A home loan is a secured loan offered by banks to fund the purchase of a house or property. The property is used as security against the loan, with the bank gaining conditional ownership if the borrower defaults. Interest rates on home loans were around 10% but expected to remain stable for at least a month. Various banks like SBI, HDFC, and ICICI offer home loans with different eligibility requirements, interest rates, loan amounts and terms. Common documents required include income, identity, address and property proofs.
This presentation have the detailed analysis of the Indian banking sector, how it has evolved and reformes that have come gradually.It also has a classic case of merger of ICICI bank with BOM.
Get lowest personal loan interest rates for Axis bank online at Afinoz.com, one of India’s best online financial marketplace. Apply online for axis bank personal loan and get a step closure to your dreams and goals.
More Info : https://www.afinoz.com/axis-bank-personal-loan
In this PPT all information related to ICICI Bank like organization structure and history of ICICI Bank. Information related to products and services.Current scenario of ICICI Bank.
The General view of mortgage which helps to understand the Loan cycle. The mortgage is divided into many different processes like credit income, collateral, underwriting, loan set up, processing etc. Any query related to mortgage please write. I will do my best to resolve your query.
I am also freelancer for the different financial product. Any assistance related to any financial product you can reach out to me.
Vehicle loans are given for both used as well as own vehicles. However, if the loan is being taken for used vehicle then it is mandatory that it is not more than five years old. Although some banks provide 100% finance, however financing 80% of the vehicle value is usually the norm. The main security for this type of loan is the vehicle itself. However, getting the vehicles fully insured is the most important factor that banks consider before giving vehicle loans.
This presentation have the detailed analysis of the Indian banking sector, how it has evolved and reformes that have come gradually.It also has a classic case of merger of ICICI bank with BOM.
Get lowest personal loan interest rates for Axis bank online at Afinoz.com, one of India’s best online financial marketplace. Apply online for axis bank personal loan and get a step closure to your dreams and goals.
More Info : https://www.afinoz.com/axis-bank-personal-loan
In this PPT all information related to ICICI Bank like organization structure and history of ICICI Bank. Information related to products and services.Current scenario of ICICI Bank.
The General view of mortgage which helps to understand the Loan cycle. The mortgage is divided into many different processes like credit income, collateral, underwriting, loan set up, processing etc. Any query related to mortgage please write. I will do my best to resolve your query.
I am also freelancer for the different financial product. Any assistance related to any financial product you can reach out to me.
Vehicle loans are given for both used as well as own vehicles. However, if the loan is being taken for used vehicle then it is mandatory that it is not more than five years old. Although some banks provide 100% finance, however financing 80% of the vehicle value is usually the norm. The main security for this type of loan is the vehicle itself. However, getting the vehicles fully insured is the most important factor that banks consider before giving vehicle loans.
COMPARISON OF HOME LOAN SCHEME OF ICICI BANK WITH 3 OTHER PRIVATE BANKSKhushbu Malara
Loan acquired from a financial institution to purchase a home.
Home loans consist of an adjustable or fixed interest rate and payment terms. Home loans may also be referred to as mortgage loans.
A home loan can come in many flavors, the specifics of which will have a major impact on a large chunk of the buyer’s life. Choosing an adjustable or fixed rate, extending the loan for ten, fifteen, or even thirty years, and determining just how much money to invest in the down payment are all critical decisions.
Thus in today economy the home loan is one of the important factor which is considered in this project report and also compare with other industry leaders also.
Many leading banks and NBFCs in India offer quick and hassle free home loan for their customers. Many believe that banks and NBFCs give home loan only if you are purchasing a brand new house. But that’s not true. Banks and NBFCs offer different types of home loan across nation as per the needs of their customers.
https://www.ruloans.com/home-loan.htm
LAP LOAN
Loan against Property (LAP)
refers to a secured loan category somewhat like a home loan where the borrower provides guarantee by using his property as security. The right of ownership of the property is still with the borrower, and if for some reason, the borrower is unable to repay the loan amount, the property can always be sold off to pay off the debt.
The maximum loan amount varies from bank to bank and could range from Rs.2 lakhs up to Rs.100 lakhs. The loan amount depends on the property valuation, your income and of-course your repayment capacity.
The maximum loan amount can come upto 80% to 100% of property value for commercial setups and up to 80% for residential properties (This is really variable as it completely depends on the valuation of your property).
The maximum loan tenure in Loan Against Property cases is 15 years.
Be ready to provide security, collateral or guarantors in order to obtain a Loan Against Property, not to mention a long verification process.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
2. WHAT IS A HOME LOAN?
Home Loan is a Secured Loan offered against the security of a house/property
which is funded by the bank’s loan, the property could be a personal property
or a commercial one. The Housing Loan is a loan taken by a borrower from the
bank issued against the property/security intended to be bought on the part by
the borrower giving the banker a conditional ownership over the property i.e. if
the borrower is failed to pay back the loan, the banker can retrieve the lent
money by selling the property.
Impacts of RBI rates on Home loans July 2013
RBI Governor D Subbarao on 15 th July raised the cost of borrowing under the
marginal standing facility by 200 basis points and narrowed the window of
borrowing for banks from it to just 1 per cent of deposits at Rs 75,000 crore citing
the need to "restore stability to the foreign exchange market".
The rates are around 10% and expect them to be there for at least a month.
Home loan rates in last six month have average dropped by 2-3 % by most
Banks.
Budget Bonanza for Home loan customers 2013 - Additional one lac deduction
of interest allowed for home loans
upto 25 lacs.
Home Loan applications received for 225,861 crores till 20 August 2013
3. SBI Home Loan: Before borrowing any loan borrower compare
interest rates. Generally people prefer to take SBI Home
Loan because SBI (State bank of India) is main centralized and
national bank. SBI provides loan at comparatively low interest rate
HDFC stands for Housing Development Finance Corporation. It
has counseling and advisory services for acquiring property. It
provide loan from any office for purchase of home anywhere in India.
It gives Loan approval even before a property is selected. Because of
flexible feature and transparent policy, most people prefer. HDFC
home Loan for their requirement
ICICI Bank Home Loan: ICICI Bank offers a wide range of Housing
Loan products, designed to meet the requirements of customer. ICICI
home loan offers Doorstep service, Speedy loan sanction, Simplified
documentation and Loan amounts ranging from Rs. 2 lakh to Rs. 3
crore Rupees only.
MOST BORROWED HOME LOANS
4. Name Loan Amount Minimum Salary
Requirements
Tenure
SBI Home loan It will be determined taking into consideration such
factors as applicant’s income and repaying capacity,
age, assets and liabilities, cost of the proposed
house/flat etc.
Not Available Maximum 30 years or up to the age
of 70 years of the borrower
whichever is early.
ICICI BANK It depends on the repayment capability and is
restricted to a maximum of 80% of the property value.
Not Available Maximum 20 years
HDFC Ltd Home Loan Max amount up to 80% of the value of the property and
also depend on the repayment capacity of the individual
Not Available 20 years for loans under fixed rate
and 30years under adjustable rate
home loan products
Axis Bank Home Loan Minimum Rs 3lacs Not Available Max. tenure is 25 years for salaried
customers
And 20 years for self-employed
customers.
Axis Bank-Empower home
loan scheme –a home loan
for self- employed individuals
Minimum Rs 10 lacs
Maximum Rs 100lacs in tier 1 & tier 2 cities and Rs 50
lacs in other cities
Not Available 15 years and age of the borrower
should not exceed 65 years of age at
the time of maturity.
Bank of Baroda Maximum loan amount Rs 100 lacs, maximum finance upto
75-85% of the project cost.
The loan eligibility is as follows
Gross monthly income Rs 20,000-36 times of the gross monthly
salary
More than Rs 20,000-to Rs 1 lac-48 times of the gross monthly
salary
More than Rs1lac-84% of the gross monthly income
Not Available Max tenure is 25 years
Citibank Home loan Min Rs 5 lacs and Max. up to Rs 10 crores Not Available Max tenure up to 25 years.
HSBC Bank Min. Rs 2 lacs and max Rs 10 crore Not Available For salaried customers its 25 years
and for others 20 years
LIC Housing Finance Min. Rs 1lac and max. Rs 150 lacs. Generally the
loan is extended upto 85% of the property value.
Not Available Max. 25 years. The term for the loan
will under no circumstances exceed
the age of retirement or completion
of 70 yrs of age whichever is earlier
Some of the features of home loans offered by different banks
5. Loan Schemes Up to 30 Lacs From 30Lacs to 75 Lacs Above 75 Lacs
ICICI Bank
Home Loan
Scheme I :10.15% (Fixed 1 yr)
Scheme II : 10.50% (Fixed
2yrs)
Scheme III : 10.50% (Fixed
3yrs)
then 10.15%
Scheme I :10.40% (Fixed 1 yr)
Scheme II : 10.40% (Fixed
2yrs)
Scheme III : 10.75% (Fixed
3yrs)
then 10.40%
Scheme I :10.40% (Fixed 1
yr)
Scheme II : 10.40% (Fixed
2yrs)
Scheme III : 10.75% (Fixed
3yrs)
then 10.40%
ICICI Bank Home Loan
One of the largest Home Loan financing company is ICICI Bank Home Loan. The attractive rate of
interests, simple documentation & fast processing makes the customer to take the Home loan from
them
ICICI Bank Home Loan offers you Home Loan for following purposes
1. Home Loan- If you want to purchase a new home then you can apply individually or jointly.
2. Home Improvement Loan- For your home improvement you can take the Home Improvement
Loan from ICICI Bank.
3. EMI Under Construction- EMI Under Construction helps you to make payments in EMI, in a
partly sanctioned loan for an under construction project.
4. Balance Transfer-ICICI Bank Home Loan gives you facility to transfer your running loan from
an other Bank
5. Top-Up Loan- ICICI Bank Home Loan facilitates the Top-Up Loan, an additional funding against
the security of your property.
Current Home Loan Interest Rates of ICICI Bank Home Loan
6. ICICI Bank
Home Loan
Scheme I :10.15% (Fixed 1
yr)
Scheme II : 10.50% (Fixed
2yrs)
Scheme III : 10.50% (Fixed
3yrs)
then 10.15%
Scheme I :10.40% (Fixed 1
yr)
Scheme II : 10.40% (Fixed
2yrs)
Scheme III : 10.75% (Fixed
3yrs)
then 10.40%
Scheme I :10.40% (Fixed 1
yr)
Scheme II : 10.40% (Fixed
2yrs)
Scheme III : 10.75% (Fixed
3yrs)
then 10.40%
Salaried Self employed
Age 21years to 65years 21years to 65years
Income Rs.1,44,000 (p.a) Rs.1,50,000 (p.a)
Loan Amount Offered 2,00,000 - 1,00,00000 2,00,000 - 2,00,00000
Tenure 5years-20years 5years-20years
Current Experience 1years 3years
Processing Fee
0.5% of loan amount as
Administrative Fee or Rs.
2,000, whichever is higher
0.5% of loan amount as
Administrative Fee or Rs.
2,000, whichever is higher
Documentation
1) Application form with
photograph
2) Identity & residence proof
3) Latest salary slip
4) Form 16
5) Last 6 months bank
statements
6) Processing fee cheque
1) Application form with photograph
2) Identity & residence proof
3) Proof of business existence
4) Profile of the Business
5) Last 3years ITR
6) Last 6 months bank statements
7) Processing fee cheque
Documentation required for ICICI Bank Home Loan
7. DOCUMENTS REQUIRED IN HOME LOAN
Generally the documents required to processing your loan application are
almost similar across all the banks; however they may differ with various
banks depending upon specific requirement etc. Following documents are
required by financial institutions to process the loan application:
Age Proof
Address Proof
Income Proof of the applicant & co-applicant
Last 6 months bank A/C statement
Passport size photograph of the applicant & co-applicant
In case of Salaried
Employment certificate from the employer,
Copies of pay slips for last few months and TDS certificate
Latest Form 16 issued by employer Bank statements
In case of Self-employed
Copy of audited financial statements for the last 2 years
Copy of partnership deed if it is a partnership firm or copy of
memorandum of association and articles of association if it is a company
Profit and loss account for the last few years
Income tax assessment order
8. TYPES OF HOME LOAN
There are different types of home loans available in the market to cater
borrower’s different needs.
· Home Purchase Loan: This is the basic type of a loan which has the purpose of
purchasing a new house.
· Home Improvement Loan: This type of loan is for the renovation or repair of the
home which is already bought
· Home Extension Loan: This type of loan serves the purpose when the borrower
wants to extend or expand an existing home, like adding an extra room etc.
· Home Conversion Loan: It is that loan wherein the borrower has already taken
a housing loan to finance his current home, but now wants to move to another
home. The Conversion Housing Loan helps the borrower to transfer the existing
loan to the new home which requires extra funds, so the new loan pays the
previous loan & fulfills the money required for new home.
· Bridge Loan: This type of loan helps finance the new home of the borrower
when he wants to sell the existing house, this is normally a short term loan to the
borrower & helps during the interim period when he wants to sell the old house &
want to buy a new one, It is given till the time a buyer is found for the old house.
· Home Construction Loan: This type of loan taken when the borrower wants to
construct a new house.
· Land Purchase Loan: It is that loan which is taken to purchase a land for
construction & investment purposes.
9. HOME LOANS ELIGIBILITY FACTORS
Home loans are an easy option for buying a house but getting the right amount depends on many factors and this
may depend upon the factors listed below:
Monthly Income
The income that he earns from which he will pay his home loan emi is one of the most important
factors that affect the amount of loan. So if you are salaried your per month income and if you are
self employed, your yearly profit would identify your home loan max eligibility.
The loan amount basically depends upon the net income of an individual and a bank usually
provides home loans up to 60 times of an individual net income. For e.g. if a person take home
salary is Rs 30,000 he /she may be offered a home loan of around Rs 18 lacs. But it may not be so
because a bank takes into account other factors as well while granting a loan.
OTHER EMI
Other Emi (Equally monthly installment) is the emi that we are paying to for any other Loan.
Available Income
The income that is left in our hand after deduction of any emi amount that we are paying for any
kind of loan. Your Home Loan Eligibility Calculator will be calculated after deduction of the EMI’s
that you are paying.
PROPERTY ATTRIBUTES
Banks give max upto 85% of loan against the value of the property. So if you want a home loan for
a 50 lac property max that u can get is 85% of that ie 42.50 lacs. This too if in case you have the
income to give the emi of that loan. So based on Income and property value banks decide your
exact home loan eligibility.
Banks also have certain specific criteria before accepting the property for granting a loan. The
banks have specific norms with respect to the minimum area requirements for a flat which may be
carpet area or built up area. The bank also considers the age of the property in case of an existing
property, the location of the property and also the reputation of the builders constructing the
property. The bank also performs a thorough analysis and inspection of the property to check
whether the title is clear or not, or are there any ownership disputes, whether the bank is free from
any encumbrances etc.
10. DURATION OF LOAN (YEARS)
It’s one of the most important factors that one should keep in mind while taking loan. It refers to
the no. of years for which the loan has to be taken. Longer the tenure higher will be the interest
paid and lower will be amount of EMI to be paid and vice-a-versa. It is one of the parameters which
helps in comparing the EMIs from different banks keeping it constant for relationship and easing
the judgment.
Interest Rate (in percentage)
Today there are many lenders in the market. Every bank is offering loans whether it’s a
nationalized bank, private bank or foreign bank each of them is there in the show. Every bank
offers different rate of interest according to the profile of the customer. So, before finalizing a deal
one should consider deals from various banks and than come to a conclusion. And aware of the fact
that some people might mislead you by charging high rate of interest at reducing rate and might
inform the same at flat rate of interest. So, its always advisable to check full detail with the banks
and do better comparison in respect of EMIs , Tenure and Interest Ratesand keeping tenure as
constant with all the banks will ease your comparison and will result in better analysis, finally
leading to a prudent decision.
EMI
EMI stands for equally monthly installment; you need to pay a particular amount for the Home loan
that you have taken.
ELIGIBLE LOAN AMOUNT
The net loan amount for which you are eligible for your Home loan is said as Eligible Loan Amount.
The loan amount that a Bank can sanction you.
CREDIT HISTORY
The credit history of an individual plays an important role in deciding the amount of loan. Credit
history is basically the credit information report of an individual generated by a credit information
company on the basis of individual’s credit records. On the basis of the credit information report an
individual is being given a credit score. Based on the credit score a bank or any other financial
institution decides whether the individual is eligible for a loan or not. The credit history is generally
affected by outstanding credit card payments and any unsecured loans. In India CIBIL is a reputed
credit information company and it analyses the financial records of individuals and awards them a
score which is known as the "CIBIL score“.
11. AGE
Age also plays a crucial role in determining the eligibility for a home
loan. One has to attain a minimum age of 21 to apply for a loan. The
minimum age requirement may be different for different lending
institution. The maximum age may vary from 58 to 65 years
depending on the income source of the individual. The age also
determines the tenure and EMI of the loan. For e.g. if an individual is
35 years of age and retires at an age of 60 then his/her loan tenure
will be 60-35=25 years and his /her EMI will be calculated
accordingly. Longer the tenure lower will be the EMI’s. However the
longer the tenure, the costlier the loan is as one ends up paying more
interest rates.
CO-APPLICANT
In order to enhance the eligibility for having a loan one can have a
co-applicant and in this way the total eligible income for having a
home loan increases and thus as a result the loan eligibility becomes
higher. However bank permits only certain relationships to become
the co-applicant, friends and relatives who are not blood relatives to
take a loan amount jointly.
12. 7 Mortgages Loans
Loan Processing Charges / Renewal
Charges (Non Refundable)
0.50% - 1.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is
higher + applicable Service Tax & Surcharge
Prepayment Charges
No prepayment charge on floating rate home loan irrespective of the source of fund
2% of the outstanding loan amount plus applicable service tax and surcharge on fixed rate home loan and
Home plus loan
4% of the outstanding loan amount plus applicable service tax and surcharge on Loan against property,
Lease rental discounting and Non residential premises
For one year, two year and three year fixed rate loan the prepayment charge is 2% of the outstanding
loan amount plus applicable service tax and surcharge till the time loan is under fixed rate. Once loan
moves into floating rate there would be no prepayment charge irrespective of the source of fund
Charges for late payment
Home Loans : 2% per month
Home OD : 1.5% of the outstanding amount subject to minimum of Rs. 500/- & Maximum of Rs.5000/-
Conversion charges for home loan
Floating to Floating0.5% of the principal outstanding plus
applicable taxes
Dual fixed rate to Floating0.5% of the principal outstanding plus
applicable taxes
Floating to Dual fixed rate0.5% of the principal outstanding plus
applicable taxes
Life time fixed to floating
1.75% of the principal outstanding plus
applicable taxes
13. Cheque Swap Charges Rs. 500/-
Document Retrieval
Charges
Rs. 500/-
Cheque bounce charges Rs. 200/-
Amortisation Schedule Rs.100 per schedule (Inclusive of S.T.)*
Statement of Account Rs.100 per statement (Inclusive of S.T.)*
Final prepayment
statement
Rs.100 per statement (Inclusive of S.T.)*
Duplicate No Objection
Certificate / No Due
Certificate
Rs.100 (Inclusive of S.T.)
Revalidation of No
Objection Certificate
Rs.100 per NOC (Inclusive of S.T.)*
Provisional Income Tax
Certificate
Nil
Final Income Tax Certficate Nil
Interest Certificate NA
Change of Address Nil
Agreement Copy Nil
No Objection Certificate /
No Due Certificate
Nil