Home Loan
Home loans are secured loans offered by Banks or Non banking Finance corporations for purchasing of New house ,Flat and for construction of house . Lender takes property document as collateral against loan amount and Interest rates are flexible being either Fixed or Floating. Home loan interest rates are lower when compared to unsecured personal advances.
Types of Home Loans:
Depending upon the type of property being purchased and the quantum of loan being availed, home loans can be classified into the following different types.
- Home Purchase Loans Home purchase loans are specifically given for purchase of flats or homes. These are the most popular type of home loan and are availed by most home loan borrowers. Almost all banks and Non-Banking Financial Corporations offer home purchase loans.
-
Home Loan for Construction Home loan for construction is offered to customers who want cash to construct their own house on an existing piece of land.
Home Extension/Renovation Loans
Home loans for extension or renovation of home are offered to those home loan borrowers who already have a house but are looking for further construction or renovation on their existing piece of property.
- Balance Transfer Home Loan Individuals can use the balance transfer option to transfer their home loan from one bank to another. Most people choose this option to avail better interest rates.
Personal Loan
A Personal Loan is a form of unsecured loan availed by individuals on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment. The loan is usually taken for the fulfillment of personal needs from a banking institution or a non-banking financial company.
Why choose a Personal Loan?
A temporary financial crisis can happen to anyone irrespective of his or her overall financial status. Personal loans are a great way to overcome any such temporary financial crisis as it allows the users to avail a loan without any pre conditions on the usage of funds. Personal loans have a quick approval mechanism with loans getting cleared as early as within 24-48 hours of the loan application submission and seek minimal documentation.
- Easy Availability: Easy availability is one of the biggest advantages of a personal loan. Almost all banks and on banking financial companies offer personal loans for it’s customers. Personal loans are not very expensive and are available at reasonable interest rates making them a lucrative option to overcome any immediate financial need.
- Minimal Documentation: Getting a personal loan does not warrant any long process of asset verification and require minimal documentation. Personal loans are quickly disbursed due to the fact that they seek minimal documentation for loan approval.
- Quick Loan Approval: Personal loans today come with a quick loan approval mechanism. Loans are approved almost instantly for online personal loan requests. Users requesting for a personal loan can expect a loan disbursal within one or two working days
Features and Benefits of Personal Loans
- Flexibility to Use Funds: Funds raised through a personal loan can be used freely as per the needs of the individual borrower. Personal loans can be used to overcome any financial hardships, marriage or medical related expenses, house renovation or any other financial need of the borrower without any preconditions.
- No Security: Personal loans are approved based on the income details and financial history of the borrower and not over any fixed asset as security or collateral.
- Flexible Tenure: The tenure of a personal loan is also quite broad depending on the lender and the loan amount. Personal loans are available for a tenure period ranging from 12 months to 60 months, making it an ideal financial instrument compared to other options like credit card loan or gold loan.
Loan Against Property
Need immediate capital for Financing your child’s education, expanding your business, unforeseen medical expenses or for the marriage expenses of your daughter? And still do not want to sell your much cherished property? Then Loan against Property is the right product for you.
- Earn Property appreciation by the time you pay for the Loan.
- Cheaper than a Personal Loan & Loan against Securities.
- Restricted loan against value of the property ensures a lower risk.