Tag Archives: bank
10 Steps to peaceful Home loan processing (Page 1 of 3)
Building a home of our dream is a life time achievement to a middle class person. For making this dream come true to a middle class person banks are playing a significant role by providing them with the right home loans at door steps. But if do not plan properly and if we are not aware of the policies, terms and conditions of the bank we will end up paying more to the bank in terms of principal and interest components.
For the convenience of our customers we planned to give a 10 steps plan which the customer has to understand to take a home loan to build a dream home of their life.
Please read these 10 steps of processing carefully and follow these to make the transaction a memorable moment in your life.
Before going for a home loan processing please be aware of your loan product and the terms and conditions that the Bank is asking to fulfill to have the loan done. There are different products for which bank is having different terms and conditions for each product. Normally the Bank will have the below products which come under home loans.
a. New Purchase of Flat or Independent House: In this a customer can purchase a New Flat or Independent house of his choice which is under construction or in ready to occupy position.
b. Resale purchase: This product is applicable to those customers who wants to go for a Flat or Independent house which was already owned by some body else.
C. Plot + Construction: The product is applicable to those customers who want to buy a Plot and do the construction immediately, but banks ask you to start the construction with in the specific period of time.
d. Balance Transfer (BT): A person who wants to transfer a loan from one Bank/Financial Institution to other can opt for this product.
e. Construction: A person who wants to construct a house in his/her plot can go for this loan.
f. Plot: A customer can go for this loan who wants to purchase a Plot which is under HUDA, Municipality and Grampanchayat limits.
g. Enhancement: Increasing the loan amount which was already taken from the same bank is called enhancement.
h. Top Up: This loan is just a facility that banks provide to customers to take on the basis of the previous loan and the repayment track.
I. Mortgage: It is the loan that a customer can opt by depositing the original property documents with the bank which he already owns.
2. Rate of Interest (ROI): The most important point to be taken care of in taking a home loan. There are two types of interest rates which banks normally have i.e Floating and Fixed.
Floating Rate of interest is subject to change according to the money market conditions. If the interest rate increases then the bank will increase the Rate of Interest on your loan vice versa.
Fixed Rate of Interest is fixed for the complete tenure of for over a period of time depending on the Banks, but Banks reserve the right to modify the rate of interest if they is any huge differences in the money market conditions.
Are you eligible for payday loans (Page 1 of 2)
If you are in search for short term loans to cover up monthly expenses, payday loans are there to meet your emergency financial crisis situation. Payday loans are the short duration loans that have to be repaid by the borrower within the consequent payday. Basically these loans are borrowed for covering up of the every day expenses.
The payday loans are also referred to as cash advances. The main aim of these loans is to provide immediate financial support to the person who has an urgent need for cash but do not have sufficient amount of money to fulfil the needs. Since these are short term loans, the person who borrows it does not require paying back the loans in instalments each month that can be even stressful for them.
One can easily avail these short term loans online with the providers offering payday loans. The online availability of payday loans has made it easier for the borrowers to get instant payday loans. All you require is to fill a form as an application for the payday loan. The payday loan amount is paid once the procedures are completed and that amount has to be repaid by the next paycheck day.
Though these loans might simple to avail, there are certain eligibility criterions that need to be fulfilled. The eligibility criterion is basically because the lenders do not have faith whether the borrowers or the customers have the ability to fulfil the requirements or not.
As compared to the procedure followed by the other loans, it is easy to be eligible for the payday loans. The payday loan lenders have to fulfil five basic requirements for being eligible for the payday loans. First of all it is essential that the person who is applying for the payday loans must be 18 years and above. Being a citizen of the country where the person is applying for the payday loan is also one of the essential requirements along with the permanent occupation as well as evidence that can prove the same.
Other than this having a stable and balanced income is also one of the necessities. Lastly, having an active and valid account is a must for the borrower taking loan from the creditor. The lender might also ask the person to show the bank statements so that the financial status can be analysed to get the loan cleared and sanctioned.
The residence proof that is given also has the date of birth proof along with the other proofs that can enable the creditor to have all the necessary details for considering them eligible for the payday loans. For showing the active bank account, a statement of the money that is there in the bank can be simply shown to the creditor.
One of the major advantages of payday loans is that the credit account is not considered while approving the loan that can make it easier for the borrower to opt for the payday loans even with bad credit score. If you are in search for short term loans to cover up monthly expenses, payday loans are there to meet your emergency financial crisis situation. Payday loans are the short duration loans that have to be repaid by the borrower within the consequent payday. Basically these loans are borrowed for covering up of the every day expenses.