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.

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.

Getting Unsecured Loan for Borrowers with Bad Credit

Banks and financial institute offer loans and advance for their customer having good credit history. If you have bad credit history you need to keep some collateral security against your loan. It is very difficult for bad credit customers to get a loan unless he has some collateral security. The interest rate will also be more than customers with good credit history.

You may find very frustrated with bad credit history. This will destroy you financially and you may see your future going down. But do you know there are some financial institutes or lenders who offer loans for borrowers with bad credit history. They offer loan for borrowers with bad credit history realizing that by not giving loan for borrowers with bad credit history, they are excluding a huge sector of the market or business.

You can improve your credit history by combining income of your spouse or children or relative to improve your repayment capacity. If you are fed up with “No” of banks and financial institute, just search in internet for unsecured loan. There are number of lenders and some lenders only concentrate to give loans to borrowers with bad credit history.

When applying for bank loan, remember not to choose first lender you come across. You need to search for more lenders and choose the best deal. When applying for unsecured loans you need to know why the lender is actually offering you money. Do not apply for loan unless you feel comfortable with. Remember there are some scam lenders who offers small amount to know your bank details and trap you in bigger trouble. When choosing a bank or lender, choose the bank which has good history and are comfortable to deal with. Before you sign or apply for loan, know the terms and conditions, processing fee and penalty charges, interest rate, tenure period, monthly EMI etc.

Other chance for getting personal loan is presenting down payment and processing fee for the loan. This will add an impression that you are currently having capacity to pay monthly EMI. Co-signer will also help you improve your credit history, lender sees that your co-signer is having good credit history and if you fail to repay the loan, co-signer becomes accountable. Thus, lender will show interest to provide you loan. Presenting co-signer helps to boost your chance.

Reference:

Lenders for People with Bad Credit

bad credit loans

Know your personal loan

Refinancing Home Loan

Refinancing your home loan enables you to save and bring down your monthly EMI. Current market trend shows that real estate market is suitable for investors and home buyers. Stable government and cut down in bank rate will influence in demand for home loan. If the interest rate charged by your lender is higher than current market rate, you can refinance your home for cheaper rate.

Refinancing is transferring or switching your home loan from existing lender to new lender. Refinancing of home loan is also known as Balance Transfer or switching of loan. When refinancing or balance transfer, borrower transfers his outstanding home loan from one lender to another. Borrower often switch bank loan to enjoy cheaper interest rate and monthly EMI is low when comparing with existing home loan.

Some property owners make good saving by switching their home loan from one lender to another. When switching your home loan you need to calculate the processing fee for new loan and charges or penalty charged by existing bank or lender on paying off your home loan before agreed period or time. You need to transfer or switch your home loan only if you are going to save money in long run by switching.Ensure that new lender has minimal or zero penalty charge in case you refinance or switch your home loan in future.

You need to know the terms and condition for switching your home loan. Before you decide to switch your loan, you need to negotiate or bargain with your existing lender. He may give you good offer to continue with current lender. If you find the new lender is offering you good offer or incentive for your home loan, switching is good idea. Typically you must continue in your current loan from 12 months or more before you refinance your home loan.

Banks and financial institutions are lowering interest rate and schemes are designed for targeting home buyers. Cut down in property registration charge, stable government, property price going down are good sign for investing in property. Make good market research before switching your home loan.

Things to remember when refinancing home loan

• Refinancing or balance transfer is process of transferring outstanding home loan from one lender to another

• Calculate the processing fee for new loan and charges or penalty charged by existing bank or lender on paying off your home loan

• Before you decide to switch your loan, you need to negotiate or bargain with your existing lender.

• Typically you must continue in your current loan from 12 months or more before you refinance your home loan

• Ensure that new lender offer minimal or zero penalty charge in case you refinance or switch your home loan in future.

Links to Refer

Avoiding Capital Gain Tax by Investing on property

Refinancing

Debt Consolidation Loans for Improving Your Credit History

Banks and financial institutes play vital role in providing loans and advance to its customers and help to meet immediate requirement. Some banks offer loans to pay off other loans or debts. Debt consolidation loan is similar loan which helps borrower to clear their debts and bring down the monthly EMI rate.

Debt consolidation loan is taking one loan to pay off many other loans or debts. Debt consolidation loan helps to eliminate your number of creditors and improve your credit history. Debt consolidation loan is also available to borrowers who has bad credit history or is in danger of bankruptcy.

Suppose you have taken loans from different banks for different purpose such as Personal loan, vehicle loan, home loan, credit card dues etc and the interest rate of each will not be affordable by you. This will put you again in financial trap. Debt consolidation loan helps you to pay off all loans with your single loan and interest rate will be comparatively lower and get more time for repayment of loan.

Debt consolidation loan can be either secured loan or unsecured loan. Banks needs no security and guarantor for unsecured loan. You can payoff your debts and eliminate creditors from your credit history. This helps to improve your credit history and the monthly interest for current loan will be lower than previous loans.

Personal Loan Made Easy With CF2009

Personal loan is loan available for personal use which needs no collateral security. You can get loan for any personal use from buying household items to making trip for your world tour. CF2009 has made easy availability of personal loan with cut down in processing fee to 50%. CF2009 played vital role in helping borrowers to get personal loan easy and processing fee is half rate comparing to other borrowers.

What is CF2009?

Citibank offers 50% discount in processing fee for Commonfloor users. Bank offers personal loan at your door step within 48 hours. CF2009 is reference code to enable you get the offer. All Commonfloor users can avail this offer by referring code CF2009 when applying to personal loan.

Why CF2009 for personal loan?

You can enjoy 50% discount on processing fee when applying for personal loan at Citibank. You can get up to 15 lakhs. Documentation of personal loan at Citibank is very simple and easy. You need no guarantor or security and you can get flexible repayment option which suits your need and income.

How can I get this offer if I am not a Commonfloor member?

It is very simple, if you are not a Commonfloor member, click here CF2009 will provide easy personal loan and 50% on processing fee when comparing to other non members. Citibank offers following terms and condition for personal loan.

Make Your Dream Come True With Easy Personal Loan

Personal loan is available without any collateral security and with easy repayment option. Now you can owe or enjoy trips with your personal loan. Personal loan is easy like opening a bank account. Get a personal loan and make your dream true.

How can I get a personal loan?

Personal loan is easily available and needs no security or guarantor for loan. You can contact any bank which are lending personal loan. If you have an account in any bank, they will offer you personal loan. Some important banks which lend personal loans are following.

• ICICI Bank is one of the leading banks which offer various loans such as home loans, personal loan, vehicle loan, educational loan etc. Repayment option range from 12-60 months and needs no collateral security.

• Citibank is known for its service and fast cash. Ready cash personal loan is one of the important features of Citibank. They offer cash up to 15 lakhs at your doorstep within 48 hours. If you are applying for Citibank personal loan refer the reference code”CF2009″ for getting 50% discount on processing fee.

• HDFC Bank is leading bank which offers insurance covers for borrower in case of death or permanent disability. Insurance insures principle outstanding on the loan. HDFC offers personal loan for various legitimate purpose such as business development, buying home appliance, tour or trip with family or friends etc.

Reference:

Know more about personal loan

Easy personal loans