Finance and Loans
Home loan:
Most people view home loan as a secured loan product. Financing for the purchase of the construction of a residential/commercial property is one of the financial services having a huge demand in the Indian markets.
Additionally, one can seek a home loan for issuing home repair/extend.renovate etc. In the home loan system, the loan is issued against the property the user wishes to purchase. The loan is granted by the banker with a conditional ownership over the property. This is to ensure that the banker can retrieve the money through property sell, in case the borrower is unable to repay the money taken.
While the property is lent on the basis of an estimated value measured independently. It may happen that the valuation is considerably lower than the actual amount. Due to this, the need of the person asking loan goes up. Home loans are expected to be paid through EMIs for a predetermined period.
The fixed Interest rate on the home loan:
A repayment of home loans made in fixed equal instalments for the complete repayment tenure is called fixed interest rate loan. The interest rate, in such a case, does not fluctuate with market changes.
Floating interest rate on the home loan:
Floating interest rate refers to the repayment of the loan is not fixed while it depends on the market fluctuations. It can change with the changes in the market conditions. It is essentially a base rate with a floating element thereof. Hence, it varies with the variation in the base rate.
Our home loan experts shall offer you a complete guide on the home loan with an attractive interest rate offered. Help you know if you’re eligible for the home loan facility and keep the documents ready. With us, home loan consultancy services only a few clicks away.
Personal
Right from the wedding, a dream tour, medical expense or any such loan taken for any personal use is called the personal loan. You can easily get a personal loan without much fuss since there’s not much security of collaterally related restrictions. Financial institutions usually provide attractive offers on the personal loans. The process of receiving the amount is small than the other types of loan.
There can be additional processing charges apart from the applied interest rate. It ranges from 2-3% on the loan amount and payable at the time of applying for the loan and prepayment penalty.
Interest rate:
Interest rate can be different for every case depending on the bank. Banks typically offer a loan with an interest rate between 14-26% varying as per the customer profile and policies they choose. We help you compare interest rates and financial institutions and give the best suitable as per your need and requirements.
Business
For any successful organization, its soul is the financial flow of the business. Be it starting capital or scale-up investment in the business finance is a necessary factor. A large amount may require for such speed up the growth of the business and that’s when the business loan comes in the picture.
The amount is lent in the name of the company and not any individual person. Hence, to obtain a business loan, the borrower must have partial or complete ownership over a business with its documental details.
There are two types of business loans:
Unsecured business loans:
This category involves proprietors, partnership, limited and private limited companies on the basis of their stable balance sheet.
Secured business loans:
Secured business loans are working capitals which are provided to the proprietorship, firms in partnerships, limited and private limited companies. The prime factor that differentiated secured business loans from the unsecured is currency. Not only the loans are offered in Indian rupees but also in foreign currencies.
Loan against property:
Loan against property, majorly known as Loan Against Property is nothing but a loan offered against a property/ security owned by the borrower. LAP is suitable for the people who require a personal loan but already own a property such as a house or multiple properties which can serve a security for the loan amount. These properties act as working assets for the borrowers.
It is important to note here that the property which will serve as a security must be free and must not be given for any other purpose or any other loan elsewhere.
Salaried individuals, as well as self-employed individuals, are eligible to opt for this loan.
Interest Rate:
The interest rate for this loan depends on the property and the annual income of the borrower. You can get a Loan Against Property for up to 80% of the registered security property.