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Loan Against Property or LAP

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A loan against property (LAP) is precisely what its name implies - a loan that is paid out against a property mortgage. The loan is offered in relation to a specific percentage of the market value of the property, which is approximately around 40-60%.  In India, LAP is categorized under the 'Secured Loan' group where the borrower shows his property as security, which can be a self-occupied ownership property or a rented out property (both residential and commercial). It's not necessary for the property to be a constructional structure. It can be a piece of land as well. LAP usually comes with an interest rate of 12-15.75%. In India, maximum tenure offered for a LAP is 15 years. Starting the process If you want to take a loan against property, the first thing you need to do is to shop around for a lender. Use the internet to learn about the eligibility criteria of a LAP and this is likely to vary from one bank to the other. In general, most banks would ask for the following

Transferring Your Home Loan: Things to Consider

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When a bank offers you alluring interest rates that seem better than the bank you've currently availed your home loan from, you may be tempted to transfer the loan. But remember the point that every bank has its own marketing strategy and things may not be what they seem from the exterior.  It is imperative that you know the details of a bank's offer in-depth. There are other important things to take into account than just the interest rates of your loan. The following are the things to consider when you are transferring your home loan. Compare the Total Outflow While a new bank can draw you by its side by offering reduced EMIs and elongating the time period of your loan repayment, you should be aware that this can increase the total amount you are to pay in the end due to the constant addition of interest rates to your outstanding loan amount.  If your current EMI is higher than what the new bank offers, you must compare the total outflow of the two banks before you shift. Unl

Income Tax Benefits on Home Loan India

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If you have an on-going home loan or have taken a home loan recently, then there are certain tax benefits you can avail on the equated monthly instalments (EMIs) paid. There are additional tax benefits that were announced in previous budgets that are still applicable for FY 2020-21. Do keep in mind that for the current financial year, an individual can continue to opt for the old tax regime and claim tax exemptions such as HRA and various deductions under sections 80C, 80D etc. The individual also has the option to opt for the new tax regime which offers lower tax rate without any tax exemptions and deductions. If you have two houses and your second house is empty or occupied by your parents, then interest paid on home loan taken for the second house will also be covered under section 24. Do keep in mind that the total deduction available on the interest paid on home loan for both the houses should not exceed Rs 2 lakh in a financial year. Soni says, "In case of Let out property,

If you are changing jobs frequently, you will not get a personal loan

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People usually take personal loans when they need money.  But getting this loan is also not easy.  Banks or non-banking financial companies (NBFCs) take into consideration many things about an applicant before lending to any person.  If none of these are correct then your application may be rejected.  We are telling you about 5 such things on which your loan approval depends. CIBIL score must be good CIBIL score shows the credit history of a person.  In the case of personal loans, the banks definitely check the applicant's CIBIL score.  The credit score is determined by several specific credit profiling companies.  In this, it is seen that you have taken a loan before or have used credit card etc.  The credit score of any person is reflected in the repayment history, the ratio of credit usage, the timely payment of existing loans and bills.  This score is in the range of 300-900, but the score of 700 or more is considered by the lenders to be good. Do not apply too much. Personal l

Piramal Group Chairman Ajay Piramal has become the new owner of DHFL

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Dewan Housing Finance Corporation (DHFL), the bankrupt housing finance company under financial tightness, corruption charges and bank debt, has got a new owner. Piramal Group Chairman Ajay Piramal has become the new owner of DHFL. DHFL creditors have approved the bid of Piramal Enterprises. DHFL said in a regulatory notice sent to the stock exchanges on Sunday that the bid of Piramal Enterprises was approved at the COC meeting held on January 15, 2021. DHFL said, the Committee of Creditors accepted the offer from Majority to Piramal Capital and Housing Finance Limited under Section 30 (4) of the Insolvency and Bankruptcy Code (IBC).  Piramal's proposal from DHFL's Committee of Creditors (COC) received 94% of the vote, while the other contender for the deal was American's Oaktree Capital with only 45%. Let me tell you that minimum 66% votes were required to win this bid. Ajay Piramal has managed to buy DHFL despite a lower bid from Oaktree Capital. Ajay Piramal's company

How to choose the Best Personal Loan

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By virtue of being an unsecured loan, personal loans have a very high rate of interest attached to it. So one should consider taking a personal loan only if: You do not have an asset/security against which you can get a loan. For e.g. if you have an FD you can pledge, a secure loan might make more sense. You have some visibility on your cash flows and are sure that you will be able to repay the EMIs (Equated Monthly Installments) in time. Else you are bound to enter into a debt trap. There is an emergency and you need funds immediately. A personal loan can be taken because the processing time is much lesser on account of minimal documentation. Opt for personal loans only to meet your essential needs which cannot wait. It should be your last resort. Taking it for satisfying leisure needs can prove to be costly i.e. for gambling, buying a new car (a car loan is a better bet with a lower interest), etc. Before you choose your personal loan: Calculate the cheapest loan offer: These loans c

Home Loan Providers in Raipur Chhattisgarh

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Raipur is the capital and largest city of Chhattisgarh.  As per Population Census of India 2011, Raipur, Chhattisgarh has a population of 2 Lakhs with 43,600 households spread across in the area of 1100.92 sq. km.  Raipur has become the educational hub of Chhattisgarh due to the presence of many institutes of National importance in Engineering, Management, Medical, and Law. It is the only city in India which is home to IIM, NIT, AIIMS, Hidayatullah Nationa l  Law University, and IIIT. It is a  business center with renowned global automobile companies and international brands. Its economy is majorly driven by agricultural processing,  oil mining, steel industry, plywood industry, soap manufacturing, etc. If you plan to settle in Raipur, Chhattisgarh. Then there are many financiers and banks. They can help you with buying your dream home. They provide home loans to both salaried and self-employed at a reduced rate of interest. Home Loan Providers in Raipur Chhattisgarh are SBI Home Loan-