Tag: ICICI

Owning a property is one of the most important assets in India. It can serve the wide spectrum of purposes in your difficult times. Generally, people take loan against property for residential, commercial or industrial properties. It is a secured loan process that is availed against the property mortgage with lower rate of interest and longer tenure. It is the type of loan that fulfills your needs in times of necessity.
Can You Apply?
If you are a self employed individual and want to start a new business with the requirement of huge amount. No matter whether you are an employed professional or an individual, you can easily avail this kind of loan. Without renting and selling you can opt for this option. You can keep your owned property on mortgage and can get the 40-70% of market value as loan. It is the most secured loan with lower rate of interest.
Basic Requisites While Applying for LAP
The property to be kept as mortgage should be in your name.
Different banks offer different packages such as Axis, HDFC, ICICI, SBI and many others.
Another imperative requisite is from the lenders side. It should have any other impediment.
LAP is applied for collateral property. Tenure for loan is 5- 15 years.
When Is The Best Time to Apply?
An individual who is having a property and is encountering financial crisis then he or she should avail LAP. However, Gold Loan is also a good option but due to sentiments attached with it people consider it as the last option. In that case Loan against Property is the best choice. Generally people avail LAP due to following reasons-
Expanding an existing business or to start up a new one.
For wedding of your children.
For urgent medical treatments.
For higher education of your ward.
Advantages of LAP
Value of the asset is created for a productive use.
Approval processing is quicker than home loan.
It also permits the partial pre-closure without levying the pre-payment penalties.
Refinance opportunity can be utilized to increase the loan amount. Moreover they can use the same property continuously.
Borrower does not lose the ownership of the property, however, in case the borrower does not pay EMIs and comes out as defaulter then the lender is entitle to acquire the property.

With roaring prices of property, it might seem difficult to many about owning a dream house where a complete family would live. But with new revised home loan policies by several financial institutes & private banks like ICICI & SBI, dream home can be converted to the real home. With home loan, a house where one can live peacefully can be owned and that too without much worry about money.

Home Loan is definitely beneficial but only when smarter decision is taken. There are several hidden clauses & various rules for financial & tax implications. Therefore, to ensure that the best home loan plan is availed, it is advisable to consult professional loan consultants. Their experience & knowledge helps in availing the best suited home loan with the suitable terms & conditions.

Anyhow, there are certain ICICI home loan & SBI home loans scheme that are designed as per the ease of the customers. These schemes can be remolded & customized as per the preference of the borrower.

Lets have a look at the benefits of the ICICI home loans:

Monthly savings can be utilized to form a corpus for the down payment that is required to buy the home
25% waiver on the processing fee for the home loan
Property alerts to identify dream home
Best-suited rate of interest
Different saving options like fixed deposit & recurring deposit

After ICICI Home Loans, it is better to have a look at some of the facilities & benefits of SBI Home Loans as well. So, below are some instances:

Different types:

SBI-Flexi Home Loans
SBI-Maxgain Home Loans
SBI-Realty Home Loans
SBI-Freedom Home Loans

Eligibility

Minimum age 18 years as on the date of sanction
Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.

Benefits

Concessional package under Credit Khazana for prospective Auto Loan, Student Loan, Personal Loan borrowers whose accounts are conducted satisfactorily
50% concession in charges in respect of all personal remittances/ collection of outstation cheques
Personal loan at attractive rates under SBI Home Plus scheme

These are just few factors to give a glimpse about the prevailing schemes. Rest; there are lots of other things that are important to know. To have a fair idea about them, you can login to the official websites of the leading private banks. There is an online facility that calculates the exact thing and gives the exact knowledge of all the queries related to the best home loan.