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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
The EMI of an applicant is calculated by taking into consideration the following points:
Net Income.
Number of years available (Retirement Age – Current Age).
The major instances when a home loan can get rejected are as follows:
Income Eligibility
Low Credit Score
Property title not clear
Improper documentation
Property type
Does it affect my co-applicant if I fail to pay the business loan instalments on time?
Business loan
While the eligibility criteria for Loan Against Property may vary from one lender to the other, there are some common factors which are considered by all. These include the market value of the property, the applicant’s income, employment status, age, savings, and repayment track record across credit cards, previous loans, etc.
The maximum age at maturity for salaried individuals is 60 years, and for businessmen and self-employed professionals, it can be higher up to 70 years
You have the flexibility to choose from multiple property types:
· Residential properties (both self-occupied and rented)
· Commercial properties (both self-occupied and rented)
· Residential plots with no construction on it
· Industrial propertiesYou can execute foreclosure or part-payment on Loan Against Property (LAP) without any penalty or charges, provided you fulfil the following conditions:
· Your loan has been sanctioned at a floating rate of interest as is the norm, and not at a fixed rate.
· The Loan is sanctioned in the name of one or more individual borrowers and not corporate entities.
· Neither the borrower nor the co-borrower is a corporate entity (Ltd. or Pvt. Ltd. Company) or a firm (Partnership or AOP)
· The prepayment amount should not exceed 25% of the outstanding loan amount, as on every 1st day of the financial year.
· The customer should have successfully completed the lock-in tenure advised by the lender.
Yes, your property needs to be insured against fire and other calamities during the tenure of your loan, and it is advised that the applicant too has Life Insurance.
Proof of insurance will need to be submitted to the lender every year or as and when required.
Yes. Even though the securities will be pledged in the name of the lender, you will still be entitled to all the benefits such as dividends, bonuses
There are Four types of car loan
available:
·
New Car Loan- Purchase of a brand new car
·
Used Car Loan- Purchase of a used car
·
Used Car Refinance – Loan against your own car
·
Used car balance transfer + top up – if you have
an ongoing loan against your car you can avail a balance transfer and seek a
top up on that.
Existing loan Balance Transfer +Top
up - If you have a Car on which a loan is ongoing you can avail a loan up to
250%* of the car market value.
Refinance - If you have a Car on
which there is no loan running you can avail a loan up to 90% of the car market
value.
Repurchase – we can provide up to
100% funding on Car Market Value
It takes around 3 – 4* days to avail a Car loan
You can avail a loan up to 7
years* depending upon the type of loan
Documents required to avail an
Auto Loan are
·
Aadhar Card
·
Pan card
·
RC copy
·
Insurance copy
·
Electricity bill
·
6 Month Banking
·
Existing car loan State Of Accounts.
If you don’t pay your EMI your
credit score will be affected. If the default is for a prolonged period the
bank has all the rights to seize your vehicle. It is advisable to ensure all
EMIs are paid on time to maintain a healthy credit report