Loans

This is the loan given for purchase of any house/flat or plot. The interest rate varies from 6.85% to 8%. Some NBFCs charge from 7.80% to 11%(as on 1st july 2021) .the processing charges differ bank to bank and basing on profile.  The purpose of home loan can be for purchase of land and construction, purchase of flat,or Individual house etc.

when one has the property and wants to avail loan by mortgaging that property it is known as mortgage loan or loan against property. The interest rate may vary from 8.15% to 11.00%(as on 1st July 2021). The existing Income is reckoned for deciding eligibility because it Is to be repaid from existing income.

It is either unsecured business loan or business loan against mortgage of property. Th turn over required is app INR 1.00 crore for unsecured business loan some banks allow relaxation in the turnover. The secured business loan is against collateral and turn over requirement differs depending on the profile. The interest rate may vary depending on profile from 18% to 22%.(as on 1st julu 2021).Banks may charge in some cases 24% also for unsecured Business loan. The existing income is taken into consideration to decide eligibility. Future income is also taken into consideration.  3yrs/or two years financials i.e turn over, profit and loss account, promoters profile will be taken into consideration to decide eligibility.

This is a type of loan facility given to business persons to overcome working capital problems of their Business. The interest rate may vary depending on profile from 10.5% to 12.00 % some banks/nbfcs may charge 18% also(as on 2020). It may be usually against collateral. Turn over requirement varies from case to case. In cash credit the interest is charged only on the amount availed and not on the cash credit limit sanctioned.

This is facility allowed by banks. Banks Allow their customers to draw funds even there is no balance available in the account.ODs are also allowed As pre arrangement in which customer is allowed to draw funds upto the limit allowed whenever he need funds. The interest is charged on the amount withdrawn. Interest is decided case to case basis.

It is unsecured loan which is given to salaried persons usually. It can also be given to business persons also. The interest rate starts at 9.60% and vary from 9.60% to 18% from bank to bank. it also depends on the profile of the person/firm. In case of firm three years financials may be required to decide the loan.

You may view this in project financing and project implementation head in this web site.

1. The applicant should be in service minimum 3 yrs
2. He should have either IT return or form No.16 given by the employer for last three years.
3. The salary should have been deposited in the bank or a substantial amount deposited in the bank or a statement of salary drawn from employer is needed.
4. Bank statements for one year. cheque bounce should not be there unless it is for dispute with the person to whom it is given.
5. Salary slip for last six month/or one year is needed.
6. Offer letter/joining letter from the employer and in case there is change in employment within three years the earlier employment details ie relieve letter from previous employer, joining /offer letter of previous employer are required
7. 60% The net take home salary after deducting existing loans will be considered as available for repayment. For ex. Someone’s salary gross is 50000/- and take home after existing loans,pf,etc  is 30,000/- then 18000/-pm will be considered as available for repayment. Taking
8. Emi per lakh for ex. Is 900/- for 10yrs loan, then he can go upto 20.00 lakh loan. There may be relaxations.
9. Some industries are considered as negative and banks may not allow home loan for persons working in those industries for personal loans.
10. All documents pertaining to the property to be purchased like sale deed, mother deed, EC, khata certiticate,khata extract, previous sale deed, tax receipts, approved plan, layout plan, documents pertaining to layout(in case of apartments) may be required. After that bank may ask for further legal documents.

Majority of the above documents except salary Slips, form no.16, offer letter and appointment Letter etc. Are required.

1. The applicant should be in business for minimum 3 yrs .the vat/service tax registration/certificate of incorporation or any other Proof of starting year of business is required
2. He should have IT return for last three years. There should have been good turn over for last three years. Some banks consider income proof other than ITR also in case there is no ITR provided The income is shown in the bank statement.ie sufficient income proof to be there.
3. His income or substantial portion of income should have been deposited in the bank. bank account should be more than one yr old.
4. Cheque bounce should not be there Unless it is for dispute with the person to whom it is given.
5. The income should be sufficient to cover the proposed installment of loan.

After seeing the above documents/papers  financial institution/bank/private financier may be able to take a decision to allow finance or not. Once they decide Then they will initiate for inspection/valuation of the assets and make enquiries about the company/firm/individual

Once they are satisfied with the enquiry/inspection/verification they will process the loan proposal. Then they will verify the legal documents and take legal opinion on the land documents and once it is okyed by advocate banks/fi will start for legal agreements and after entering into agreements, they will disburse the loan in one go or in instalments depending on the nature of the loan.

Banks/FIs will take processing charges of 1% or ½% of the loan. Besides this they may also charge for estamping, notarisingetc, which may be around ½% to 1%.

After submission of all documents the bank may take 8/10 days to process.

For your loan requirements you may contact us so that

We shall try to arrange loan subject to eligibility.