Diwali Home Loan Offers

Diwali is the celebration of joy. People double the joy by investing in gold, silver and land. So, no doubt this diwali is here too with some exciting offers. This festive season enjoy offers on home loan too along with the other purchases. Shop for the lowest interest rate from various banks. Gift yourself a low interest rate home loan. 

Loanyantra.com customizes your home loan and provides loan at 9.1% interest rate (lower than the existing interest rate), 0.10%Discount, for one year, on home loan interest rate.

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Avail Home loan through Loanyantra and welcome Goddess Lakshmi to your home by getting a silver coin as an assured gift.

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Here are the home loan lenders associated with LOANYANTRA.COM providing exciting Diwali offers on home loans.

DHFL – 

This Diwali, DHFL Home Loans gives you more reasons to celebrate.
DHFL now offers Home Loans at 10.15%*.

Special Diwali Offer* –

  • Lower Processing fee *
  • Loan tenure of up to 30 years
Loan Value  Diwali Dhamaka Processing Fees* Offer
Loans up to 30 lacs Rs. 5,000 + Doc Charges + Taxes
Loans between 30 to 75 lacs Rs. 10,000 + Doc Charges + Taxes
Loans above 75 lacs Rs. 20,000 + Doc Charges + Taxes

ICICI – 

Salaried Borrower

Floating Interest Rate
Category Effective Rate of Interest Rate
Up to ₹ 5 crore 9.35% I-MCLR-1Y + 0.30%
Above ₹ 5 crore 9.60% I-MCLR-1Y + 0.55%

INDIABULLS HOMELOANS – 

HOME LOANS VARIABLE RATE

Loan Amount Variable Rates%
Upto and including Rs 500 lacs 9.30% to 11.75%
More than Rs 500 lacs 10.25% to 12.25%

HDFC – 

Adjustable Rate Loan

RPLR: 16.30%

Loan Slab Interest Rates (% p.a.) RPLR Minus Spread
For Women* (Any Loan Amount) 9.30 to 9.80 RPLR – (7.00 to 6.50)
Any Loan Amount 9.35 to 9.85 RPLR – (6.95 to 6.45)

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AXIS Bank

For salaried individuals

Sr. No Type Loan amount (Rs.) MCLR + Mark Up Effective Rate Of Interest
1 Floating Rate Loan amount upto Rs 28 lacs MCLR + 0.20% 9.45% p.a.
Loan amount above Rs 28 lacs MCLR + 0.25% 9.50% p.a.
Top Up for existing customers Upto 30%- Same rate at which the home loan is running
30%-100%- LAP rate shall be applicable

SBI – 

(MCLR: 9.05%)
Borrowers’ category Home Loan interest rate, irrespective of loan limit EMI per Lac for 30 year Tenor Maxgain above Rs. 20 lacs & upto Rs. 1 crore Maxgain above Rs. 1 crore CRE Maxgain, irrespective of loan limit
Women 20 bps above the MCLR i.e. 9.25% p.a Rs. 823 30 bps above the MCLR i.e. 9.35% p.a. 55 bps above the MCLR i.e. 9.60% p.a. 75 bps above the MCLR i.e. 9.80% p.a.
Others 25 bps above the MCLR i.e. 9.30% p.a. Rs. 826 35 bps above the MCLR i.e. 9.40% p.a. 60 bps above the MCLR i.e. 9.65% p.a. 80 bps above the MCLR i.e. 09.85% p.a

Aditya Birla Housing Finance : 

Home Loans Salaried Self Employed
Rate of Interest 9.35% to 10.50% 9.75% to 11.00%

IDBI  Home Loan – 

Marginal Cost of Funding based Lending Rate (MCLR) 9.30% p.a. (with annual reset clause)
Base Rate 9.65% p.a.

HSBC –

 Floating Rate for Home Loans  Regular Smart
Salaried 9.35% p.a. 9.95% p.a.
Self-Employed 9.45% p.a. 10.00% p.a.

 

Increase the joy of investing by getting better deals. Choose loanyantra.com for even lesser interest rate and remain stress free with the services it provides.

Home Loan Process For a Resale Apartment

Home loan process for a resale apartment is usually quite lengthy with respect to the documents. Though getting a resale apartment has many advantages, one should be careful while collecting documents from the previous owner of the apartment. Here are some points,one should be aware off while going for a home loan from either nationalized banks or financial institutions.

Know Your Customer Documentation:

  1. Income proof
  2. ID and Address Proof (Ration card/Telephone bill/electricity bill/voters ID card/passport/driving licence.)
  3. PAN Card
  4. Salary slip for the last 3 months
  5. Bank statement for the last 6 months
  6. Two copies of passport size photographs of borrower and guarantor

Required Set of Documents :

  1. Sale deed
  2. Mother deed
  3. Encumbrance certificate
  4. Latest Property Tax receipt
  5. Khata Certificate and Khata Extract
  6. Occupancy Certificate
  7. Building Approval Plan
  8. Commencement Certificate / Possession Certificate

If the resale flat is being purchased in a registered co-operative society, look for the following list of documents:

  1. Original share certificate of the Society.
  2. Allotment letter from the society in your name.
  3. Copy of the lease deed, if executed.
  4. Certificate of the registration of the society.
  5. Copy of the byelaws of the society.
  6. No-objection certificate (NOC) from the society.
  7. 7/12 extract or property register card in the society’s name.
  8. Copy of N.A permission for the land from the collector.
  9. Search and title report (with the details of documents) for the last 30 years.
  10. Copy of order under the Urban Land ceiling Act.
  11. Original Agreement to assign/Deed of assignment.

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Documents may slightly vary if the house is in a :

  • Society that has not been registered or
  • Originally allotted by a development authority.

Check for the following documents in the above two cases:

  1. Previous chain of agreements with past owners in original with original receipt of registration (if any).
  2. Original letter of allotment issued to the first owner by the development authority.
  3. In case the latest agreement is pending the registration, obtain the original receipt issued by the sub-registrar acknowledging the pending registration needs to be taken along with a certified true copy of that agreement.
  4. Original stamped receipts of payments issued to the previous and present owners by the builder/development authority/society.
  5. Transfer permission from the respective authority (development authority/society)
  6. Copy of the approved plan and ‘Occupation Certificate’ (OC) issued by a competent authority like the Municipal Corporation, specifying the user permission of the premises

Resale Apartment Home Loan Approval Process :

With any home loan lender, either a nationalised bank or an NBFC, the home loan process is usually same. It is recommended for the borrower to have all the documents in hand. The lender has the right to ask for a any document mentioned above. So, it is advisable for the borrower to collect all the documents as a priority.

The process of home loan starts with application, documentation, legal check, approval and loan disbursal.

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Loan Application Stage : 

Choose the best fit loan provider. Get the application, fill it and submit the required documents. Once the loan application is submitted, you can expect a response within 10 days after the bank or NBFC does the valuation check and decide how much amount can be sanctioned.

loan-application_loanyantraTip : Usually nationalized banks sanction 80% of the property value. Also these banks do not include the stamp and registration charges. Whereas the NBFCs might include the stamp and duty charges and also sanction the 90% of the final value. But you end up paying comparatively higher interest rate, but assured better services and faster process.

Loan Disbursement Stage :(Before Registration) :

Once you get the approval, you should submit the following papers for the further process.

  1.  Original Receipts of own contribution paid – on plain paper with Rs.1 revenue stamp.
  2. Copy of bank statement showing Bank debit entry of own contribution paid.
  3. Source of own contribution – details on plain paper mentioning from where you are paying own contribution. So it may be MF statement from CAMS, copy of FD receipts etc.
  4. Original search and title report of last 13 years from lawyer.
  5. Cancelled cheque from the seller (of a bank where used to deposit the bank’s loan DD )

Registration Stage : 

Once you submit the above set of documents, the process for the disbursement cheque needs atleast 10 days. So, get the registration paper work ready. Once the disbursement cheque is ready, you will get a copy of it so that you can put cheque number and other details in your sale deed. Then complete your sale deed registration with sub-registrar.

Loan Disbursement Stage : (After Registration)

After the registration, visit the bank again with the following set of documents.

  1. Newly registered Original sale deed between you and seller.
  2. Original old/previous chain of sale deed (Between builder and first buyer)
  3. Seller and buyers PAN card copies.
  4. Two photographs of buyer and one photograph of seller (For sale deed registration only).
  5. Stamp duty cheque for home loan. Stamp duty that needs to be apid to the bank.

Sign the loan agreement and submit the documents. Then you get the actual disbursement cheque. So, now all the original documents are with the bank. Ensure that they keep everything in a folder safe.

Tip : Carry a cheque book, if you want to pay the post dated cheques to the bank.

Post Disbursal Services :

After the disbursal, the home loan EMI starts. The bank starts deducting the EMI amount from you your account. If there is a change in interest rate, the bank/ NBFC sends you an e-mail about the change in interest rate details. Until and unless you ask for a change in EMI, it doesn’t happen. Rather, with the change in interest rate the tenure changes automatically.

Tip : When the interest rate increases, the tenure also increases. So try to reduce the tenure either by increasing your EMI or get down your interest rate to the lower interest rate.

With the rising technology in the financial sector, everything has become online. You can witness everything online by using your username and id in the respective website.

 

 

Home Loan Downpayment

Home Loan is a medium that has opened the doors for many to buy a home. However, home loans have proved to be a boon for the buyers, banks, and real estate but at the same time, the down payment remains a point of concern for many before they decide to buy the home. Many people postpone their home buying as they find it difficult to raise money for the down payment. Banks do offer home loans but most of them only sanction 80% of the total amount and the remaining 20% has to be arranged by the borrower.

The key components of home loan:

  • Home loan down payment
  • Interest rate
  • Home loan tenure

Home loan down payment refers to the amount the buyer has to contribute in addition to the amount of loan sanctioned by the banks and HFCs. The down payment usually varies between 10%-20% depending on the bank and the amount of the loan being sanctioned.

Interest rate: the Interest rate is the rate at which the banks or HFCs sanctions the loan.

Home loan tenure: It is the time period under which the loan has to be repaid to the bank or lender by the borrower.

An overview of home loan down payment:

The RBI has authorized banks to lend up to 80% of home loan amount while the remaining 20% has to be paid up-front by the borrower. Basically, down payment is the margin money for a loan which is paid by the buyer. RBI decides the LTV (Loan To Value) according to which the down payment ratio is decided. LTV i.e. Lender to Value is how much a lender can fund a borrower against a property for which loan application has been filed:

The RBI allows LTV of

  • 90% for home loans up to INR 30 Lacs
  • 80% for loans between INR 30 and INR 75 Lacs
  • 75% for loans beyond INR 75 Lacs

Factors that affect down payment:

The following factors affect the home loan down payment:

  • Price of the home – Usually down payment is 20% of the total value of property. For example, if the value of the property you are willing to buy a property worth 80, 00,000 lac then down payment will be 16,00,000 lac.
  • Age of the property – Those who are willing to buy an old property like 10 or 15 years old or more it might limit the possibilities of getting loan sanctioned from the banks ,as banks are dubious about giving loans for old house. Even if banks are ready to provide you loan, the amount sanctioned is not more than 50% of the total value of the house.  
  • Other costs –If you are under an impression that down payment will cover the cost of registration and property taxes then it’s a myth. You need to separately pay this cost.

home-loan-down-payment_loanyantra-com

The next big question that comes to the mind of buyer is the arrangement for the funds for down payment, here is a list of options you can harp on :

  1.    Liquidate your Savings and Investments like gold, FDs, PF, mutual funds, etc.
  2.    Borrowing from Friends and Family.
  3.    LAP or Loan Against Property – You can choose this option, the interest rate is  1-2% higher than home loans, so, choose this option wisely.
  4.    Loan Against Investments – This loan is availed against your investment like gold, mutual funds, LICs etc. but the interest rate is higher than a home loan.
  5.    Personal Loans and Private Financing – This is a good but expensive option as interest rate may range between 14%-20%. This should be your last resort

The golden rule is that your EMI should not be more than 50% of monthly salary.

Our Role:

Loanyantra guides you in the process of availing loan at the best interest rate. Moreover, we give you a choice to choose the bank of your interest. Our priority is to cater to the requirement of the customer first and then provide them with a matching option. You can entrust us for the complete home loan process.  

Home Loan Eligibility

Owning a home is a sign of success among the fast-growing middle class in India. The growth of economy and standard of living of an average middle-class has led to the increment of their buying capacity and now more and more individuals are indulging in home buying, a home loan is another factor that has catalyzed the process of home buying. This growth has been observed in the last decade; the banks and the NBFCs have come up with alluring schemes and policies that have aided the process of home buying.

Home loan is the amount borrowed by the borrower from the bank or other financial institutions at a certain interest rate and for a certain period of time. The key components of home loan includes the following:

P or the principle amount

R or the interest rate at which the loan is offered

T or the time period for which the loan is offered

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Home Loan Eligibility Criteria

Banks and the financial institutes have certain parameters; only if a person fulfills these parameters he/she is eligible for a home loan. Every lender has a different set of home loan eligibility criteria. Here are a few common factors which mark the eligibility criteria of most of the banks and NBFCs.

  • Age: The minimum age limit to be eligible for home loan is 21 years 
  • Target group: You need to be salaried, self-employed or a working professional who is an Indian national.
  • Income: The applicant needs to have a regular monthly income to become eligible for a loan application. Having a constant monthly income increases your probability of getting the loan sanctioned. Also, the salaried class may reap the benefit of the lesser interest rate as compared to those who are self-employed.
  • Credit history or CIBIL rating – Apart from the aforementioned parameters, the borrower must have a string CIBIL rating or credit history. Credit history is the deciding factor to avail home loan.
  • Work experience: The more professionally stable you are the better are the chances of you availing a home loan. Make sure you have strong professional experience.

The above-mentioned points are the key determinants of your home loan sanctioning process. Hence, you need to make sure that you fit perfectly well on all the parameters before filing the home loan application.

Our Role:

Whether you are purchasing loan, shifting into a new home or constructing a new home, a home loan is inevitably important to execute your plan successfully. But with so many options flooding the market and so many companies leaving you perplexed with their schemes and plans, finding the one bank that will be best for you becomes a difficult job. Loanyantra is an unbiased platform which gives you the choice to select the bank of your choice and we help you in your home loan search process and at the same time take care of all the paperwork that is related to the home loan. All you need is sharing your requirement with us and we take care of the rest.

 

Home Loan Maximum Tenure

Maximum Home Loan Tenure

“Owning a home is a keystone of wealth – both financial affluence and emotional security” as quoted by Susan Lynn Orman, the American author, and a motivational speaker. Home loans have been able to bridge the gap between the dreams of buying a home to making it come true. In India as the buying capacity of people is increasing so is the demand for home loan. Home loans also come with an added advantage of tax benefit. Banks have made all possible efforts to lure the customer but providing home loans for different purpose.

In India Banks offer five different types of home loan products, the products include:

  • Home Purchase Loans- If you are buying a new house or an apartment in a building then home purchase loan is your best bet. The loan amount issued in this is 80% of the total amount of the house.  
  • Home Construction Loans- If you are willing to construct a house on a plot, you can choose home construction loan.
  • Top-Up Loan on Home Loan- In case you have a home loan and you wish to purchase furniture or wish to fund your son’s or daughter’s education or marriage, your best bet is a top-up loan. 
  • Home Improvement Loans- In case you are looking for renovating your house, opt for this loan. You can fund all kind of renovation like plumbing, painting, tiling, waterproofing, furnishing, etc.
  • Land Purchase loan- Some people prefer buying land and then building the house as per their requirement. Banks provide Land purchase loan which is 80% or 85% of the cost of the property. However, this does not give you the tax benefit.
  • Loan Against Property– If you own a property and need fund for your business or expansion of business, or for any other requirement like marriage or education, you can opt for the loan keeping your property as a security.

Home Loan Tenure: Home loan comes with tenure or a period in which the loan amount has to be repaid.  There are many factors that affect the home loan tenure, usually banks insist for a longer home loan tenure as it is financially beneficial for them.  

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Factors that affect home loan:

  • Home Loan Amount– Analyse yourself how much amount you have to take as a home loan. If you have surplus funds, it is advisable to pay as a down payment to the builder and avail loan on the rest. You can choose this option if you have idle funds. If you have a higher loan amount and you can pay more EMI, it is advisable to opt for a lesser tenure.
  • Home Loan Interest Rate – When you go for a home loan, interest rate is the important factor in deciding the tenure of the  home loan. The interest rate keeps changing according to the RBI’s policies. If there is a rate cut by RBI, ensure from your borrower that the reduced interest rate is passed on to you. This will surely change your tenure of the home loan.
  • EMI – EMI and Tenure go hand in hand and are inversely related. It is important to decide which one you want to be higher. If you opt for a higher EMI, your tenure remains low. If you opt for a lower EMI, your tenure remains high. Calculate your option of EMI on home loan after you calculate your monthly unavoidable expenses, so that you don’t feel the pinch.
  • Age of the borrower – Tenure and age of the borrower are directly related. If you are 25 years old and you opted for a home loan, you have enough time to repay it. Also the banks allow you to opt to repay it by their respective maximum tenure limit. But if you are 45 years old, you can pay the EMI till you retire. So the tenure of you repaying the loan reduces and hence, banks also do not allow for opting their maximum tenure limit.

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According to your needs and priorities, you have to decide the tenure and the type of product.

Here is the list of banks and HFCs with their maximum home loan tenure:

Banks and HFCs associated with Loanyantra Maximum Home Loan Tenure
SBI 30 Years
ICICI 30 Years
HDFC 30 Years
DHFL 30 Years
Indiabulls 30 Years
Standard Charted Bank 5 years
Aditya Birla Housing Finance 25 Years
IDBI 30 Years
Axis 30 Years
CITI 25 Years
HSBC 25 Years

 

Banks and HFC’s not associated with Loanyantra Maximum Home Loan Tenure
L&T Housing finance 20 years
Shriram Housing Finance 20 years
Canara Bank 30 years
L&T Housing finance 20 years
Shriram Housing Finance 20 years
AU Financiers Home Loan 20 Years
Federal Bank 30 Years
Bajaj Finserve Up to 20-25 years
Allahabad Bank 30 Years
Bank Of Baroda 30 Years
Bank of India 30 Years
Bank of Maharashtra 30 Years
Canara Bank 30 Years

Our Role:

Loanyantra is a complete solution provider when it comes to home buying. We not only guide you in your home buying process but also help you understand which kind of home loan is better for you. In order to ensure seamless customer service, Loanyantra has collaborated with a number of banks to make your home purchase easy and comfortable. Get in touch with us today to know more on home loan and its allied services.

Home Loan Processing Fees

Processing fee- an important factor you need to consider before applying for home loan

Buying a home is a tedious and a strenuous process; since most of the home purchase is backed by a home loan, a lot of research goes in finding the right loan which matches your requirement and doesn’t burn a hole in your pocket. Despite all the active effort from your end, many of you miss the other costs we bear during the process of home loan application and sanctioning. These charges play an important role while deciding the bank or HFC from where you want to avail the home loan.  One of the most important charges that top the list of charges is the processing fee.

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What is processing fee?

Banks and HFCs charge a service fee for processing the home loan application. During the process of loan sanctioning, bank involves lawyers and property evaluators. There are others fees apart from processing fee that bank charges the likes documentation charges, stamp duty etc.  An important point to note here is that the processing fee is non-refundable even if the loan gets rejected. Another noteworthy point is that the processing fee varies from one bank to another.

Here is the list of banks and HFCs along with their processing fee:

Banks and HFCs associated with Loan Yantra Processing Fee
SBI 0% to 0.35% (max. ₹11,500)
ICICI 0.5% (min. ₹11,500) Onetime fee
HDFC 0% to 0.5% (max. ₹11,500)Onetime fee
DHFL 5,000 to ₹20,000One time fee
Indiabulls 0.5% (min. ₹8,625) Onetime fee
Standard Charted Bank 0.5% – 1.50% of the Loan Amount
Aditya Birla Housing Finance No fee
IDBI 1% of loan amount
Axis Min. ₹10,000 at 1% of loan amt.

CITI Up to . ₹ 5000/-
HSBC 1% of the loan amount or Rs.10000,whichever is higher
Banks and HFCs not associated with LoanYantra Processing Fee
PNBHFL 0.25% to 0.50%(min.₹11,500)Onetime fee
TATA HL ₹5,750 to ₹11,500One time fee
RELIANCE Home .5%
YES Bank Up to ₹11,500
Federal Bank ₹3,000 to ₹7,500 + S.T. Onetime fee
Indian Overseas Bank 0.53% (max. ₹13,350)Onetime fee
Bajaj Finserve 0.8% of the loan amount for salaried individuals
LIC Housing Finance ₹10000 to  ₹15000
Bank of Baroda ₹7,500 to ₹20,000
Bank of India Min. 1000 and Max. Rs. 20,000
Bank of Maharashtra 0.25% (max. ₹25,000)
Canara Bank ₹1,500 to ₹10,000

What you should know about processing fee?

Processing Fee is paid to the bank or any NBFC when you avail a home loan. Also it is important to note that if you want to get the new customer interest rate, you can pay the processing fees and convert your prevailing interest rate to the new borrower interest rate.

Whenever you balance transfer the loan amount from the existing lender to a new lender, you have to pay the processing fees. Though a little amount is to be paid, never ignore to change your interest rate as you end up not paying lakhs of rupees to the lenders.
Our Role:

Loanyantra is a one-stop solution for your entire housing loan requirement. Experience the hassle-free balance transfer of your loan. Relax as we have a free door-step service for collection of the documents and submission of the documents. Our dedicated SPOC or Single Point of Contact helps you understand the process of home loan and also takes care of all the procedure and paperwork. If you wish to know more about home loan and its allied services get in touch with us today.

Affordable Housing Program by the Government

India has a huge population of 120 plus crore people out of which only 4.5 lac earn an income of more than 20 lac per year. Most of the houses build in the metros are priced at 50 lac plus; an Indian on an average earning 6 lac per year cannot afford to buy an apartment in the metro city. As more and more people are now making a move towards the cities, the problem of housing and basic amenities pop up, moreover with increased cost of living it has become difficult for the people of economically weaker sections and middle class to buy a house. Thus, the government has planned to introduce affordable housing to help the major chunk of the society become the owner of their own house by 2022.

As per the estimate of Technical Group formed by the Ministry of Housing and Urban Poverty Alleviation, the housing shortage of 24.71 million was estimated at the end of 10th Five year Plan. The government of India aims at diminishing the shortfall of housing for the economically weaker section and middle class. A lot has been discussed the term affordable housing but there is no clear definition of the affordable house; it is a relative term that varies from nation to nation. According to the report of RICS on Making Urban Housing Work in India, affordability means providing adequate shelter and ensuring security to people.

The key parameters defining affordable housing are as follows:-

  • Income level
  • Size of dwelling unit
  • Affordability

Key features of Government’s affordable housing scheme:

  • The first priority of this scheme would be the rehabilitation of slum dwellers. The initiation will involve the active participation of private players of the real estate fraternity.
  • The government will be promoting affordable housing for economically weaker section via credit linked subsidy which will be valid across 4041 statutory towns finalized for this scheme.
  • The scheme will have a partnership with both private and public sectors.

Noteworthy decision by government:

  • The Central government will contribute an amount of Rs.1 lac on an average per house.
  • There will be subsidized interest rate of 6.5% which can be repaid in tenure of 15 years. The subsidiary will be valid for economically weaker section people and lower income group people.
  • For house construction or enhancement, the central government will provide an assistance of Rs.1.5 lac (for EWS category and beneficiary led individuals).
  • State government or their housing boards can pick up the project of affordable housing to execute the project in their state. They will get all the benefits that fall under the umbrella of this scheme.
  • At initial stages, the scheme will undertake 500 class 1 cities of 4041 towns decided by the government.
  • The bifurcation of the scheme for development of affordable housing is as follows:
  1. Phase-I will include 100 cities (April 2015 – March 2017)
  2. Phase – II will include 200 more cities (April 2017 – March 2019)
  3. Phase-III will include all the remaining cities (April 2019 – March 2022)

 

The plans look exciting and if executed with the same fervor with which it has been planned, it will definitely create a housing revolution in the coming times. It is expected that the housing for all will help a lot to culminate the growing pace of slums and will offer people a better standard of living.

 

Stamp Duty Payment Process.

Buying a house is an important decision but the most important step after buying the house is registration of the property . At the time of registration, the buyer has to pay stamp duty. Stamp Duty is the tax levied on the property. Usually paying the stamp duty involves a process which needs to be known before hand to make the things clear before you go for registration.       

Process of Payment of Stamp Duty:

With the growth of internet and technology banks now offer e-SBTR facility wherein you can pay stamp duty and registration fees online.

Here is the procedure of doing the same:

  • Log on to the bank website where you want to pay the stamp duty and select e-SBTR
  • Then select the online mode of payment and also select the type of receipt. In this case select eSBTR
  • Next, you need to select the branch of the bank
  • Accept the terms and conditions and press the submit button
  • Once you submit the form, the e-SBTR form pops up showing different fields that need to be filled( the ones marked in red are compulsory)
  • Submit the form
  • If the all the details filled by you are valid the web page will show all the data fed by you and ask you to cross-verify.
  • Check and cross verify
  • Once you are done with this move on to payment section where you need to select the internet banking option
  • Make the payment and confirm the same
  • Once done a payment receipt will appear on the screen, print it or save it .
  • Next step is to go the selected branch of the bank with the printed receipt of payment along with ID proof and collect thee-SBTR receipt signed by the Bank Official
  • Attach the e-SBTR on the first page of the document
  • Finally, visit the concerned State Revenue Officer to complete the process.

Note:

  • The value once entered in the fields cannot be modified later. The e-SBTR may vary from bank to bank. For example in IDBI minimum value of e-SBTR is Rs.5000.
  • Multiple payments for single stamp duty payment is not allowed

 

RBI Cuts Repo Rate – How Does The Existing Borrower Benefit?

Dated : 06-oct-2016 


RBI slashed its benchmark repo rate by 25 basis points (0.25 percent) to 6.25 percent from 6.50%.  It has actually cut its rate by 1.50 percent since January. If the banks pass on the rate cuts, with the assurance given by the new RBI Governor, there can be many more revised rates. This is absolutely buyer market and the home loan borrower can fulfill the dream by low home loan interest rates.

Questions which arise for the existing customer… 


Will this reduction be passed to existing home loan customers ? 

SBIHopefully the banks and lending institutions will pass on the benefits to their existing customers. If not full at-least partial in some wave form.


Already, the country’s largest state ­run lender, State Bank of India , has cut its base rate and is lending at  9.35 percent, for more than 20 lakh loan and 9.25 %  for loan less than 20 lakh.

If  banks/lending institutions doesn’t pass on this benefit to existing customer,  is there a way to avail it. If so how ?

Yes, existing loan lenders can avail the benefit in following ways 

  1.  The old home loan borrowers have the choice to convert their existing rates to current rates by paying hefty penalty charge of minimum of 0.56% on left over principle to the banks/lending institution. Its advised to compare the benefits of paying part-payment over penalty.  Check out LOANYANTRA.com part-payment calculator.
  2. The old home loaners have one more choice of switching to new bank or lending institution. Check out LOANYANTRA.com Switch & Save option and get rewards and benefits from LOANYANTRA.com

How much does it save in your tenure ?

Definitely, there will be a change in the tenure when you go for a lesser interest rate. Infact, 0.5% change in interest rate will result in closing your loan to a maximum of  30 months earlier. 

For example, if you have a loan of 50 lakhs for a tenure of 20 years with 10% interest, a change to 9.50% interest will change your tenure to 18 years and 2 months. 


How much does it save my EMI ?

If you want to keep your tenure same, your EMI reduces from Rs. 48,251 to Rs. 46,606. This leaves you with a saving of Rs. 1645. 


Competition in home loan space has been quite intense not only from banks, private banks, nationalised banks but also from the NBFC space. SBI has again proved that it stands on the top among its rivals. Infact, with the immediate reduction in the interest rate and implementation, it makes way to the competition.


Reduction in the interest rate is always advantageous. 

For new loans and hassle-free balance transfers, logon to www.LOANYANTRA.com. 


Calculate your EMI with the help of our EMI calculator…


Check out our balance transfer calculator..  

http://goo.gl/a8h4R5

Get associated with us and help us monitor your home loan against paying higher interest or higher EMIs. Also avail extra benefits like cash back. 


For more details follow the link below..

http://goo.gl/SCqsw7

RBI Cuts Repo Rate – Can You Save on Your Home Loan

Dated : 06-oct-2016 


RBI slashed its benchmark repo rate by 25 basis points (0.25 percent) to 6.25 percent from 6.50%.  It has actually cut its rate by 1.50 percent since January. If the banks pass on the rate cuts, with the assurance given by the new RBI Governor, there can be many more revised rates. This is absolutely buyer market and the home loan borrower can fulfill the dream by low home loan interest rates.

Questions which arise for the existing customer… 


Will this reduction be passed to existing home loan customers ? 

SBIHopefully the banks and lending institutions will pass on the benefits to their existing customers. If not full at-least partial in some wave form.


Already, the country’s largest state ­run lender, State Bank of India , has cut its base rate and is lending at  9.35 percent, for more than 20 lakh loan and 9.25 %  for loan less than 20 lakh.

If  banks/lending institutions doesn’t pass on this benefit to existing customer,  is there a way to avail it. If so how ?

Yes, existing loan lenders can avail the benefit in following ways 

  1.  The old home loan borrowers have the choice to convert their existing rates to current rates by paying hefty penalty charge of minimum of 0.56% on left over principle to the banks/lending institution. Its advised to compare the benefits of paying part-payment over penalty.  Check out LOANYANTRA.com part-payment calculator.
  2. The old home loaners have one more choice of switching to new bank or lending institution. Check out LOANYANTRA.com Switch & Save option and get rewards and benefits from LOANYANTRA.com

How much does it save in your tenure ?

Definitely, there will be a change in the tenure when you go for a lesser interest rate. Infact, 0.5% change in interest rate will result in closing your loan to a maximum of  30 months earlier. 

For example, if you have a loan of 50 lakhs for a tenure of 20 years with 10% interest, a change to 9.50% interest will change your tenure to 18 years and 2 months. 


How much does it save my EMI ?

If you want to keep your tenure same, your EMI reduces from Rs. 48,251 to Rs. 46,606. This leaves you with a saving of Rs. 1645. 


Competition in home loan space has been quite intense not only from banks, private banks, nationalised banks but also from the NBFC space. SBI has again proved that it stands on the top among its rivals. Infact, with the immediate reduction in the interest rate and implementation, it makes way to the competition.


Reduction in the interest rate is always advantageous. 

For new loans and hassle-free balance transfers, logon to www.LOANYANTRA.com. 


Calculate your EMI with the help of our EMI calculator…


Check out our balance transfer calculator..  

http://goo.gl/a8h4R5

Get associated with us and help us monitor your home loan against paying higher interest or higher EMIs. Also avail extra benefits like cash back. 


For more details follow the link below..

http://goo.gl/SCqsw7