Kotak Mahindra Bank is a renowned private lender offering a wide suite of home loans in a market that can be called intensely competitive and fragmented at the same time. The bank makes it a point to steer itself amidst competition by offering differentiated home loan products at attractive interest rates coupled with flexible loan tenures. But given that there are many players in the home loan segment, one would argue whether Kotak Mahindra Bank Home Loan is the best. Well, the argument holds logic and so, there’s a need to put forth the loan offers of Kotak and its competitors to analyze things better.
How Do Kotak Mahindra Bank Home Loan Offers Stack Up? Kotak Mahindra Bank disburses home loans based on the cost of the property. The bank finances as much as 75%-80% of the property cost. The loan can run for a maximum of 30 years at an interest rate starting from 8.90% per annum. The processing fee is levied at up to 2% of the loan amount. Which are Some Real Competitors to Kotak Mahindra Bank in the Home Loan Space? Kotak competes against the biggies like State Bank of India (SBI), HDFC Limited, ICICI Bank, etc. Let’s check out the offers of these banks and compare with that of Kotak. SBI Home Loan Throws the Biggest of Competition SBI is arguably the largest lender in India in terms of assets. It offers home loans from its 25,000 odd branches across the country. Both salaried and self-employed can apply for the loan. Loans up to ₹30 lakh can be given to salaried and self-employed at 8.55%-8.70% and 8.70%-8.85% per annum. Loans above ₹30 lakh-75 lakh can be granted at 8.80%-8.95% to salaried and 8.95%-9.10% to self-employed. As the loan goes past ₹75 lakh, the interest rate is likely to be 8.90%-9.05% and 9.05%-9.25% to salaried and self-employed, respectively. It charges a processing fee at up to 0.35% of the loan amount plus Goods and Services Tax (GST). As of now, the processing fee is waived off. The waiver will continue till June 30, 2019. HDFC Packs a Punch in the Home Loan Segment HDFC Limited is a leading mortgage finance company offering a custom suite of home loans to borrowers wanting to buy a property with the same. It grants loans up to ₹30 lakh at 8.60%-9.15% to salaried and 8.75%-9.30% to self-employed. Loans above ₹30 lakh-75 lakh can be offered to salaried and self-employed at 8.85%-9.40% per annum. If you apply for a home loan of more than ₹75 lakh, the lender will charge an interest rate of 8.90%-9.45% (salaried) and 9.05%-9.60% (self-employed). The processing fee of up to 0.50% of the loan amount or ₹3,000, whichever is higher, is applicable to salaried and self-employed professionals. For self-employed, non-professionals, the processing fee can be up 1.50% of the loan amount or ₹4,500, whichever is higher. The applicable GST would also be added over and above the processing fee amount. ICICI Bank Has Its Own Flair in Home Loan Segment ICICI Bank is a force to reckon with in India’s home loan segment. Its home loans are available to both salaried and self-employed at varied rates of interest. Salaried can get loans of up to ₹35 lakh, ₹35-75 lakh and above ₹75 lakh at 9.05%, 9.15% and 9.20%, respectively. The interest rate of 9.10%, 9.20% and 9.25% is applicable to self-employed for loan of up to ₹35 lakh, ₹35-75 lakh and above ₹75 lakh, respectively. The processing fee can be 0.25% of the loan amount or ₹10,000, whichever is higher, plus GST.
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Canara Bank is fast growing into a combative banking unit offering a myriad of products for the customers to avail. Amongst the products it offers, home loan comes as something that would excite many. It’s a loan that you can obtain from the bank to purchase, construct, extend or renovate a housing unit. The loan comes at varied interest rates and so, it becomes necessary to assess their impact on the overall budget. The rates have a great bearing on the shape of repayment. Apart from the rates, you also need to glance at the eligibility criteria the bank has put forward for you to meet.
Canara Bank Home Loan Interest Rate 2019 Canara Bank disburses home loans to both salaried and self-employed at attractive interest rates. The rates are charged on the basis of 1-year MCLR or Marginal Cost of Lending Rate, which at the moment is 8.70%. Salaried have a distinctive advantage over self-employed as the loan gets disbursed to the former at 1-year MCLR without any spread, irrespective of the loan they apply for. The spread is, however, applicable to others. Borrowers, except salaried, would be offered loan of up to ₹30 lakh, above ₹30 lakh to ₹75 lakh and above ₹75 lakh at 8.80%, 8.90% and 8.95%, respectively. Canara Bank Home Loan Calculator Checking the effect of interest rates is of utmost importance to a sound repayment life. The pronounced effect of rate is seen pretty much on the EMI, which stands for Equated Monthly Installments, which you need to pay to Canara Bank every month. The EMI is a sum of both interest and principal payable to the lender.You can check the EMI and interest using the Canara Bank Home Loan EMI Calculator. The calculator computes using the loan amount, tenure and interest rate. Greater the loan amount and interest rate, greater would be the EMI and interest outgo. On the other hand, tenure has a different relationship to the repayment. A longer tenure would lead to a lesser EMI and greater interest outgo and vice-versa. Canara Bank Home Loan Eligibility You must meet the following criteria to be eligible for Canara Bank Home Loan.
The loan amount eligibility is greatly decided on the basis of the income you have and the EMI that you can comfortably pay to Canara Bank. Besides that, the property value will also be considered to ascertain the loan amount. If you go by what the bank says on its website, salaried can get the loan at about 4 times the gross annual salary. Self-employed, on the other hand, can receive the loan at about 4 times the average annual income of all the 4 years. It’s Time to Apply for Canara Bank Home Loan? Now that you get to know the eligibility criteria sought by Canara Bank and a broader sight of the repayment ahead, you can apply for a loan. For that, you can download Canara Bank Home Loan application form from the website, take its printout, fill the details properly and submit the same along with necessary documents pertaining to identity, address, income and property proofs. The bank will go through the application thoroughly before nodding to the same. The funny thing about life is that one has to depend on others to run the due course. It applies to financial life as well wherein you could require loans to meet your respective needs. Some would even want a credit card to buy groceries, travel & movie tickets and much more. The limited financial resources often make an individual apply for loans or credit cards. But simply getting the loans or credit cards and not using them properly could leave you in a spot of bother. Yes, it could force the lender to reject your loan or credit card application. What happens is the lender pulls your credit report from credit bureaus such as CIBIL to decide on your application. As CIBIL has a greater bearing on your credit life, it would be good to answer a variety of questions pertaining to credit score. Let’s go through the FAQ on CIBIL in this post.
FAQ on CIBIL Check out the following Frequently Asked Questions (FAQs) on CIBIL. What is CIBIL? CIBIL is a renowned credit information company that provides credit scores to all those who have had a credit history spanning for at least 6 months to a year. How Does CIBIL Generate My Credit Score? CIBIL generates your credit score based on the monthly reports sent by the member bank or NBFC to the credit bureau. After receiving the report, CIBIL would check every single detail pertaining to repayment thoroughly. This will help CIBIL get a view of the borrower in you and thus assist it in assigning an appropriate credit score. What is CIBIL Score Range? CIBIL score ranges from 300 to 900 in India. A score of 700 and above would be called. Whereas, if you have got a score of 750 and above, it will be termed excellent. A score of 650-700 would be termed average and below 650 would be poor, to say the least. How Frequently Does the CIBIL Score Update? As the repayment pattern can vary around, the CIBIL score would also change from time to time. The credit bureau would update a fresh score in about 45-60 days from receiving the repayment data from the lender. How to Build a Strong Credit History? If you want to ensure a strong credit history, you need to pay all your dues on time. That’s the bottom line. Now, you need to come with solutions to meet the bottom line. Assuming that you are paying off the loan EMI. In such a case, you need to perceive your income differently and spend accordingly to ensure there’s no payment delay or default. Deduct the loan EMI from your net monthly income (NMI) to arrive at the amount that you need to see as your income. If you spend according to that, you would save enough to pay on time and build a strong credit history. If you are, however, using a credit card, try not to use it for every stuff you come across. Figure out your requirements first as well as pick out those that can be easily done away with. Yes, you can avoid late payment on the credit card by just paying the minimum due or an amount above but less than the total due. Continuing with this repayment pattern would mean you raise the debt burden to such an extent that you start delaying or defaulting on the payment. So, make discretionary spends and keep the bill under control. Will I Get a Loan or Credit Card without CIBIL Score? Yes, a CIBIL score holds the key to the approval or disapproval of loan or credit card. But there can be many applying for the first time. Well, these people can get approval based on the existing relationship with the lender, salary accounts or fixed deposits. Loan or credit card against fixed deposits are a type of secured lending. You can get a loan at about 80%-90% of the fixed deposit value. On the other hand, if we talk about credit card, the credit limit would be set at about 80%-90% of the FD value. DCB Bank is one of the fast emerging private sector banks in India with around 300 odd branches and 500 ATMs across the country. It serves as a good financial solution for all those wanting to avail banking services. While some would look to bolster their future with fixed deposits and recurring deposits, others would take a loan to meet their respective needs or wishes. Both the depositors and borrowers look up to DCB Bank with high hopes and it doesn’t disappoint them at all. However, you should look at DCB Bank Interest Rate for different products and see its effect on you. Join us to learn its interest rate and the effect in this post.
DCB Bank FD Interest Rates 2019 The fixed deposit helps to increase the proceeds on the back of interest rates DCB Bank offers to the depositors. The FD rates vary based on the deposit amount. DCB offers different rates on FD of less than ₹2 crore, above ₹2 crore to less than ₹5 crore and ₹5 crore and above. Plus, the rate also varies based on the period of deposit. You can earn interest on your FD of less than 2 crore at the rate of 4%-8.25% per annum for a period ranging from 7 days to 10 years. Senior citizens can earn an additional interest rate of 0.50% on the said deposit amount. Deposits of 2 crore to less than 5 crore and 5 crore and above to fetch you a yield of 5.00%-7.75% per annum for a period of 7 days to 10 years. How to Calculate the Effect of DCB Bank Fixed Deposit Rates? You can check the fixed deposit calculator to figure out the effect of the rate at which you earn on the deposit. Besides entering the deposit amount, interest and tenure, you also need to choose from the compounding frequency - monthly, quarterly, half-yearly or annually - to calculate the amount you would get on your deposit at maturity. DCB Bank Interest Rates for Home Loan DCB Bank offers an interest rate of 10.48%-18% per annum on home loans, which can be availed to purchase, construct, renovate or extend a housing unit. You can get a loan of ₹10 lakh to ₹5 crore at DCB Bank. The loan can run for a maximum of 20 years. The processing fee can account for up to 1% of the loan amount. How Much is the DCB Bank Personal Loan Interest Rate? DCB Bank offers personal loans ranging from 1-5 lakh at an interest rate of 12% per annum. You can choose a tenure of 12-60 months to pay off the personal loan, which can be taken from the bank to fulfill your personal needs. You need to pay the processing fee at 2% of the loan amount. How to Check the Effect of DCB Bank Loan Interest Rate? The effect of DCB Bank loan interest rate can be best summed up with the EMI calculator. The calculator helps compute the Equated Monthly Installment (EMI) applicable to the loan. Just enter the loan amount, tenure and interest rate and see the EMI flashing on the screen. The EMI involves portions of interest and principal payable towards the loan every month. The calculator would thus show the total interest payable to the lender by the time the loan closes. Bank of India (BOI) is a prolific player in the home loan segment by providing the money for purchase, construction, extension and renovation of housing units. What’s also noteworthy is the fact that it provides as much as ₹5 crores of loan. Doesn’t matter whether you are salaried or self-employed, you can get a home loan for the aforementioned purposes. All that and more would make you apply for Bank of India Home Loan, isn’t it? This article will tell you the ways by which you can apply for the loan. Let’s get started.
Bank of India Home Loan Application Modes You can download the Bank of India Home Loan Application Form from the bank website. Once the application is downloaded, you can take a printout of the form, fill the details asked in the same, affix your signature and photograph at the respective space, etc. Now, you can either scan the form on your system and mail it to Bank of India. Another option would be to submit the filled form at the nearest bank branch. If you don’t feel comfortable downloading the form online, you can go straight to BOI branch, ask for the home loan application form, fill the details properly and submit the same to the official there. Bank of India Home Loan Documents List You must submit the following documents while applying for Bank of India Home Loan. Identity Proof - PAN Card/Voter ID/Driving License/Passport/Aadhaar Card Residence Proof - Voter ID/Driving License/Passport/Aadhaar Card/Utility Bill Income Proof - Latest salary slips (Salaried), last 2-3 years ITR (Self-employed) Property Documents - Agreement of Sale, Flat Allotment Letter, Property Map Latest passport size photographs Duly filled and signed application form Now that you know the ways to apply for a loan, you must look at critical aspects that are described below. A Close Look at Bank of India Home Loan Quantum for Different Purposes The quantum of loan varies according to the purpose for which the credit is availed. You can get a maximum of ₹3 crores as a loan for purchase & construction of a flat or house. However, the loan quantum can go up to ₹5 crores if you purchase or construct a flat or house in metro cities such as Delhi, Kolkata, Chennai and Mumbai. You can get as much as ₹50 lakh of loan for repairs, renovation or extension of house or flat. For plot purchase, you can get crores of loan. The loan can run for as long as 30 years. Does the Bank of India Home Loan Interest Rate Suit Your Budget? BOI charges interest rates on home loans based on the 1-year MCLR. The MCLR or Marginal Cost of Lending Rate, which is subject to review every month, stands currently at 8.65%. The home loan interest rate for women and others are 8.80% and 8.85% per annum, respectively. To know whether the interest rate would suit your budget or not, you must get an idea of the monthly installment applicable to the loan. This will give you a greater idea of whether you can service the EMI, abbreviated for Equated Monthly Installment, with ease. To know the EMI in advance, you must check Bank of India Home Loan EMI Calculator. The calculator, on the basis of tenure, interest rate and loan amount, sums up the repayment for you. The calculator is available online to make your calculation job that much easier. Apollo is a renowned name in the healthcare space by providing treatment to n number of diseases. The treatment would require you to pay a huge sum. But that can be reduced to a degree by virtue of Apollo SBI Card. Those having this card are able to save not only on the healthcare spends, but are also able to reduce the cost of commuting by their own vehicle courtesy fuel surcharge waiver. Let’s check out the benefits of the card in detail here.
Apollo SBI Card Benefits
Fees & Charges
Note - An applicable Goods and Service Tax (GST) would also be charged over and above the fee. How to Apply for Apollo SBI Card Online? You can apply for the card online instantly on the official website of SBI. Firstly, you need to visit the page of Apollo SBI Card. The online process would require you to enter the personal and professional details before submitting the application. The bank would see to it the details are true. If they are found to be true, then only the application can be approved. Afterward, the bank executive will come to collect your documents. The bank will look to match the online details with that of the documents. Only when that is verified do you get the final approval for the card. Documents Needed to be Submitted You must submit the following documents to get an approval for Apollo SBI Card. Identity Proof - PAN Card/Voter ID/Driving License/Passport/Aadhaar Card Residence Proof - Voter ID/Driving License/Passport/Aadhaar Card Income Proof - Latest salary slips (Salaried), last 2-3 years ITR (Self-employed) Recent passport size photographs How to Check the Apollo SBI Card Application Status? You can check the application status of Apollo SBI Card by calling the 24x7 customer care executive on 18001801290. Whatever the status would be, you can know the same. If the credit card application is delayed or disapproved, you can ask the executive to state you the reason for the same. How to Make Apollo SBI Card Payment? You can make a payment using any of the online or offline modes. The online mode would be internet banking, payment gateway, etc. You can even pay via cheque, demand draft or by cash. However, the better way would be to use the online options because they help the payment get credited instantly. Cash, cheque or demand draft would require you to take some time off your hectic schedule of work and visit the branch. While the cash payment can be credited instantly on depositing at the branch, cheque and demand draft would take a day or two to get cleared. However, the cash payment would attract a fee of ₹100 plus GST. Apollo SBI Card Customer Care Number You can dial the customer care number to get any queries or doubts pertaining to Apollo SBI Card resolved. Doesn’t matter whether you want clarification or rewards, discounts, payment date, total dues in a billing cycle or anything else, you can dial the customer care number to sort out all. Canara Bank is one of the most popular public sector entities providing you loans to buy, construct, extend or renovate homes. The fact that the bank provides loans to a wide group of people involving salaried, self-employed, agriculturists make it a go-to option. The loan comes at varied interest rates to suit individuals with different budgets. However, you must check the exact impact of the interest rates using the Canara Bank Home Loan Calculator. The calculator can detail out the effect and facilitate smooth repayment, which holds the key to your credit history. Let’s check out the functionality of the calculator and see how you can bolster your credit record.
How Does Canara Bank Home Loan Calculator Perform? The calculator shows the repayment estimates in a few seconds. It helps to compute the EMI and overall interest outgo using the loan amount, interest rate and tenure. You can easily check the function of the calculator as it is available online. Now, the effect of each of the three factors - loan amount, interest rate and tenure - to your repayment can be different. If you are availing a greater loan compared to someone else, you are likely to pay more through the EMIs, which stand for Equated Monthly Installments. The interest rate is also a critical factor and runs a similar analogy that the loan amount has with the repayment. It means the EMI and interest outgo would be more with a higher interest rate and vice-versa. The loan tenure, somehow, carries a different relationship with repayment compared to interest rate and loan amount. If you service the loan for a very long period, you would end up paying more to the lender in the form of interest even as the monthly installment would be less. When the loan is availed for a shorter period, the EMI jumps but the overall interest liability comes down. What Exactly Does Canara Bank Offer in Terms of Interest Rate, Loan Amount & Tenure? Now that you know the function of the calculator, it’s time to check the interest rate, loan amount and tenure that Canara Bank provides. This will help you get a realistic picture of the repayment. The bank can provide a maximum loan of more than ₹75 lakh. Talking of the interest rate, it is benchmarked to 1-year MCLR i.e. 8.70% at the moment. The bank provides a uniform interest rate to salaried class irrespective of the loan amount. In fact, it disburses the loan to salaried at 1-year MCLR without any spread over it. However, the bank offers different interest rates to other categories based on the quantum of loan they apply for. Loans up to ₹30 lakh are disbursed at interest rates of 8.75%-8.80% per annum. The interest rate on loans more than ₹30 lakh-75 lakh ranges from 8.85%-8.90% p.a. Loans above ₹75 lakh would come at interest rates of 8.90%-8.95% p.a. How Can Canara Bank Home Loan Calculator Boost Your Credit History? As the repayment details come flashing on the screen, you can thus make adjustments to your day-to-day routine and pay the monthly EMIs with ease. You would obviously be paying the loan for a greater period, typically in the range of 15-20 years or even more, your credit history is likely to be very long. And, if you pay the loan dues on time for such a long period, the credit history would obviously be very good. Fullerton ranks among the leading players providing home loans to a wide range of customers, be it salaried or self-employed. The lender provides the loan for a myriad of purposes such as buying a new or resale home, as well as constructing, renovating and extending a housing unit. The loan comes at varied interest rates to make it an interesting affair. The effect of interest rates would be on the EMI you pay to Fullerton every month till the time the loan stays. It is also important to know the amount that you can get to buy a home. All that can be known using the Fullerton Home Loan Calculator. So, it’s time we shift our focus to the calculator and see how pivotal they can be to unleash your home dream. Types of Fullerton Home Loan Calculator Fullerton Home Loan Calculator can be broadly classified into -
Fullerton Home Loan Eligibility Calculator The eligibility calculator tells the amount you can get from Fullerton. You can watch the function of the calculator online to get an idea of the same. You need to share the details of your income, savings, down payment amount you can pay, as well as the property you want to buy. The calculator would then flash the estimated loan amount that Fullerton can offer you. However, the exact loan disbursal would also depend on the property cost. Around 75%-90% of the property cost can be disbursed as loan. The lender would also like to see the EMI does not constitute more than 60% of the net monthly income of an individual. Fullerton Home Loan EMI Calculator The EMI calculator not tells you the installment payable to the loan on a monthly basis. But it also tells the quantum of interest payable from your pocket over the course of a loan. The Fullerton Home Loan EMI Calculator computes the installment and interest outgo on the basis of tenure, loan amount and interest rate. The mechanism of the calculator is simple to understand. Bigger the loan amount would be greater are the EMI and interest outgo and vice-versa. Similarly, the higher the rate of interest more are the EMI and overall interest payment and vice-versa. The relationship of tenure to the repayment is different from the loan amount and interest rate. Longer the tenure is lesser the EMI. However, the amount of interest would be more compared to when the loan is taken for a comparatively shorter period. The amount of EMI would be much more with a shorter tenure. Amortization Calculator - A Tool You Must Look Into It won’t be wrong to say that the amortization calculator is a bi-product of the EMI calculator. This calculator tells the portion of principal and interest that will go through the EMI on a year-to-year or month-to-month basis. You even get to see the outstanding loan balance at the end of every year. Looking at such results, you can draw up a plan to mop up the required savings to prepay by the time you intend to. The prepayment of the home loan would most probably come with a zero fee. It would help cut down the interest outgo. You can even make part payment to reduce the outstanding balance and interest liability. A personal loan is taken for several purposes such as marriage, education, medical emergency, travel or even doing the home renovation. The scope for personal loans is expanded widely to include the purchase of laptops, mobile phones or even consumer durables such as air conditioners, refrigerators, washing machines, etc. The loan is offered by several lenders such as the crowd favourite HDFC Bank. The noted private banker offers personal loans from around 5,000 branches across the country. As the loan comes in the form of interest cost, you must get an idea of the money you would pay to the lender before choosing it to achieve your goals. Also, you need to sum up the loan you are eligible to receive from HDFC Bank. To make all those calculations, you need to use HDFC Personal Loan Calculator. Let’s check out the utility of the calculator before using them.
Types of HDFC Personal Loan Calculator The personal loan calculator can be of varied types - eligibility calculator, EMI calculator and amortization calculator. Let’s discuss each of these calculators below. How Does the HDFC Personal Loan Eligibility Calculator Perform? The eligibility calculator tells the loan amount you are eligible to receive. Actually, the eligibility is tested based on the income, repayment potential and the credit score you may have. Greater the income more will be the loan eligibility and vice-versa. Actually, a greater income gives you more room for repayment and can thus create space for more loan. The credit history, if remains good, could see yourself being eligible for more loan. While using the HDFC personal loan eligibility calculator online, you need to enter the income, the savings you make on a monthly basis, the amount you can pay towards EMI, etc. The moment you enter these variables, you will get to know the loan you can get from HDFC Bank. Operational Methodology of HDFC Personal Loan EMI Calculator Being aware of the EMI in advance can make you feel so comfortable while paying off the loan. The EMI, abbreviated for Equated Monthly Installment, is a combination of both interest and principal portions of the loan. You can get to know of the installment using the HDFC Personal Loan EMI Calculator. The calculator helps compute the EMI using the loan amount, tenure and interest rate. You can also get to see the total interest payable over the chosen loan tenure. HDFC Personal Loan Amortization Calculator The amortization calculator draws out the repayment in the form of interest and principal repayments to be made year-on-year. At the same time, you can check the outstanding loan balance every year. This will help you choose the loan tenure wisely so as to rein in the outflow of interest from your pocket. HDFC Personal Loan Interest Rate & Other Information That You Must Know HDFC offers personal loans up to 15 lakh at varied interest rates ranging from 15.50%-21.50% per annum. You can get a loan for a maximum of 5 years. Now that you know the critical information pertaining to HDFC Personal Loan, you can set your repayment pattern perfectly. Shall You Apply for HDFC Personal Loan? You can apply for the loan using either online or offline mode. The online application completes with you filling the personal loan application form on the official website of HDFC Bank and submitting the same afterward. The bank will take note of the application and approve only when it is satisfied with the details submitted. The same application form you need to fill physically on applying via branch. Submit the same along with relevant documents to see through the approval process. American Express, popularly known as Amex, is one of the world’s best credit card service providers. It is famous for the tailor made offerings that it provides. The credit card offerings are designed keeping in mind the things that a customer loves to do. If the customer enjoys shopping immensely, there is a tailor made American Express credit card specifically shopping. Similarly, there’s one for travel and dining needs, too.
The reward programme by Amex is surely an eye catcher as it rewards you every time you spend. Besides this, you get to enjoy certain privileges like the premium concierge service, where Amex has set up a dedicated team to help you get a seat at top restaurants in your city, movie ticket bookings, book a golf round or book spa session to dr-stress yourself. There is more to it. Let’s explore the three best credit cards and the offers provided by them. Best American Express Credit Cards:
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