It is everyone’s dream to have a branded car along with the house. Car not only makes your life comfortable but also reduces many difficulties. Coming to the office while battling with public transport or going out for a weekend walk, everything becomes very easy. Before buying a car was too big for anyone, because it was required to have spent a lump sum, but now loan(Car Loan) due to be readily available, it has become much easier. Banks and non-banking finance companies give car loans on easy monthly installments, which has made it very easy to buy a car now. This does not spoil your budget and also provides convenience.

Bank gives loan to Buy You A New Car, Used Car or give  Loan Against Car. Banks generally offer loan upto the cost of the new car 85%. In this loan, your car is mortgaged (hypothecated) with the bank.

What are the types of car loans?

You can actually take a loan to buy a new or used car. Let us show that you usually are the kind of car loans:

New car loan:- Banks offer you loans to buy new cars. Banks generally offer loan upto the cost of the new car 85% . In this loan, your car is mortgaged (hypothecated) with the bank. When you repay the loan, No Objection Certificate (NOC) the hypothecation can be removed by taking a from the bank.

Used car loan:– If the bank gives you a loan to buy used car. The condition in this is that the car should not be more than three years old. By buying such a car, you can get of the value of the car 50% to 80%.

Loan against used car:– If you need money then you can take loan against your car from bank. This loan can be availed to meet virtually any requirement of yours. Even in this situation, banks give you loan the value of the car 50%-80% upto. As long as you do not repay the loan to the bank, then you can not sell the car.

Car loan application process

Banks have made the car loan process very easy. Filling the Form: First of all you have to fill the application for car loan. You can fill the application by visiting the bank or at the car dealer.

Document Verification:à bank lending after filling the application takes the process to verify your documents. You have income, to provide proof of identity and address. The bank verifies it and verifies it.

Loan approvals:à If the bank is satisfied with your documents and feels that you can be given a loan to buy a car, then your car loan is sanctioned.

Lone meet:–> After this, a car loan is issued in your name.

Documents required for car loan application:-

•           Bank account statement of last six months

•           2 passport size photographs

•           Identity proof (Passport, PAN card, Voter’s IT card or Driving license etc.)

•           Address proof (ration card, driving license, passport), telephonebills, electricity bills or Life insurance policies, etc.)

•           Income certificate salary slip, form 16

•           last two years of IT returns or form 16

•           Audited balance sheet in the non-salaried / professional /business, a two-year profit End Loss Statement, Shop and Establishment Certificate/ Sales Tax Certificate/ SSI Registered Certificate/ Copy of Partnership

• In case of people engaged in agriculture or allied activities, photographed Khasra/ Chitta (in which cropping pattern is given) – Patta/ Khatauni ( Have given land holding). All the land should be on free hold basis and the ownership proof should be in the name of the borrower.

Hypothecation:–

when buy the car after taking a loan(car loan), it remains mortgaged to the company lending. This gives them the right to confiscate your property in case they are unable to repay your loan. If you are not able to pay the monthly installment on time, they can pick up the car and take it away.

Hypothecation letter is also a part of the car registration process. When your loan(CarLoan) Once will repay, You can delete Hypothecation the company lending the registration papers.

To remove the hypothecation, you will have to go to the concerned registration transport office with no objection certificate, car insurance papers and address proof. It is important to note that debt(CarLoan) provided by the mandatory NOC from the company. After this, give it to the insurance company and issue the insurance paper in the name of the new owner.

The amount of Car Loan:–

The amount of Car Loan depends on your age and income. The car you get much credit, Loan provided by the subject company. Generally you will get loan, four or six-time of your annual income.

You can get loan upto 80% to 90%. Some banks, however, 100% finance. It can be ex-showroom price or on road price.

Ex-showroom price is the amount paid to a dealer for buying a car. When your registration charges, insurance,, bring the car to drive on the road after paying road tax, etc. then it is the on road price.

FAQ(CAR LOAN)

Some Important article link, Read also

• How can we get Personal Loan?
• How can we get Business Loan?
• How can we get Housing Loan?
• LOAN ARTICLE IN HINDI

Do you want to take mortgage loans? Are you not getting unsecured loan? If you have a property and want to take a loan by mortgaging this property, then you will get the loan, which is called loan against property(Mortgate Loans). 

The bank would like to know from you why you want to take the loan. Loan against Property, you can take for business expansion, for building a house, for daughter’s marriage and for other purposes. 

Mortgage loans-Loan against Property

If you have property and want to take loan against property, by mortgaging the property, then it is called loan against property(Mortgage Loans). 

In times of limited salary and inflation, you may have a sudden need of money at any time.on the other handPersonal loan also has a limit that you cannot take a loan of more than a certain amount. Your need may be so big that you are planning to sell your property. However, you can consider Loan against Property (LAP) for getting a large loan amount. By mortgaging the property you were trying to fulfil your need than selling it, you will get the job done. You can use residential or commercial property for loan against property. Come; let us know about it in detail.

Loan Amount for mortgage loans(Loan to Value):-

The loan amount is based on the value of the property. Most banks or other lending companies offer loan amounts between 50-75 per cent depending on the market value of the property. The loan amount depends on the condition of the place where the property is located. After all this the credit score of the applicant, source of income etc. is seen.

Process:-

Now the bank sees what is your income. Are you a salaried man or a businessman? If you work, then you can get a home loan of four times your annual income, if no EMI  is going on then , if any your EMI is going on, the bank will give you that loan amount except for, which will become your eligibility. 

If you are a businessman then you will get 7 times of your annual income home loan. If no EMI is running then , if any your EMI is going on, the bank will give you that loan amount except which will become your eligibility.   All banks in the country loan against property give, the process of giving loan of all banks is different. The interest rate of all the banks is different, the terms and conditions of all the banks are different. If we follow them then we get loan easily. Before taking a loan, we need to know the bank terms and conditions, before taking a loan, we should know interest rate, processing fees-paid , the insurance and additional deductions.

Documents required for Loan against property(mortgage loans):-

Usually, almost identical documents are required to be produced for all the banks. Here we are giving the list of required documents to this,, according to complete your paper preparation for mortgage loan.

Documents required mortgage loans:-

1. Identity Card
2. Loan Application- Fill your loan application form and three passport size photographs with it.
3. Identity Proof- PAN, Passport, Driving License, Voter Card. One of these ID cards.
4. Residence certificate- copy of telephone bill, electricity bill, water bill, gas pipeline bill; Copy of Passport, Driving License or Aadhar Card. any one of these.

Property Papers for Mortgage Loans :-

1. Registered Agreement for Sale, Allotment Letter for Sale or Stamped Agreement
2. Possession Certificate
3. Maintenance Bill, Electricity Bill, Property Tax Receipt
4. Approved Plan Copy (Xerox Blueprint) and Builder’s Registered Development Agreement, Conveyance Deed (For New Property)
5. Account Statement
6. Bank account statements for the last six months of all the bank accounts with the applicant,
7. if any loan has already been taken from any other bank or lenders, then loan statement for the last one year

Income proof of Salaried applicant, Co –applicant and the Guarantor:-

1. Salary slip or salary certificate of last three months, Bank Statement of LAST 3 MONTHS
2. Copy of Form 16 for last two years or copy of IT Returns of last two financial years

Income proof of Non-salaried applicant, Co -applicant and Guarantor:-

1. Business address Proof
2. IT Returns for the
3. last three years Balance Sheet and Profit and Loss Account for the last three years
4. Business License details
5. TDS Certificate (Form 16A, if applicable) Qualified for
6. CAs, Doctors and other professionals education certificate

FAQ(PROPERTY LOAN)

Some Important article link, Read also

• How can we get Personal Loan?
• How can we get Car Loan?
• How can we get Home loan?
• How can we get Business Loan?
• Know about Loans in Hindi

Do you want to buy a house and you have money to buy a house If you do not have money to buy a house then you can take a loan from any bank or NBFC? Nowadays banks are giving you the least rate of interest loan to buy a house. Now if you are buying a municipal authority approve house in any city, then you will get a minimum rate of interest rate up to 6.5%. If you are buying a house in the regularise colony of that city, then from nbfc you will get a home loan at 9.5%.onword..

Applicant profile for Home Loan

Now the bank sees what is your income. Are you a salaried man or a businessman? If you are doing job, then you can get a home loan of four times your annual income, if no EMI  is going on then , if any our EMI is going on, the bank will give you that loan amount except for, which will become your eligibility according to bank policy.

If you are a businessman then you will get a home loan of 7 times of your annual income. If no EMI is running then, if any your EMI is going on, the bank will give you that loan amount except which will become your eligibility according to bank policy.

All bank policy are differ

All the bank loans in the country, Process to all the bank’s loans vary. The interest rate of all banks is different, the terms and conditions of all banks are different. If we follow them then we get loan easily. Before taking a loan, we need to know the bank terms and conditions, before taking a home loan, we should know the interest rate, processing fee insurance, and additional deductions.

Low-interest rates for home loans are a great hope for those who have been looking to buy their dream home for a long time. However, no one would like to waste a day due to lack of documents in their loan application. Therefore, you need to collect certain documents before starting the loan application process.

For ladies home loan at low interest rates

Now the convenience of home loan at concessional rates is not limited to men only, now working women can also take loan through new schemes implemented by various lenders. In today’s modern society, now along with men, women are also playing an important role financially for their family’s prosperous life.

Most of the banking, non-banking organizations and non-banking finance companies have come out with many offers for home loans for women at lower interest rates than men. Generally, women than men 0.05% get home loan at the lower interest rates. Finance companies and lenders consider giving loans to women less risky. Because of this, women also get loans easily.

Home loan required Documents:-

Usually almost identical documents are required to be shown for all the banks. Here we are giving the list of required documents, according to this, complete your paper for home loan.

Documents required for all types of applicants and co-Applicant

Identity Card

Loan Application– Fill your loan application form and three passport size photographs with it.

Identity Proof– PAN, Passport, Driving License, Voter Card. One of these ID cards.

Residence certificate -telephone bill, electricity bill, water bill, copy ofgas pipeline bill; Passport, Copy ofDriving License or Aadhar Card. any one of these.

Property Papers

1. Approved for building (if you have it Applicable case)
2. Registered for agreement allotment letter or Stamped Agreement for the
3. Occupation certificate
4. Maintenance bill sale, electricity bills, property tax receipt
5. Approved Plan copying (Xerox blueprints) and the builder Registered Development Agreement, Conveyance Deed (For New Property)
6. Payment Receipts or Bank Account Statement showing all payments made to the builder or seller
7. The last six months of bank account statements (Applicant and co- applicant)
8. If someone took a loan from other banks or lenders loan statements of the past year

Salaried applicant, co-applicant, all guarantor income Proof

1. Last 6 months salary slip or salary certificate
2. The last six months of bank account statements (Applicant and co- applicant)
3. Form-16 for last two years or copy of IT returns of last two financial years

Non-salaried applicant, co -applicant, Income proof of guarantor

1. Business address Proof
2. Last three years of iT returns
3. Last three years of the balance sheet and profit and loss account
4. The business license details
5. TDS certificates (form 16A, if Applicable so)
6. The last six months of bank account statements CA/Saving both (Applicant and co- applicant)
7. CA, qualification certificates to doctors and other professionals

FAQ(HOME LOAN)

Some Important article link, Read also

• how can we get Business loan?
• How can we get Car Loan?
• How can we get personal Loan?
• LOAN ARTICLE IN HINDI