. The interest rates on mortgage loans range from 8.15% to 11.80% p.a. Usually, the amount of funding you can avail will be up to 60% of the registered value of the property. Some banks also offer mortgage loans up to Rs.10 crore. The repayment tenure for mortgage loans can be up to 15 years.You can avail a personal loan to meet your various financial requirements. There are various banks in India who offer best personal loans to their customers and you can easily apply for it either online or offline. However, before you avail a personal loan, you must check the interest rates offered by different banks which varies between 7.90% p.a. and 49% p.a.
| Bank | Starting Interest Rate (P.A.) | Processing Fees(Approx….) |
|---|---|---|
|
BANK OF INDIA BANK |
9.50% As Above |
NILL |
|
STATE BANK OF INDIA |
9.50% As Above |
UP TO 0.25% |
|
BANK OF BARODA |
9.50% As Above |
UP TO 0.50% |
|
HDFC BANK |
9.50% As Above |
UP TO 0.50% |
|
ICICI BANK |
9.50% As Above |
UP TO 1.00% |
|
AXIS BANK |
9.50% As Above |
Up to 0.50% |
|
LIC HOUSING FINANCIALSERVICES LTD |
9.50% As Above |
UP TO 0.50% |
|
BANDHAN BANK |
10.50% As Above |
Up to 1.00% |
|
IDFC FIRST BANK |
12.00% As Above |
UP TO 1.50% |
|
JANA SMALL FINANCE BANK |
12.00% As Above |
UP TO 1.00% |
|
HFC FINANCIAL SERVICES |
12.00% As Above |
UP TO 1.50% |
|
UJJIVAN HOUSING FINANCE |
12.00% As Above |
Up to 1.50% |
|
INIDIABULLS HOUSING FINANCE LTD |
12.00% As Above |
UP TO 2.00% |
|
PIRAMAL FINANCIAL SERVICES LIMITED |
12.00% As Above |
UP TO 2.00% |
The following mentioned are criteria to apply for mortgage loan:
For salaried applicants
For self- employed
This ratio determines the extent to which banks can finance loan against property. It depends on the location and the type of the property.
The minimum loan amount is 3 Lakhs and the maximum is 100 Crores depending on the value of the property, your repayment capacity, and loan requirements.
The tenure is usually 7 to 10 years. Some banks even extend the tenure to 15 years under exceptional circumstances.
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Feel free to reach for any kind of financial consultancy or to compare loan rates from various banks & NBFCs
One of the main factors taken into consideration by lenders is your credit score. Getting a personal loan is easier with a high credit score. If your score is low, you must check your reports to see if there are any errors. Sometimes, simple errors could have an adverse effect on your scores, and if you find any of these, you must report them to CIBIL.
Lenders ask for proof of income when you apply for personal loans in order to ascertain your debt-to-income ratio. Consider the sale of liquid assets like stocks or earning more through a part-time job to increase your annual income. Doing so will increase your debt-to-income ratio and increase your chances of getting a loan.
If you are finding it hard to get a personal loan on your own accord, you can apply for one by adding a co-signer or guarantor. The person you choose as a guarantor must have a good credit score. Their main aim is to guarantee that you will repay the loan. However, they will also be liable to repay the loan themselves if you are unable to do so. Picking an individual with a credit score over 750 will considerably increase your chances of getting a personal loan.
It can be risky to ask for more money than you require to meet your financial targets. Make sure that you calculate how much you need and apply only for that specific amount
Every lender has their own requirements when it comes to credit scores and income. When looking for personal loans, pick a lender whose eligibility criteria you meet and apply accordingly. The problem with applying with multiple lenders is that each of them will check a credit score, and each time your full credit report is pulled out, your credit score drops, albeit marginally.
There are two main modes of checking the status of your loan application. Most lenders offer both online and offline modes through which you can keep tracking your loan status.
Most lenders offer the option of logging in to their official portal to help you track the status of your loan application. You can use the application number or reference number which is issued by the lender for this purpose. On the other hand, if you have applied for a loan through a third-party aggregator website such as BankBazaar, you can just log in to its web portal and track the status of your loan application directly.
If you are not comfortable using the online platform, you can also track the status of your personal loan application through the offline means. You can visit the branch office of your loan provider and check the status of your loan application. On the other hand, you can also connect with your lender over the telephone through their helpline or customer care number.
You can easily get in touch with your lender either through their online web portal or in person and request for your loan statement. On most lender websites, you can just log in using your online credentials and provide your loan account number. Once you have tracked your account, you can request for a statement which is either sent to your registered email ID or provided in the form of a PDF file which can be downloaded. Similarly, you can also visit the branch office of the lender from where you have availed the loan and place a request for a statement. In addition to that, you can raise a request for your personal loan statement through phone banking as well.
The approval of a personal loan application depends on a number of factors. When you apply for a loan, you should make sure that you are sufficiently fulfilling all the factors to ensure the approval of your loan application. The eligibility criteria for personal loans may vary from lender to lender, however, there are number of common criteria which include the age of the applicant, his or her income, credit score, status of employment, and so on. Before you apply for a loan, make sure that all the eligibility criteria are being fulfilled. This will help you avoid rejection of your loan application. Although there are other options which you can resort to in case your loan application gets rejected, it is recommended to double check before applying to avoid the chance of rejection of the application.
A personal loan customer can avail an additional loan amount through the top-up facility over his/her existing loan. The loan amount will be subject to the terms and conditions set by the financial lender, while the interest rate may be the same as the existing loan or could be up to 1% more than the interest rate of the current loan. The tenure of the top-up loan will be subject to that of the existing personal.
The personal loan balance transfer facility gives customers the benefit of transferring their existing loan to another financial lender. This can be done if the other financial lender is offering a better interest rate, if the tenure is a lot more flexible, if they wish for a top up on their existing loan, etc.
Personal loan disbursal is basically the process of the financial lender remitting the loan amount in the bank account of the customer. The loan disbursal takes place after the submission of relevant documents of the customer and the verification and approval of the financial lender.