Getting a loan against property? Here’s what you need to know

Sometimes people need money which they don't have. Instead of badgering friends and relatives, getting a loan from a bank is easy and safe.

Whether you need money to finance your business or for your daughter's wedding, asking friends and relatives for help is never easy. Not only does it look presumptuous, it is best to keep relationships and money separate. And you don't really have to. Getting loan against property is easy in today's times as long as you are capable of repaying it. Indians are noted for their seriousness when it comes to repaying anything they have borrowed and that is why banks and financial institutions don't mind lending money. Here are some things to know before you mortgage your property for a loan.

What it is

In India, this means that a bank gives you money when you mortgage a piece of property with it. Property may be a house, apartment or just a piece of land and depending on its value, you get a corresponding amount of loan. Loan against commercial property is also being considered quite a lucrative option these days.

Purposes you can use it for

There are many purposes for which you can use this money. A loan against property in Gurgaon or loan against property in west delhi can be used to build a new house or to do up an existing home. One can also fund medical treatment, take a vacation, expand a business or send a child for higher education abroad. Basically, it can be used for almost anything as long as one repays it. 

Eligibility criteria for getting loan against property 

Getting such a loan is not very difficult as long as one has the eligibility to do so. The eligibility criteria differ from one bank to another, so you may want to check your loan eligibility before login. However, there are some common factors that all banks in India will check before a person is considered eligible for a loan. Your income and savings and any pending debt obligations you have will be checked thoroughly. Of course, the property in question will be valued to make sure that it can be mortgaged. Your repayment history for loans and credit cards will also be gone through.

Mortgaging one's property to raise a loan is considered one of the best and easiest ways to get a loan in the country. The only problem is that if by any chance one cannot repay the loan, the property which has been mortgaged will be taken over by the bank. Hence, the chances of losing the property is high and therefore repayment should be taken very seriously

Source: http://www.imfaceplate.com/inrcredit/getting-a-loan-against-property-heres-what-you-need-to-know

Home Loans - Things You Need to Know

Home purchasing in India has never been this easy and approachable. The credit for the same goes to home loans. Among so many leading companies that provide customers easy loan options, well established ones are surely considered to be the first choice. 

Loan Application Requisites

The banks and lending institutions often follow the rule for maximum loan for salaried employees and keep your loan amount 60 times more than your net monthly salary. Also the maximum amount you can avail is the loan upto 75% of property value.

Your earning should look promising to pay back in the future.

In case you have any ongoing loans like auto loan or personal loan, you will not be eligible to take a home loan.

Some important documents required are address proof, income proof, identity proof, salary slips and statement of bank account in which the salary is credited.

Total Loans

Purchasing your dream home and getting it customised according to the needs of your family cost you heavily and lending institutions understand that. many companies offering dda home loan in Dwarka offer you an additional amount of loan over and beyond your home loan to meet those extra needs.

Part Prepayment Facility:

If you have successfully paid your first EMI, it is possible for you to make prepayments for your loan. While your monetary situations may differ from time to time, some people prefer to make chunk payment as and when it is possible to ease of the pressure in future. This allows them to pay as many EMIs as possible although the limit may differ from lender to lender.

Refinance:

Purchasing your home with your own money can give you the benfit of refinancing. This allows you to take a loan against property if the property has been registered.

Prompt Repayment Benefit:

If you have a good track record of paying your EMIs on time, then the lender rewards you for the same. After paying the first 12 EMIs, you can avail a 0.5% of the annual interest paid returned by the end of 12 months. This facility is provided by only some lenders and can be enjoyed in the first three years of your total loan tenure.

Zero Foreclosure Charges:

Home loan can be foreclosed at any time during the tenure. There are no foreclosure charges if you decide to do so.

Online Account Access:

Most financial companies nowadays have an online customer portal which gives details like interest certificate, payment schedule and pending EMIs. The customer creates an account on their digital portal and can access all this information right from there. They can even pay there EMIs through these digital portals.

Source: http://www.imfaceplate.com/inrcredit/home-loans-things-you-need-to-know

Fulfil your dreams through easy home loans

Often times in life, we get in a dire need of money and such demands are not possible to be overlooked. A need to own a home, a car or renovation of existing home lead people to go for personal loans. These personal loans are one of the most expensive tools of finance. While one can easily avail a personal loan up to 10 lacs without giving a collateral or guarantee, customers can enjoy these loans at attractive rates and less documentation provided they have a good credit score. 

These loans can be repaid in easy monthly instalments of up to 60 months. But what if you have a bad credit history? And what about the ever increasing rates of interest? Many financial institutions and banks provide you with loans with high rate of interest ranging from 14% to 25%. 

Buying and owning a house is one of the most important priority of Indian families. High inflation rates are only making it difficult to make the dream come true. With basic cost of living and increasing rates of real estate being increased with no leaps and founds, buying a home is not as easy as it was fifty years ago.

Hence, the deal to buying your dream home lies with a good home loan. Most banks offer effective home loans to people with good credit record. There are various slabs of interest rates and tenure options. In fact, there are many financial institutions that offer options like home loan with bad credit history or home loan without ITR making it all the easier to turn your dream into reality. these loans are provided for a tenure up to 30 years.

It is important that before you finalise the deal with the lender and sign the documentation, you read the terms and conditions, ROI and many other schemes offered by the lender. There are two basic types of loan interest rates – fixed rate and floating rate.

These loans can now be availed online and in fact, you can now check your eligibility before login to make the process even more seamless for you. 

Read more info about the loan on dda flats https://www.inrcredit.com/home-loan

Source: https://www.wattpad.com/735339009-check-your-eligibility-before-login-fulfil-your

What a home loan calculator can do for you?

Buying your dream home has become convenient with a myriad of online websites of loan providers and advisers. With these many options being available, many websites have come up with their own versions of home loan calculators. Some common ones are home loan eligibility calculator and loan calculator on salary basis which let you check your loan eligibility before login. So, what exactly is a home loan calculator and how does it help and what all services it can offer? Let us understand the same in more details.

With a stiff competition between lending institutions and raising awareness among borrowers, many websites have come up with online calculators to make the math easy at both ends. These calculators are based on forms that you fill with your personal details. The calculator provides a rough estimate of the loan amount you are eligible for and the approximate amount of EMI you will have to pay in order to repay the loan. The form works as a first step in searching the websites and understanding the finances when it comes to take a big decision like home loan and that too under the privacy of your own homes. The individual does not have to publicise his idea about applying a loan to any financial agent and yet can receive all the important information required.

Having this basic knowledge helps the person to understand how much is his repayment capacity and how much loan can he afford. The websites have nearly all possible information in a very simplified manner. You can fill up the details of your salary, age and current liabilities which judges your repayment capacity and EMIs. the borrower in the final stage gets the amount of loan he is eligible for and the total tenure of the said loan. One can also alter the tenure of loan to have a comfortable and affordable amount of EMI. Once you are aware of rates and details of different loan providers, you can go ahead and apply for the loan to make that dream home yours. This helps you save a lot of time and energy which is otherwise wasted by directly approaching a number of lenders.

Online loan calculators are also a boon for people looking for loan against property and help the lenders narrow down their searches and go ahead with the most suitable institution. It is however important to remember that these calculators are for reference sake and one should only consider them for initial research. The total figures and loan amount that you get may not be applicable for all lenders and no institution is bound to give you the same figures as depicted in the calculators. 

INRCREDIT offers a myriad of options when it comes to home loans. If you are looking for home loans or loan against commercial property, you can reach out to us or use our online loan eligibility calculator and check the amount you are eligible for. 

Source: http://www.imfaceplate.com/inrcredit/what-a-home-loan-calculator-can-do-for-you

Home Loan Eligibility Criteria In India

Purchasing your dream home in today’s times is surely not easy. The ever increasing price of real estate is a matter of worry to everyone who is planning to buy their dream home. If you are too bothered by such high rates, then you need not worry. There is always an option to get a home loan on DDA flats for buying the house of your dreams. However, to get a home loan you need to be eligible first. Here is a brief of home loan eligibility criteria in India to give you a fair idea. However, you can also take help of loan calculator on salary basis to get better insights. 

Firstly, to be eligible to get a home loan it is important that you are at least one of the following segments:

Professional

Self employed

Salaried

Hopefully this makes it clear enough that you need to have a regular income source to meet eligibility criteria for a home loan. This is because the bank expects your loan to be repaid on time and a person with regular income is expected to do so with ease. In simpler terms, the risks involved in lending funds to an earning person are much less as to that of someone with unsteady income base.

Let us discuss these categories in details:

Salaried Individual

If you fall under this category, you have to be a permanent employee of a private or public firm. If you are working with a private firm, it is important that the company is a reputed one. You will have to provide proof of income in the form of bank account statements, salary slips etc. if you don’t fall under this category but your spouse does, you can take the loan under his/her name.

Professional

a professional is a person who is a doctor, engineer, architect, accountant, dentist, consultant. If you fall under this category and can show steady income proof, you are eligible to get a home loan.

Self Employed

self-employed is a person running their own business. If you have your own business or have any other source of income you can apply for home loan but it is also vital that you are regularly filling your income tac returns.

Besides the categories, here are some factors that affect your home loan eligibility:

Income

How much you are earning per month decides the amount of loan you are eligible for.

Age

The home loan applicant must be at least 24 years of age at the beginning of loan and not more than 60 years at the end of loan. The age can be extended up to 65 years in case of self-employed people and professionals.

Interest rates

The eligibility for your home loan is often inversely proportional to the interest rate you are paying. If the interest rate is low, your eligibility will be higher.

Loan tenure

The longer is the tenure of your loan, greater will be the amount you are eligible for.

Existing loans

Most Indian banks try to keep the ratio of EMI to income somewhere between 50 to 60 percent. So, in case you have some existing loans going on, the eligibility amount will be reduced in order to maintain the said ratio.

Credit history

Banks will check your credit history from CIBIL score which is considered to be of high value in determining your eligibility. The information can be accessed in the form of credit information reports and to ensure you maintain a good credit history, it is important to pay your credit card bills and EMIs on time.

Source:https://www.wattpad.com/732138518-loan-on-dda-flats-loan-calculator-on-a-salary

Understanding the advantages of loan against property

One of the best things about being born to good parents is the fact that you end up getting a lot as inheritance. But, it is important to remember that just because you were blessed with rich parents does not mean you are going to be rich forever. None of us is immune to tough times like business losses, alcohol or drug addiction, gambling or frauds which may land us in a position of bankruptcy. You may end up losing a good amount of money and have nothing at hand to start your life again.

The good news is that you can reap the benefits of borrowing a good amount of money against your inheritance. Here are top benefits of taking a loan against property.

You get your property back

If you repay the amount well, your property is returned to you. It is obvious that no one wants the inherited property to go out of hands, so it is important that if you have taken a loan against property, you work hard to get it back.

You can use it as you want

One of the best benefits of an inherited property is that you can use it as per your own free will. If you need money on urgent basis, all you have to do is take the formal documents and procure a loan against the same.

It’s a well-known trade

Well, since you are giving your property and getting good amount of cash in exchange for the same. Most companies who are into the business of providing such loans are legal and ethical. There is a formal documentation before such a deal takes place between either of the parties.

It is not uncommon

While it may come as a surprise to you, but a lot of people take loan against property. In fact, many of your close friends might have done it too at some point in their life. People who want to start their own business or need a good amount of money for further studies abroad may resort to such options.

There are lesser risks involved

While nothing in the world is 100% safe, if you take a loan against property and are unable to pay, you end up losing your property. This implies that you do not lose your self-respect nor are you threatened.

It is simple

The procedure to get loan against property has become much less complicated. There is fewer documentation and faster processing of your loan. In fact, many companies are now offering loan against property in Gurgaon and loan against property in west delhi too.

Source:http://www.imfaceplate.com/inrcredit/understanding-the-advantages-of-loan-against-property

How to make sure you get lowest rate of interest for home loans

Buying a home is quite a significant event in a person’s life. Selecting the right home not just needs a lot of planning at your end but also comes with its own kind of responsibilities. Financing a home is one of the most convenient way to fund the money required to own the place. But, before you apply for a home loan, it is important to consider the EMISs you will have to pay and the rate of interest you will be getting the loan at. Banks and other financial institutions today have a myriad of financing options, some even provide loan against property without itr and special rate of interests on loan on mcd houses but it is always better to follow these tips to ensure you get lowest rates on your home loan. 

CIBIL Score

CIBIL is the prime factor when it comes down to determine the home loan eligibility of an applicant. A good CIBIL score increases your chances of getting a loan at attractive interest rate and hence you get a home loan on cheapest EMI. To improve your score, make sure you pay credit card bills on time and do not delay other loan EMIs.

Down Payment

It is suggested that before you purchase a home, you save enough money to make down payment when you are applying for the loan. Paying a higher amount for down payment reduces your burden of long tenure EMIs sine you have already paid a significant amount of payment.

Debt-to-income Ratio:

Another important factor when it comes to applying a home loan is debt to income ratio. It is basically the ratio of income compared to your overall monthly EMI amount. It is suggested to keep your EMI amount less than your monthly income in order to have a convenient loan repayment process.

Stable Job & Source of Income

Banks and lending institutions consider the employment stability of applicant and his/her income to calculate the amount of loan a person is eligible for. A person with regular source of income and a stable job have better chances of getting a home loan at good interest rates. You can check your home loan eligibility online by using loan calculator on websites like INRCredit.com. 

Source: http://www.imfaceplate.com/inrcredit/how-to-make-sure-you-get-lowest-rate-of-interest-for-home-loans