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EXPLANATION OF HOME LOANS: EXPLORING INTEREST RATES AND OFFERS

Posted on Monday May 22nd, 2023

Owning a home is a fantasy loved by quite a few people. However, taking off land costs frequently needs monetary support as home loans. Understanding the complexities of home loans, especially the interest rates and offers, is critical for likely homeowners. In this article, we dive into the universe of home loans, revealing insight into interest rates and investigating the different offers accessible on the lookout.

Home Loan Interest Rates: The Backbone of Borrowing
The interest rate on a home loan is vital in determining the expense of getting and the ensuing regularly scheduled payments. Here is a more intensive glance at the critical parts of home loan interest rates:

• Fixed versus Floating Rates – Home loan interest rates can be fixed or floating, and fixed rates stay steady throughout the loan residency, offering security and consistency. In contrast, floating rates vary in light of economic situations, giving adaptability and likely reserve funds during lower interest rates.

• Determining Factors – A few factors impact Home Loan Interest Rates including the borrower’s credit score, loan sum, loan residency, and winning economic situations. A higher credit score frequently means lower interest rates, as it demonstrates a borrower’s creditworthiness.

Exploring Home Loan Offers: Customized Solutions
Lenders and monetary establishments, as often as possible acquaint different offers to draw in expected borrowers. These offers expect to give fitted arrangements and motivating forces to make home possession more reasonable. We should dive into some famous home loan offers:

• Special Interest Rates – Lenders periodically offer limited or special interest rates to boost borrowers. These rates might be lower than the standard market rates and could be accessible for a limited period or to explicit borrower fragments. It’s crucial to look out for such offers and analyze them against standard rates.

• Balance Transfer Facilities – Home loan balance transfer permits borrowers to transfer their remarkable loan sum starting with one moneylender and then onto the next to profit from better interest rates or further developed loan terms. This choice can be valuable for borrowers looking to lessen their interest weight or improve their getting experience.

• Processing Fee Waivers – Monetary establishments might postpone or diminish processing fees as a component of their limited-time offers. These fee waivers can lessen the general expense of profiting from a home loan. It’s significant to consider different factors, such as interest rates and loan terms, to guarantee the offer lines up with your drawn-out monetary objectives.

• Flexible Repayment Options – A few lenders offer flexible repayment options to suit the different necessities of borrowers. These options include move-forward EMIs (Equated Monthly Installments), where the portion sum increments over the long run, or step-down EMIs, where the portion sum diminishes over the long haul. Adaptability in repayment permits borrowers to adjust their loan repayments to their pay development or monetary preparation.

Conclusion
Acquiring a home loan is a significant financial commitment, and understanding the nuances of interest rates and offers is crucial for a successful borrowing experience. The choice between fixed and floating interest rates and the consideration of various offers can impact the overall cost and repayment journey. As a prospective borrower, it’s essential to research and compare different lenders, interest rates, and offers to make an informed decision. Remember, interest rates and Home Loan Offers are not the only factors to consider when opting for a home loan. Other elements like loan tenure, prepayment options, and customer service should also be evaluated to ensure a holistic borrowing experience.


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HOW YOU WILL GET VERIFIED FOR A PERSONAL LOAN?

Posted on Monday May 15th, 2023

Personal Loans are one of the most sorted out financial products in our country. This unsecured loan is an all-in-one solution for all your financial needs whether it’s a higher study, international travel, medical emergency or a dream wedding. These loans are popular due to the fact that they come under unsecured category and you can Apply For Personal Loan without pledging any of your personal asset as collateral.

As there is no collateral required so in case of default, lending institutions usually remain extra careful during the verification process of the personal loan. Here, in this blog post we will give you a brief overview of the verification process followed by most of the lenders while disbursing you a personal loan amount.

✓ Loan Application: The first step of the verification process involves the filling up the loan application for whether you avail up online Personal Loan or file it physically by going up to specific lending branch. After you submit your loan application form, borrower will be provided with a unique application number which one can use to track their application as well as to check the status of their application.

✓ Document Collection: After the lender receives your online or offline loan application, the lending institutions starts the process of collecting your financial documents. To do so, lender may send their representative to collect all the papers or ask you to submit them online on their lending website.

To experience a smooth verification process, one needs to make sure that they have all the documents in hand and they must be error free and valid. The following documents are usually required by most of the lender such as KYC documents, income proof, bank statements for the past 3 months etc. Sometimes lender may ask you for some additional documents also.

✓ Document Verification: Once you submit all the required documents, lender embark upon verification process by forwarding the papers to the verification team. A representative from the team go to the borrower’s address to verify his address and also visit their workplace to verify your income and designation.

Moreover, verification officer also asks for the number of years you have served in your office to know your financial stability. Other verification of documents such as Aadhar and PAN card is done online from their respective portals. If lender is not satisfied with verification process findings then your application can be rejected by the lender.

✓ Loan Disbursal: It is the last step of the Personal Loan verification process. When an officer receives a positive report from a verification team, then institution drafts the final loan agreement. During this stage, interest rate, loan tenure and EMI amount is mutually agreed between borrower and the lender.

Before signing any loan agreement, borrower must read the fine print carefully. After you sign the loan agreement, lender will transfer the loan amount to your bank account within 1-2 business days.

Hence, when you Apply For Personal Loan Online and submit all your documents, the lender will verify all the given information and documents to disburse you the loan money.


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WHAT POINTS TO REVIEW BEFORE AVAILING E-GOLD LOAN?

Posted on Wednesday April 26th, 2023

In past days, digital payments were once a convenience but now they have become integral part of life in aspect of finances. The restrictions have risen during the Corona Virus Pandemic which has further pushed this necessity in real time frame. It’s true to say that digitalization has also changed the way individuals borrow funds. Any potential borrower who wants to access the funds with a single click of their fingertip sitting in their personal space can opt the e-gold loan.

As online loans are accelerating day by day, especially gold loans are turned out to be savior in the times of financial crunch as they are offered on affordable rates of interest and have easy repayment strategy. It is very simple to APPLY FOR GOLD LOAN but there are few things which you must review while taking an online loan.

✓ Choice of Lender: It is wise to do a thorough research about the online lending institution and their credibility before you get a gold loan. Go through various factors to assure the digital presence of the lending institution which includes authentic website, ethical loan plans and terms as well as customer’s feedback. One can also check whether the lending platform is registered with RBI or a channel associate with verified financial institution.

✓ Online Payment Plan: Before making any digital payments for the loan against gold, it is good to track the verified accounts. Never make any payment under the name of a DSA or loan executive. To your ease, digital lenders offer multiple repayment plans where you can repay your loan amount using different EMI schemes such as bullet repayment, regular monthly installments or overdraft facility.

✓ Customer Support: Always assure yourself that a particular lending platform provides you with an efficient customer support because a legit lending institution always provides you with reminders on EMI payments via SMS and mails on availing any loan. A real-time digital lender will ensure a communication from the initial stage of availing a loan to till you repay your entire loan money.

✓ Interest Rate: It is the one of the topmost advantages of online loan against gold where you can easily compare the several lenders offering gold loan at lowest rates without asking your credit history. You can also compare the different interest rates and other loan charges before you APPLY FOR GOLD LOAN ONLINE to choose a best deal for you. Another merit associated with digital gold loan that processing costs will be less, hence lowering down the borrowing costs.

✓ Know the Loan Norms: The authentic lending institution always make you understand all the loan terms as well as all the processing fees by the loan executive. However, it is borrower’s responsibility to read every loan clause carefully written in the loan agreement before signing any papers. One can also compare the multiple loan schemes offered on gold and its terms before finalizing any digital lender.

Therefore to get the best gold loan services and tailored assistance for your loan online then our lending platform, ShubhBank can be a great choice as we provide online gold loans at attractive interest rates being a frontrunner in the lending market.


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WHICH QUERIES SHOULD BE DONE BEFORE GETTING LOAN AGAINST PROPERTY?

Posted on Wednesday April 19th, 2023

Loan against Property is a secured type of financial product offered by banks and other lending institutions for multi-purpose uses while pledging your owned property as security. The property titled in your name is to be pledged as collateral for which you can obtain funds for up to 75-80% of the current market price of the property. One of the major benefits associated with this service is that you can continue using your pledged property while repaying the loan.

Loan seekers who plan to APPLY FOR LOAN AGAINST PROPERTY might have some queries in their minds about this financial service which we have tried to answer in this blog post to clear all your doubts.

What is the difference between Home Loan and Loan against Property?
However, loan for purchasing a home is also a secured loan provided by the lender to buy a residential property but Loan against Property is a multi-purpose financial remedy which is availed by pledging your property to get the funds for anything varying from funding your children’s wedding to the expansion of your business organization.

What are the merits of Loan against Property?
A mortgage loan can be availed at lower rate of interest than any unsecured loan. Moreover, loan money available with LAP is much higher than any other loan product and can be availed for longer tenure. It is often true that interest rate and tenure of loan available to you depends upon several factors such as monthly earnings, loan amount, property evaluation etc.

Besides that, lenders also charge a low processing fee on the funds disbursed against residential or commercial property as compared to other loans.

What is the set of criteria for LAP?
The eligibility criteria for LAP will vary from lender to lender but there is a basic set of criteria. The funds can be availed by any salaried or self-employed person and one can also add co-applicant as in siblings, friends or partnership firms. The main loan applicant must be at 21 years of age and should be an India resident. Also, loan seeker must earn a regular income that ensures your repayment capacity to repay your loan.

What kind of properties can be pledged?
It is a common myth that a LAP can only be availed in lieu of residential property but many lenders offer loans on myriad of properties, such as commercial or residential property. Even a vacant land that has not been built yet can also be pledged as collateral to get the funds. Depending upon a specific lender, a loan applicant can access about 75-80% of the market price of property when they APPLY FOR LOAN AGAINST PROPERTY ONLINE or offline.

Which documentation is required to apply for LAP?
The paperwork also varies from lender to lender and depends upon loan applicant whether he/she is salaried or self-employed. Usually, one needs to submit their Identity and residential proof, salary slips as well as income tax return slips etc. apart from this, lender might ask for credit history and bank balance sheets amongst documents. Keep all these required papers in hand to get instant approval on Loan against Property.


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WHY TO GET A LOAN FROM SHUBHBANK WITH INSTANT E-APPROVAL?

Posted on Monday April 17th, 2023

Nowadays, loans have come up with the significant feature of e-approval with digital lending. The online service has cut down the previous tradition of loan where you have to go to lending institution first then there you had to fill an application form and to submit piles of papers. However, loans with e-approval will be sanctioned within a day in a hassle free manner.

This online feature of loans make the instant e-loans great for any kind of financial emergency where the funds are required for medical urgency, for quick travel plan, for debt consolidation and even for buying a new home or a car and for many other things. We at ShubhBank understand the importance of time and your needs, so we have the facility of e-approval to assist you in financial emergency.

In this article, we will guide you through some of the features offered by ShubhBank on online loans:

→ No physical documentation: Our bank offers you a loan with zero legwork and paperwork. However, few documents are required to APPLY FOR A LOAN which may include age proof of the borrower’s address as well as income proof which can be submitted online with an ease. One has to submit scanned copies of the entire documents on our lending portal.

→ Fast processing: At ShubhBank, you loan application will be approved within a day as it offers you an e-approval. If you meet the eligibility criteria asked by the lender and all went right then you will get an approval message on your phone within few hours.

→ Help by loan executives: When you avail a loan from ShubhBank, our loan executives are always ready to help you and guide you through entire loan processing. Therefore, if you have any doubts or queries regarding a loan processing, you can get in touch with our executive and get all the answers that you want to know.

→ Quick disbursal: As we have mentioned above that loan approval by us takes only few hours and the loan and the loan amount is disbursed to your bank account within a 24 hours of approval.

→ Affordable interest rates: ShubhBank offers comparatively lower rates of interest as well as lower processing fees for instant e-loans which vary depending upon certain factors such as loan amount, repayment period and your debt-to-income ratio. We have zero hidden charges and processing fees is only 1-2% of your loan amount.

→ Secure platform for borrowing: We at our lending institution understand and respect your privacy. Therefore, your personal information I never shared with anyone. Moreover, we also understand the significance of the details you provided us. For the safety of our borrower’s details, all the transactions on our website happen through secure server.

Hence, all that it takes is just few quick and simple pointers to APPLY FOR A LOAN ONLINE at ShubhBank. Our instant e-loans are the quickest and effective for both the lender and the borrower. So, what are you waiting for, if you are also in need of financial assistance, then a loan is just a few clicks away.


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HAVE YOU ASKED YOURSELF THESE QUESTIONS BEFORE GETTING A HOME LOAN?

Posted on Wednesday April 12th, 2023

Most of the borrowers in the country take a home loan to fulfill their dream of purchasing an own house. However, getting a home loan has become more convenient and easier these days but there are certain other factors related to it that a borrower should keep check on before they APPLY FOR HOME LOAN.

These factors are very significant to keep in mind while availing a home loan as it is a long term financial commitment where you have to repay the EMIs for years till you pay the entire loan amount along its interest. In this blog post, we have mentioned certain points about which you should ask yourself prior to applying for a home loan:

Do You Have Enough Money For Down Payment?
Although you are getting a financial assistance from lender to buy a home for you but still you need to make the down payment on your own. As per RBI guidelines, lender can approve maximum of 70-80% of the property cost through loan and rest 20-30% of the amount has to be paid by borrower from his/her own pocket.

Nowadays, the price of property is skyrocketing so paying a 20% from your own is not easy sometimes. Therefore, before you avail a home loan, it is good to analyze your finances to know whether you will be able to pay the down payment or not. Moreover, one must look for other expenses also such as processing fee, stamp duty and registration fees etc.

Do You Have Savings For Other Financial Emergencies?
Before you proceed further with your home loan application, first thing to analyze is your finances for down payment but alongside you must also be aware for saving some funds for other financial emergencies in future. As per saying, life is full of uncertainties therefore investing all your savings in down payment is not a good idea.

Is Negotiation Allowed?
Whether you choose any lender for your home loan, always keep in mind that you can negotiate about the loan amount, rate of interest as well as processing fees with lender. if you having a good CIBIL score and low credit utilization ratio then you are eligible for negotiation. Remember that a high credit score gives you the power of bargaining.

Do You Know Estimated EMI?
EMI is known for equated monthly installment and it is one of the most significant factors that decide your borrowing cost. It is the fixed amount that you will be paying until you repay the entire loan amount with interest rate. Hence, knowing your estimated monthly installment will help you to analyze your affordability. One can use free EMI calculator on various lending platforms to know their estimated EMI.

Hence, knowing about such things and to make your borrowing easier, you can APPLY FOR HOME LOAN ONLINE by filling out your home loan application at the online lending platform of specific lending institution. Just keep an eye upon all the above mentioned points before making any final decision about your home loan.