Applying for a home loan? Here we tell you everything you need to know about documents required for home loan.While applying for a home loan, most banks will give you a checklist of all the items you need to submit. You can also check the website of the bank and get a list of all the documents that you need to submit.Primarily, banks require proof for five factors—your age, address, income, property and details of other loans. You need to submit copies of government IDs, bank statements, salary slips, property papers, among other things. In the following sections, we discuss in details all the documents you need to submit.Close Documents Checklist for Salaried Individuals If you are a salaried person applying for a home loan, here are the documents required for home loan:Identity proof: It is mandatory to submit a copy of your PAN Card. Apart from that you can submit a copy of any one of the following:Voter CardAadhar CardValid PassportDriving LicensePhoto Credit CardPhoto … [Read more...] about Documents required for home loan: Home loan documents list for salaried, self-employed & NRI
Ato refinancing an investment property loan
My senior citizen father recently received Rs 8 lakh on maturity of an FD. He wants to invest the money to earn an income that will supplement his pension. Please suggest options.Rahul Parikh CEO, Bajaj Capital replies: For monthly income, consider debt funds that are yielding 6-7% annually. You can opt for a monthly SWP option, which can be up to .50% of your corpus. You can expect approximately Rs 4,000 a month as additional income with capital protection. You can equally divide the Rs 8 lakh in corporate bond and floating rate funds. Consider investing Rs 4 lakh in each of these funds—Aditya Birla Sun Life Corporate Bond Fund and ICICI Prudential Floating Interest Fund. My mother retired recently and gifted me a chunk of her PF kitty. I have an ongoing home loan. Should I use this money to repay the loan or invest it to increase my savings?Prableen Bajpai Founder, Managing Partner, FinFix Research & Analytics replies: It's always good to clear one's debts before … [Read more...] about How should a senior citizen invest amount received on FD maturity to get monthly income?
Sahil AroraPaisabazaar.comMost aspire to drive their own car but few have the necessary funds to buy it in one go with their own money. Car loans bridge this gap by allowing you to own your dream car by paying a fraction of its cost each month in the form of EMIs. If you too are planning to avail a car loan, consider these seven factors to land yourself a good deal on a car loan.Loan rates -- Compare them across all types of lenders:Close Car loan interest rates start from 8.7 percent per annum onward, depending on your car model, repayment capacity, employer, etc. As many banks offer preferential car loan interest rates to their existing customers, first check with your existing bank for such offers and then visit online lending marketplaces to compare them with the rates offered by other lenders. Also, ensure to inquire the rates offered by dealer finance companies or captive car finance companies before making the final call. related news Documents required for … [Read more...] about Applying for a car loan? Here is a 7 points checklist to get the best deal
HDFC Bank recently introduced custom-fit features on its car loan offering. Titled '#AapkeHisaabSe', the scheme increases car affordability through step-up and bullet repayment options. This feature is especially attractive for young customers in their initial years of employment and expecting strong income growth over the next few years. The scheme is available on all categories of cars from standard to premium.But does it benefit the customer? Read on to know.What is the scheme all about?Close We all know when we take a car loan, we need to repay the loan in instalments, commonly referred to as the equated monthly instalments (EMI) mode of repayment. Under a standard car loan scheme, the eligibility is calculated based on current income of the borrower who then continues to pay an EMI for the entire tenure of the loan. Through its scheme, HDFC Bank gives customers two options for repayment -- Step-up repayment and bullet (balloon) repayment. related news … [Read more...] about ‘#AapkeHisaabSe’: HDFC Bank’s car loan repayment scheme. Worth it or a gimmick?
Bala ParthasarathyAlternative lending options are gaining pace in a technologically advanced world, and India is not far behind. Various alternative and dynamic options have emerged in the last few years. We explore a few popular ones in this article.Peer-To-Peer (P2P) LendingClose Peer-to-peer lending or P2P lending is a way of financing debts without using an official institution, such as a bank. Although it eliminates the need for a middleman by connecting lenders and borrowers directly, P2P lending takes a lot more time and involves more risk. However, it is often resorted to as a mode of alternative lending and known as crowdlending or social lending. It attempts to tap a larger market and earn the trust of many borrowers and lenders. related news Use Diwali bonus to reduce your high-cost EMI burden SBI brings back processing fee on home loans prior to festive waiver period: Report PSBs offering home loan options using customers’ CIBIL scores: Report Credit LineA … [Read more...] about Not getting loans from banks? Explore these 7 ways to raise money