Can I get a $200 loan from my bank?
No, banks rarely do personal loans for such small amounts of money and right now they are highly unlikely to extend credit to anyone without a good credit history. Your best bet is a credit union...although, again, signature and personal loans are usually granted for several thousand dollars. A couple hundred is the reason credit cards are issued.
Where can someone with bad or slow pay credit get a loan?
see Credit Solutions http://www.debtreliefprogram.esuperfind.com they'll lend you money depending on where you are. I found them at http://www.aba.com/supplierdirectory/SupplierDetail.aspx?id=468944
What is the best Bank to opt for Home loans and Following are few more questions in the details?
At the hour of need, it was Vijaya Bank that rescued me with their home loan. Hence from my personal experience, I would say Vijaya Bank is the best. And taking about fixed/floating rates, opinions can vary from person to person. Some may prefer the fixed rates while others choose to opt for the floating rates. And for pre-closure, you need to have a word with the bank before taking the loan. Hope the answer cleared your doubt.
What is the rate of interest for a home loan from Axis Bank?
This is when home loans come into play. It is essential to consider the interest rates at which these loans are offered, some banks offer low and attractive interest rates while others have too high and unaffordable rates. Rate of interest is calculated considering various factors by each bank.You can check axis bank interest and other bank interest rate withFactors Deciding Interest Rates on Home LoanCredit Score: Without any doubt, this is a crucial factor. The credit worthiness will directly impact on the rate of interest charged. Thus is important to keep a good track record of financial obligations.Home Location: The state or city you live in will decide the rate of interest. According to the rural and urban set up of the property the price and interest rate varies.House Price and Loan Amount: The basic calculation is House price- down payment = Loan amount. Either looking for a too small or too big amount of loan will call for high interest rates. Thus avail for loan according to the necessity and try to make the best amount as down payment.Down-Payment: The more you have made down payment, the lesser is the interest charged and vice-versa. Any down payment above 20% of your property amount will help you in getting low interest rate. Try to strike a balance between down payment and interest rate to save some money.Tenure: This plays a key role. To simplify things on this factor - shorter term loans will have low interest rates; similarly reduces overall cost, but this calls for higher EMI payments. Choose a loan term that best sinks with your requirements.Interest Rate Type: Fixed and floating rate of interest has its own share of rate percentages.
How does the system of taking a home loan in India work? How much interest will I be paying? How long will I be paying this amount? Which banks give what interest rate? Will it be on a reducing balance method? Will I get any tax benefits?
Home Loan is a secured lending product which banks and NBFCs offer to customers. Based on the income and existing obligations, the lender checks if the customer will be able to pay the EMI.The customer has to make a down payment amount, which usually lies between 10% to 25% of the property, depending on how much loan has been sanctioned for you. At the time of disbursement, a legal report is submitted on the property documents, sale deed of the property and own contribution receipt, etc. The own contribution or down payment has to be made by the buyer before the loan is to be disbursed.For example: If the Loan amount is INR 1 Crore at rate of 10% for 10 years, your EMI will be around INR 1.32 Lacs. If you end up paying this EMI for 10 years, considering that there is no part payment, the over interest paid to the lender will be around INR 58 Lacs.As the interest is calculated on the reducing or current outstanding balance, it is best if you can pre-pay some part of your home loan, especially during the early part of the tenure.Home loans have substantial tax benefits for any individual and they are spread across different income tax sections like:Section 80C – Repayment of Principal amount of up to INR 1,50,000Section 24 – Interest paid on Home Loan up to INR 2,00,000Section80 EE – Interest on home loan for first time homeowners up to INR 50,000. This is in addition to INR 2,00,000 in Section 24You can figure out how much your EMI would be if you choose part payments here - Calculate your Loan EMI in 3 Easy StepsFor best interest rates on Home Loans and comparison across lenders please check this page - Home Loan - Apply Home Loan at Lowest Interest RatesAdhil Shetty
What is the current home loan interest rate in India?
Different Banks have different interest rate in India. It varies from one bank to other.Factors Deciding Interest Rates on Home LoanCredit Score: Without any doubt, this is a crucial factor. The credit worthiness will directly impact on the rate of interest charged. Thus is important to keep a good track record of financial obligations.Home Location: The state or city you live in will decide the rate of interest. According to the rural and urban set up of the property the price and interest rate varies.House Price and Loan Amount: The basic calculation is House price- down payment = Loan amount. Either looking for a too small or too big amount of loan will call for high interest rates. Thus avail for loan according to the necessity and try to make the best amount as down payment.Down-Payment: The more you have made down payment, the lesser is the interest charged and vice-versa. Any down payment above 20% of your property amount will help you in getting low interest rate. Try to strike a balance between down payment and interest rate to save some money.Tenure: This plays a key role. To simplify things on this factor - shorter term loans will have low interest rates; similarly reduces overall cost, but this calls for higher EMI payments. Choose a loan term that best sinks with your requirements.Interest Rate Type: The two main types of interest explained previously is another core factor to determine the interest rate. Fixed and floating rate of interest has its own share of rate percentages.Bank Name - Interest RateSBI - State Bank Of India 8.60% (For Women), 8.65% (For Others)ICICI Bank - 9.10%(For women) - 9.15%(For Others)HDFC Ltd - 9.10%LIC Housing - 9.15%(For Govt Emp) - 9.15% - 9.60%(For Others)AXIS Bank - 9.10%IDBI - 9.30% - 9.35%Union Bank of India - 9.50% - 9.55%Bank of India- 9.70%Corporation Bank - 9.60% - 9.85%United Bank of India - 9.55 %Standard Chartered - 9.35%Federal Bank - 9.57% - 9.82 %Allahabad Bank - 9.45% - 9.70 %Central Bank of India - 9.35%UCO Bank - 9.60%Bank of Baroda - 9.05% - 9.55 %Canara Bank - 9.15% - 9.20 %Kotak Bank - 9.30% - 9.35 %Dena Bank - 9.40% - 9.65 %Vijaya Bank - 9.65%Syndicate Bank - 9.45%Citibank 9.30%Indian Overseas Bank - 9.55% - 9.80%Punjab National Bank - 9.15% - 9.20%Development Credit Bank - 10.60%Bank of Maharashtra - 9.60% - 10.10%Andhra Bank - 9.50% - 9.70%Karnataka Bank 9.50% - 9.75%
Can/Will a bank lend on its own foreclosed property?
Most likely they can and will make the loan. However, if they sell their loans to investors (as most small banks do), they will be held to the investors requirements. That means the real issue is getting 20% down. Your lender or the bank should be more than happy to make the loan at 80% of the appraised value (not the purchase price). If you can swing the extra down payment, it should be a non issue. If you agreed to buy the home for 100,000 and put 20,000 down to get to 80% and now the house comes in at 93,000 on the appraisal, keep your 20,000 as a down payment. Now your loan is 73,000 (instead of 80,000) which means you are only financing 78% of the home's appraised value. 800+ credit score and 78% loan to value,that's a slam dunk loan! Good job on your credit scores!
What is the difference between a home loan, mortgage loan and a loan against property?
There is a very thin line between home loan, mortgage loan and a loan against property when it comes to the Indian context. Home loans are essentially loans given by the bank for the purpose of acquiring a home or a residential property. Banks give the loan but the home or property is served as collateral to secure the loan. In case of non-payment or default, the bank can liquidate the property and get back its used loan amount. Mortgage loans are loans in which the loan applicant is supposed to give a property or any security as mortgage. The mortgage can be land or assets like gold, securities, insurance etc.There are very few mortgage free loans, one example being personal loans. Most other loans require a mortgage or security to facilitate a loan request from the bank or NBFC(non banking financial companies). Home loan is a type of mortgage loan.Loans Against Property The loan is given against a property which is held as a security. Loan can be against any property of the loan applicant and not necessarily against a residential property. It can be facilitated by mortgaging any property which stands in the name of the loan applicant. Here, the amount given as loan is irrespective of purpose and can be used for any immediate financial requirements, unlike a home loan.Hopefully your doubts about the difference between the three have been resolved. In case you want to explore the possibility of taking a home loan, it would be helful to calculate the EMI beforehand, so this link might come in handy-> Home Loan EMI Calculator