)

1. Loan application form duly filled and signed. Two photographs of both the applicant and the co-applicant with signature on front and back.
2. Copy of passport. (Along with latest visa stamp and date of entry stamp), Proof of residence in India. (Electricity / Telephone bill / Ration card / Society maintenance bill / LIC Policy / Mobile bill / Utility bill like Gas Supply bill), Proof of residence in Abroad (Electricity / Telephone Bill / Mobile Bill / Utility Bill e.g. Gas Supply bill / Driving License), Copy of Identity card / Social Security card / Work permit (Hikama) Copy of credit card. Last six months bank statements of all the NRE / NRO account in India.
3. Last six months bank statements of bank account held abroad where salary is credited Copy of Contract / Employment Certificate Copy of Annual Salary Certificate specifying the mode of payment (If payment is fully or partly received in cash) Salary Slips for the immediately past 06 months.
4. Copies of Sanction Letter of Loans availed in India and abroad Self Declaration of Residential Status Initial Processing fees cheque of Rs 5612/-, this is charged by the Bank, we can do away with this for the time being and once you want to have the application approved you please send this to us.
5. Please note that all the above documents need to be certified by the Indian Embassy abroad. Documents relating to income / salary needs to be attested as true by your employer.
6. All documents in foreign language need to be translated in English.

Links to visit

Factors To Consider When Getting A Home Loan

Get Tax Rebate from Your Home Loan

Documents required for home loan for flat purchased from the builder

Buying a property or apartment from reputed builder makes your documentation fairly simple and easy. Banks and financial institutes has list of approved developers and their customers get loans or advance easily from banks and financial institutes.

Important documents required

If you are buying the property or flat from approved builder, following documents makes documentation simple.

• Agreement to sell
• Lien agreement in favor of the bank
• Schedule of payment to be made

Other important documents required

If your builder is not in the list of approved builder but offers fair deal in real estate, you can get home loan by producing following documents.

• Salary slip/Form 16 A.
• Identity Proof
• Address Proof
• Bank statement for last six months
• Details of monthly income and expense
• Original copy of your agreement with the builder
• Search and title report (with the details of documents)
• Development agreement between the owner of land and the builder
• Copy of building plans sanctioned by the competent authority
• No Objection Certificate from corporation or competent authority.
• The latest receipts of taxes paid.

Guidelines for your Personal loan

Personal loan is one of the loans offered by banks or financial institute to its customer. Lending company charge small interest for the loan offered to its customers. If you systematical plan, you can get your personal loan easily. Following guidelines help you to get personal loan easily from your lender or lending company.

• Kind of Loan: Banks or lending company offers secured loan and unsecured loans. Secured loans are risk free for lenders and lending company  accepts security against the loans offered to borrowers. Unsecured loans are provided considering the repayment capacity, income and credit history of borrower. You have to choose the right kind of personal loan that can be affordable by you or suits best for you.

• Best deal: Contact as many lenders as possible before you decide or choose a lender. Making research and bargain with each lender will help you to find best deal for you. This will enable you to get best from your lending company. Know the rate of interest and penalties for late payment or fines on default charged by each lender or bank. Select or approach lender or bank that offers best for you.

• Documents and down payments: Know the details of documents required for getting your loan sanctioned. This will help in easy documentation and submit or keep your documents ready for verification. While applying for loan, you will have to pay down payment of 10 to 20 per cent of your loan. Keep the same ready and paying maximum down payment will help you bring down interest charged by your lender.

• Improve credit rating: Make prompt payment of loans and advance in each month will help you to improve financially. Prompt payment of loan enables you to payoff you debt and improve your credit history. Prompt payment helps you to get more loan or financial assistance in future.

Banks and financial institutes offer personal loan to improve credit history or meet immediate requirement of a borrower. Personal loan are expensive when comparing to other loans or advance. Consider taking loans from family or friends before applying for personal loan. Personal loans must be last resort. Plan you financial and use personal loan to clear your debts or to meet immediate and emergency requirement.

Personal Loan To Improve Your Credit History

Personal loan is easy loan for meeting your immediate requirement. Banks and lenders come up with various offers to attract their existing customers and new customers. Interest for your personal loan depends on your credit history and type of loan you apply. If you have good credit history or collateral for your loan, interest rate will be low and it is very high for unsecured loans or borrowers with bad credit history.

Before applying for personal loan, develop a plan to analyze and payoff your debts. Calculate your monthly income and apportion your expense for the month. Develop a plan to payoff your credit card debts and debts with highest interest rate. Do not use your credit card to payoff current debt which will add additional burden.

When applying for personal loan, know the foreclosure charge or penalty for foreclosure of your debts. Apply for personal loan which offers best interest rate for you and it is recommended to contact with bank that has an official tie-up with your company is very likely to offer you a better deal.

To improve your credit history, first clear off all your credit card outstanding then debts with highest interest rate. What you should do is plan to borrow the lowest amount possible for your situation and plan to make monthly payments that are a good deal higher than the minimum required. The sooner you can pay back a personal loan when you have bad credit, the better it will be.

Loans For Unemployed or People With Bad Credit History

Banks and financial institutes offer loans and advance for borrowers or customers with good credit history and ability to repay the loan. Most lender rejects application of borrowers with bad credit history or people who are unemployed. Money is important to meet day to day expenses. Unemployment and bad credit history becomes a curse when applying for a loan.

• Secured Loan: If you are unemployed or have bad credit history but you have collateral security like vehicle, home or other securities, banks and lending companies will come forward to help you. You will have to keep your property or security as collateral security against your loan.

• Family Loan: In case you are unemployed and your credit history is not worthy for getting a personal loan, you need to consider other source. One of the important sources of fund is loan from family or friends. Family loan or loan from friends and relative helps you to overcome current financial situation and built good credit history in short period of time. But you need to make prompt payment. This will help you to get future assistance from family and friends.

• Doorstep Loan: Doorstep Loan is loan available from private lender for higher rate of interest. But this becomes good source of fund or money to meet your immediate requirement and come out from financial problem. These loans are available for short period and rate of interest is comparatively high.

• Online Lenders: Fund or loan from online lenders is another source of personal loan. There are number of websites where lender offer loans and advance for affordable rate and flexible repayment period. You need to just fill online form and fund or amount will be transferred to your account. You need to make more research and choose the lender who offers maximum repayment period and low rate of interest. While applying online loan, you must take precaution as there are spam lenders who make offer to know your bank account number and financial details. This will lead you to bigger debt trap. Make good research and take precaution steps.

• Consolidate debt loan: Consolidate debt loan is loan available for people with bad credit history. Consolidate debt loan helps to consolidate all your loan and payoff with new loan. Consolidate debt loan is process of getting new loan to pay off existing debt and consolidate debts under single lender. This helps you to improve your credit history.

Loan Against Property For Liquidity In Quick Time

Loan against property enable you to raise fund or loan. Loan against property is secured loan where borrowers keep their property as security for raising the loan. But loan against property is different from home loan or loan against security.

Loan against property is not a home loan or mortgage loan. Home loan or mortgage loan is loans used for purchase of property or plot but property against loan is loan which can be used for any purpose. Loan against property is cheaper when compare with personal loan and other unsecured loans.

You can take loan against your residential property, commercial property or even on plots. Some banks even provide loans against Industrial property. You can provide any of your property as security for your loan but if you live in co-operative society apartments, you need to submit No Objection Certificate by your co-operative society.

Documents and process of loan against property is similar to other secured loans. You need to enclose your address proof, documents of property, age proof and identification proof, employment details, monthly income are some of the important documents required. Some lending companies or banks ask three or six months bank statements to sanction your loan.

The bank does verification process where your application for loan against property will be verified before sanction of the loan. On completion of verification, lender offers you offer letter. If you accept the terms and condition are accepted by you, bank or lender does valuation of property and disburse the amount.

Loan against property is easy and safe loan where you get more time and interest is lower comparing to personal or other unsecured loans. If you make default in paying monthly EMI or principal amount with applicable interest, bank may take action to foreclose your property. Once foreclose process or procedure is complete, you will lose your rights on your property.

Loan against property is easy source of fund for those who make prompt payment. Loan against property is secured loan which can be used for any purpose. You can get your loan for expanding business, trip to go abroad for vacation, children’s education, marriage or other emergency needs. Interest rate is comparatively lower comparing to personal loan and other unsecured loan.

Loan against property is offered by almost all banks because it is less risky for lender. HDFC, State Bank of India, ICICI Bank, Union Bank of India are some of the leading banks for loan against property.