Everyone either he is a prince or a commoner want to own a home of his own, in old days people use to work whole their lives to buy their own house. But in this struggle the best boom period of life flies away. Now enjoy your life to the fullest, get a home loan and build the house of your dreams and live in it like a king. You can buy, build or renovate a house by acquiring various types of loans that suits you the most. There are mostly three kinds of it:
o You already own a house and want to renovate it. You can get a loan for renovating your house by putting your house for collateral security to the bank for the loan.
o Secondly you have a plot and want to build your house on it. Then again the place will be the collateral security and you’ll be provided loan to build the structure of the house on it.
o The third type is that you neither have a house nor a plot and you want to buy a house in that case you will get the loan to build your house but the house will be on bank’s name till you pay the loan fully.
Else than this there are different rules and flexibilities for diverse home loans. Like:
o The mark-up rate will vary for a salaried person or a businessman. It can start from 11% for a salaried person and 12% for a businessman though different banks and other companies may differ from this rate.
o For construction, purchase & balance transfer you can have 3 to 20 years times to pay back the loan.
o For renovation it can be from 2-20 years.
o For home purchase you can get the amount of loan that can vary from – 0.5M to 20M.
o Whereas for home renovation approximate loan can be form – 0.5M to 7M.
o For home construction you can get up to – 0.5M to 10M.
This could be the approximate loan to value ratio you can get for these different home loans.
o For Home Purchase – 80:20 for salaried employees, businessmen and self-employed professionals who maybe in the business for five years and 75:25 for businessmen and self-employed professionals who can be in the business for last 3 Years.
o For Home Construction – 70:30 for salaried employees, 70:30 for businessmen and self-employed professionals who maybe doing business for last five years and 65:35 for businessmen and self-employed professionals who are in the business for last three years.
o For Home Equity- 70:30 for salaried employees, 70:30 for businessmen and self-employed professionals who can be in the business for last five years and 65:35 for businessmen and self-employed professionals who are in the business for last three years.
o For Balance Transfer Facility – 80:20.
Car is not luxury anymore it’s a necessity; you are handicap without a car. If you cannot afford a car with your salary and trying desperately to save some money for buying a car but unfortunately every month something new comes up to eat up all your savings then get a car loan and make your life easy and you can use your savings in paying the installment of your loan every month. For car loans the rules are almost same as house loans. The payment will vary with the difference of new or used car, car model or price.
Bad credit car loan.
Happy news for the bad credit raters, now you can also enjoy the pleasure of shopping the way you want; there is high competition in those who are ready to give loan to those who have bad credit rating for car and even for house. Or if you are doing a business you can still get a loan. Actually roughly all sorts of loans are open to bad credit rater now. Though they’ll charge more interest rate and other charges but still you have a facility of loan to enjoy.
Learning is a weapon no one can steal. Education is of no comparison with anything, I think it’s a must get thing for everyone. But sometimes due to monitory resources one has to discontinue his or her education but now you can freely get education as much as you want, you just have to get a loan and study to your fill. Student loans for the benefit of students are on quite competitive rates and are much more flexible than other loans to provide maximum chance to a student to be carefree and get education as easily as possible.
Doesn’t matter how much good salary you are taking? A business (of course here I am talking about your own business) is a blessing. There is no tension of getting deadlines from your boss. No pressing for reaching office at so and so time. And there are definitely more chances of growth. Now if you want to start a business or re-establish it on a small platform or on a bigger level there are all different sorts of loans to benefit you in your goal. Your business may have helped you construct your home, now your home can assist you build your business. A business loan is normally against Residential Property. It is an evergreen credit line that the customer can use for his/her business expansion.
o Business loan can be for business expansion.
o Or for staring a new business.
o You can get loan for a small business set-up as well as fro a bigger business project.
o Business loan offers you the facility of availing a financing up to 70 % of your property value. So that now you can have a chance to avail a higher amount against your assets, you can plan your growth and expansion exactly the way you want to.
o There is another kind of loan you can get for business purpose, you can give a business plan to a bank and make the bank a sort of business partner. In this way you are saved the worry of putting your house or any other asset as collateral. This type of loan is very useful for heavy industry.
We all dream, but there are few who dare to put the power gear of their life to make their dreams come true. It’s much easier to fulfill your most dear fantasies now with the prospect of personal loan. The most interesting part in going for personal loan is you’ll be not asked the reason for getting loan.
o Personal installment loan is extremely flexible. You can borrow any amount ranging from 50,000 to 500,000 for 12, 18, 24, 30, 36, 42, 48, 54 and 60 months. Whatever suits you! Isn’t awesome, what else you need for a good start? Although there can be pre-payment penalty if you desire to pay the loan before the agreed tenure.