The EMI of an applicant is calculated by taking into consideration the following points:
Number of years available (Retirement Age – Current Age).
The major instances when a home loan can get rejected are as follows:
Low Credit Score
Property title not clear
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 properties
You 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