Home Loan

Easy solutions available for all type of your Home Loan needs Starting from-

Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one. Building your own home is special. As one of the leading home loan providers, Best deal4loan is here to help you lay the foundation for your dream home. A home loan, also popularly identified as a mortgage, is an easier financial option to own a house. Once you've decided to endeavor on a home loan, there are so many things that you need to be informed with. Not only is it going to be an emotional experience, it is also going to be a very informative monetary journey, as you will be dealing with the whole caboodle of the mortgage process along the way. Here are a few pointers that make Best deal4loan your ideal partner for home loan requirements.

Factors to Consider when getting a home loan:

1. Loan Amount:

It is not always wise to borrow huge sum or apply for different loans as huge debt will make your repayment a challenging that leads to debt trap. Decide your loan amount depending or considering your monthly income, Job stability, your age, other debts and financial commitments. Remember, when applying for a loan, borrowers have to pay down payment or margin money which may be upto 20% of your loan amount or of the property cost. You must also arrange the same when applying for a Home loan.

2. Tenure or Period of repayment:

Borrowers always want to pay off their loan or debts as soon as possible and opt for short tenure loans. When your loan tenure is for short period, your monthly EMI will be very high. Longer tenure is generally chosen to enhance the loan eligibility of borrower but longer the tenure greater is the cost of borrowing. If you are close to retirement, you will not be eligible for longer tenure loan. If EMI for short term is not affordable and you want to pay off your loan as soon as possible, you can consider middle path for the period of 10 to 15 years.

3.Hybrid Loan:

When considering Home loan it is important to consider interest rate. You can either consider fixed rate or fluctuating rate of interest. Fixed rate of interest remains fixed for the entire tenure of loan irrespective of change in interest. Floating rate is chosen by borrowers who expect the rates to fall in the future and want to benefit by it. A hybrid loan is a combination of fixed and floating loans. Borrower can lock a portion under fixed and leave the remaining under floating rate. It is suited for borrowers who seek to benefit from the predictability of fixed rates and at the same time want to gain from a falling rate. This loan is a blessing for borrowers who are confused about the direction of rate movements.

4. Insurance for Home loan:

Home loan insurance enables you to insure your loan and repay your loan in cases of accident, death, sickness or loss of job. If your Home loan is insured and in future if you are unable to repay your Home loan due to sickness, loss of job or death, your insurance company will pay off your loan and avoid burden of Home loan. It is highly recommended for Home loan insurance to ensure that your family still has a home in case of your death or sickness or loss of job.

5. Penalty and Charges:

Before applying for Home loan, know the rate of charges, penalty or fee charged by your lending company or bank for default in monthly EMI. Know the processing charges and in case you decide to switch your loan from current lender to new lender, current lender will charge penalty or fee for pre-closure of your loan.

6. Tax benefit:

If you borrow your Home loan from recognized lender such as banks and leading lending company, you can get tax relief on your principal amount and interest paid along with monthly EMI. If you are away from your property or city due to your business or employment, you can get tax relief for loan paid and you will be eligible for HRA provided by your employer in that city.

7. Loan Eligibility:

When computing loan eligibility, banks take into account the age of the applicant, his salary, repayment/Credit history, savings, profession, location of property, and other debts. Some professions are categorized as negative or risky by the lenders while some jobs fall in the preferred list. As a thumb rule, the EMI for your Home loan must not exceed 40 percent of your gross monthly income.

8. Improving Your Loan Eligibility:

When applying for Home loan, you can use following methods to enhance the availability of Home loan from your bank or lending company.

9. Maximum Down payment:

You can enhance your loan eligibility by paying maximum down payment for the loan. This will add confidence in your bank or lending company to provide loan needed for you.

10. Clubbing Incomes:

Clubbing income is simplest way to enhance loan eligibility. You can club your income with your father, mother, spouse or son and jointly apply for the loan. Clubbing income enables you to get Home loan as your monthly income will increase by clubbing the income.

11. Longer Tenure:

When applying for long term loan or bigger loan amount, you can opt for longer tenure. A longer tenure will make you eligible for a bigger loan for the same income level.

12. Co-applicant:

Co-applicant helps you to apply for Home loan. You can either apply for Home loan jointly with your spouse, family members. Co-applicants enable both to get tax benefit and get a higher loan amount sanctioned from your bank or lender.

Easy solutions available for all type of your Home Loan needs Starting from-

• Loan on fresh purchase(Under construction builder Property)
• Plot Loan.
• Loan on Ready to Move in Property.
• Construction Loan.
• Loan for Home Renovation.
• Balance Transfer and Top Up loan on existing running Loans.

Loan against property

Loan against property or Property Loan as it is often referred to is a loan taken by pledging your existing property as a security. Loans against property can come in handy when other sources of funding get exhausted.
It is important to understand that a loan against property is different from a Home Loan. While a Home Loan is a bank loan taken to buy a property, a loan against property is a loan secured from the bank by putting up your existing property as a security against the loan.
Depending upon the existing market conditions, the paid up value of the property and other factors, the value of the loan against property can be anywhere between 40-60 % of the property value. Cash in on your smart investments of the past and build a safe future. Take a property loan today and use it for any kind of requirement.
You can easily take Rs 50 Lacs to Rs 10 Cr Loan Against your self occupied Rented/vacant residential or commercial property at very nominal rates ranging from 12 % - 14% with in just 7-10 working days from all the leading bank’s like-

• PNB HOUSING
• ICICI
• HDFC LTD
• INDIA BULLS etc.
• PUNJAB & SIND BANK

PERSONAL LOAN

Are you in need of some quick cash?

Presenting paisapao.com multi bank`s personal Loans. Go on your dream holiday, buy the latest lifestyle gizmo, gift your wife a lovely diamond ring, renovate your house or just squash a temporary cash crunch. Let us give you a helping hand. Our personal loans will meet all your personal requirements.

Key Feature:-

• Low score can also apply
• Loans for salaried individuals of select companies
• Special loans for doctors, chartered accountants, engineers, architects, CS and ICWA
• Loans are available from Rs 1 lac to Rs 30 lacs
• Attractive interest rates
• A balance transfer facility available for those who want to retire any higher cost debt
• Loans available against repayment track record of any existing auto, personal or home loan
• Simple procedure, minimal documentation and quick approval
• No mortgage need for personal loan.
• Easy repayment
• We are dealing with multiple banks. So we have wide range of the same product.
• No security/guarantor required
• Faster processing.
• Flexible repayment option of 12-48 months

What is the personal loan documentation?

Each bank has its own list of documents that one must submit at the time of personal loan application. The common personal loan documents that the banks require:
• Passport size photograph.
• Proof of Age.
• Copy of Bank A/C statements for the last 6 months.
• Copy of latest credit card statement.
• Signature verification from your banker.

If you are self-employed you require:

• Your business track record.
• Copy of audited financial statements for the last 2 years.

If you are salaried, you need:

• Salary and TDS certificate
• Latest pay slip.
• Letter from employer

Life insurance

Life insurance policy provides you assurance that your family will get financial security and support even when you are not around. This is the best way where the insured person can save his family from financial crisis at the time of any miss happening or after death. With a population of over one Billion, only 35 million people in India are covered with life insurance. There are so many reasons behind this low penetration of life insurance. Undoubtedly, ignorance about insurance, lack of knowledge about facilities and cost efficiency of insurance - are some of the reasons. That is the reason website like www.policybazaar.com will be of much help for all those who are looking for effective life insurance solutions.

Life Insurance Basics:

Life insurance is an agreement between two parties i.e. insured and insurer where in insurer agrees to indemnify insured in event of any contingency leading to death and injuries.

Types of Life Insurance

There are various types of life insurance available to an individual depending upon the sole motive of insurance in order to meet contingencies. Below are types of life insurance options available to an individual:

1. Term Life Insurance:

Term life insurance plans provide insurance to an individual for a fixed tenure. It is the pure and cheapest form of life insurance for an individual. This type of policy is suitable for people who are unable to pay high insurance in order to buy endowment policies.

2. Whole Life insurance:

Whole life policies are totally opposite to term life plans. A whole life insurance policy covers risk to an individual for their whole life and generally no pay backs are provided under these types of policies.

3. Endowment Life Insurance policy:

Endowment life insurance policies are referred as traditional policies as well. Endowment policies covers risk to an individual for a specific period of time as per the opted policy and it also pay backs sum assured and promised bonuses at time of maturity as well.

4. Money Back Insurance policy:

Money back insurance policy is a type of life insurance under which money is paid to an individual at different stages of life yet covering their risk for a specific period of time.

5. Unit Linked Insurance Plan:

Unit linked insurance plans are the modern form of insurance. In addition to insurance cover provided by the provider, money is also invested in various avenues therefore providing opportunity to derive good returns as well. So, it serves as an insurance policy and investment plan.

6. Retirement Plans:

These policies are specially meant to provide steady income to an individual after their retirement. These kinds of policies enable a person to be independent maintaining good lifestyle.

7. Savings and investment plans:

These plans help you to save money and also provide you investment opportunity to grow your money.

8. Child Insurance policy:

These types of policies are meant especially for children. The basic motive of these policies is to provide financial assistance to a child at various stages of their education and thus making their bright future.

Life Insurance Claims

Life insurance claims are differentiated into two different forms as below:

1. Death claims:

Death claims are made by nominees of the individual in the event of death of the insured. There are few formalities to be provided to the insurance company like policyholder’s death certificate, original policy contract, a duly filled claim form and proof of identity of the beneficiary.

2. Maturity claims:

Maturity claims are made by the individual when policy term gets completed and to avail this benefit insured has to furbish original policy bond and duly filled maturity claim form.

Tax Benefits under Life Insurance:

One of the key factors while buying insurance is tax. In India, tax rebate is provided to an individual for the sum invested in insurance policies. The amount invested in life insurance is eligible for deduction of the amount from taxable income.