Home Loan, loanonphone.co.in

Solution In India, owning a home is one of the key factors of success and Loan on phone lent Home Loan to the individual to buy a house, purchase a plot, construct a house, repair & renovate the house, balance transfer of existing home loan, etc.

ome loan is an amount being lent by various banks or NBFC to the individual to buy a house, purchase a plot, construct a house, repair & renovate the house, balance transfer of existing home loan, etc.

Bank or NBFC mortgaged the property and charged EMI (Equated Monthly Installment) on the loan amount being lent by them. EMI consists of both interest and principal amount, which has to be paid by the borrower to the bank or NBFC. EMI calculation depends upon three factors i.e. (i) Loan Amount, (ii) Loan Tenure, and (iii) Rate of Interest. EMI on loan amount remains same throughout the loan tenure, if rate of interest not changed.

In India, owning a home is one of the key factors of success. There has been a continuous desire to own a home as there is a significant rise in the disposable incomes, particularly in urban and semi-urban areas, tax rebate on repayment of housing loans, declining rate of interest and rises in the nuclear family,. As there is a huge demand, the price of the property is very high, and owning a house is a major decision for an individual. As the price of the property is very high, home loan finance company in Delhi plays a major role for an individual to buy a house.

Loan Against Property

When bank or NBFC provides loan to the borrower against his property is called loan against property. It is like personal loan where loan amount can be utilized by the borrower to fulfill his personal or business need but there are various differences between the personal loan and loan against property for private financer in Delhi, which are as follows:

Rate of Interest: Personal loan is an unsecured loan so bank or NBFC charges high rate of interest on personal loan. Personal loan rate of interest offered by bank or NBFC ranging from 10% p.a. to 30% p.a. depends upon profile of the customer and his credit worthiness. Loan against property is a secured loan which is secured against property of the borrower so lender charges comparatively low rate of interest. Loan against property rate of interest offered by bank or NBFC ranging from 8.50% p.a. to 18% p.a. depends upon profile of the customer and his credit worthiness. Loan Tenure: Personal loan provided by the bank or NBFC for shorter period of time i.e. 1 year to 5 years. Bank or NBFC offers longer period of time for repayment of loan against property. Loan tenure for loan against property at lowest interest rate is in between 3 years to 15 years. Even 20 years also offered by some bank or NBFC. Loan Amount: As the personal loan is an unsecured loan so bank or NBFC imposed capping on the loan amount. Bank or NBFC provide up-to Rs. 50 lacs under personal loan.

As the loan against property is a secured loan so there is no capping on the loan amount by bank or NBFC. A borrower can avail Rs. 10 lacs to Rs. 100 crore against his property subject to fulfillment of loan eligibility criteria.

Commercial Loan

Commercial property loan is an amount borrowed by an individual from bank or NBFC to buy commercial property like ready to move in office, showroom, shop, etc. Bank or NBFC mortgage the commercial property offered by the borrower and charged EMI on the loan amount. EMI consists of both interest and principal amount, which has to be paid by the borrower to the bank or NBFC. EMI calculation depends upon three factors i.e. 

 

(i) Loan Amount, (ii) Loan Tenure, and (iii) Rate of Interest. EMI on loan amount remains same throughout the loan tenure, if rate of interest not changed.

The price of the commercial property is very high, so commercial property loan plays a vital role in purchasing commercial property like ready to move in office, shop or showroom, etc. Loan for purchase of commercial property is a popular category of loan.