Why you should opt for a Home Loan from Bank of Baroda

Bank of Baroda – Why you should opt for a Home Loan in BOB

Bank of Baroda is one of the prominent names when it comes to public sector banks in India. Known for its people-friendly policies and myriads of banking products. In the month of September, 2018, BOB announced the merger with Vijaya Bank and Dena bank which made Bank of Baroda, the second largest bank in the nation after SBI. Bank of Baroda offers attractive interest rates for home loan and easy repayment options to the eligible person.

Why should you opt for BOB home loan?

Well, BOB offers attractive interest rates and has easy repayment options to the home loan borrowers. Apart from this, there are other benefits which makes BOB a popular choice amongst those who are looking for a home loan:

  • There are no prepayment charges for those availing home loan on floating interest rate
  • Easy and fast loan approval and with Loanyantra, we ensure the process to be seamless and target for the disbursal with in the month you had applied for.
  • No processing fees but minimum legal charges are applicable which Loanyantra always tries to waive off.
  • And the most important affordable interest rate with the lowest spread rate added in it.
  • By default your home loan is created with an account to save your extra funds or to transfer your salary through which you get benefits of Bank of Baroda Home loan advantage product.
  • Bank of Baroda gives you the benefit of applying for a top-up loan during the home loan tenure for a maximum of five times.
  • Bank of Baroda also gives you a free credit card and a concession of 0.25% for car loans.

Eligibility :

 

In order to avail home loan from Bank of Baroda, one must qualify the eligibility criteria specified by the bank.

Parameter Points to note
Age The age of the borrower should be between 21 years -60 years
Income The minimum income of the borrower should be Rs. 20,000
Work Experience The salaried individuals should have a work experience of 2 years and the business individuals should own a business stability of minimum 3 years
Loan Amount Rs. 15 lacs – Rs.10 crore

Documentation for a BOB Home Loan – 

For a successful home loan approval, it is important that the borrower must submit the documents specified by the bank.

Here is the list of documents that the borrower must submit:

  • Identity Proof like Voter ID, Passport, Adhaar Card, Driving License.
  • Address Proof like Ration card, Adhaar card, utility bills like electricity bill, phone bills etc.
  • Age proof- 10th certificate, Adhaar card, birth certificate or as demanded by the bank.
  • Signed application form
  • Passport size photographs
  • Last six months’ bank statement showcasing salary credited (for salaried individuals).
  • Form 16 of last 3 financial year
  • For business individuals, one needs to submit IT Returns of last 3 years
  • Balance Sheet and P/L account audited and attested by a CA. This should be of last 3 years.
Bank of baroda home loan low interest rates
Bank of Baroda Home Loan via Loanyantra.com

Other details of Bank of Baroda Home Loan :

Interest Rate and other charges Details
Interest Rates The Bank of Baroda Home Loan starts from 8.70%
Processing Fees Nil
Maximum Loan Tenure 30 years
Prepayment Charges No prepayment charges
Age of the Individual Salaried – The minimum age should be 21 and the maximum should be 60 years.

Self-employed – The minimum age is 21 and maximum of 65 years.

Our Role: If you find Bank of Baroda offering lucrative services or any other bank that is giving you attractive interest rates on home loan, you can connect with Loanyantra and figure out the one which is in your best interest. We are a leading platform where you can compare all the leading bank’s home loan interest rate and finalize the one which is best for you. We have been leveraging our services to the ones who need a home loan and have carved a discernible niche for ourselves. To explore more, contact us today.

 

 

 

 

HDFC Plot Loans or Self-construction Loans for Salaried and Self-employed

HDFC Plot Loans

What is HDFC Plot Loan?

HDFC provides loans to borrowers for the purchase of a plot of land to build their dream homes. Construction loans are given to both self-employed and salaried people. Borrowers can also get better deals and offers on credit cards with a good credit score.

Why HDFC Plot Loans?

  • No hidden charges.
  • There is no pre-payment penalty
  • Offers attractive interest rates that are affordable and easier for your pocket.
  • Customized repayment options to suit your requirement.
  • Lower processing fees compared to various other lenders.
  • Expert counseling in legal and technical aspects for a seamless transaction.

Features of HDFC Plot Loans

Loan Term:  The maximum limit for borrowers to distribute their payments of loan is 15 years. The term also depends on the type of scheme chosen and the customer’s profile, age of the customer at the time of loan maturity and age of the plot at the time of loan maturity are also the deciding factors of loan term.

Maximum Loan Amount

Loan Amount Maximum Funding
Up to Rs.20 lakh 90% of the property price
Rs.20.01 lakh to Rs.75 lakh 80% of the property price
Over Rs.75 lakh 75% of the property price

Note: If the property is outside city limits, the maximum funding of the loan can be restricted to 70% of the property cost.

Types of HDFC Plot Loans for Self-employed

  • TruFixed Home Loan

The TruFixed Home Loan gives a fixed rate up to 2/3 years, after which the loan will change to an adjustable rate loan automatically, totalling up to a total of a 15-year loan term. It provides customers a part fixed rate term and a part adjustable rate term.

  • Adjustable Rate Loan

The adjustable rate plot loan is linked to HDFC’s Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once in every three months if there is a change in the RPLR, taking the date of the first disbursement into account. A rise in the interest rate will result an increase in the EMI’s interest component which in turn will reduce the principal component. This will extend the loan term, and vice versa, in cases where the interest rate drops.

HDFC Plot Loan Interest Rates for Self-employed

  • TruFixed Loan

The Retail Prime Lending Rate (RPLR) is 16.65%

Loan Slab up to Rs.75 lakh
Interest Rate (%  PA) 9.15 to 9.65%
  • Adjustable Home Rate Loan

For self-employed professionals, the Retail Prime Lending Rate stands at 16.65%

Loan Slab Interest Rates (%  PA)
For women (up to 30 lakh) 8.70 to 9.20
For others (up to 30 lakh) 8.75 to 9.25
For women (above 30 lakh) 8.80 to 9.30
For others (above 30 lakh) 8.85 to 9.35

HDFC plot loan interest rates for self-employed non-professionals

  • TruFixed Loan 

For self-employed non-professionals, the Retail Prime Lending Rate stands at 16.65%

Loan Slab Interest Rates (%  PA)
For women (up to 30 lakh) 8.75 to 9.25
For others (up to 30 lakh) 8.80 to 9.30
For women (above 30 lakh) 8.75 to 9.35
For others (above 30 lakh) 8.90 to 9.40
  • Adjustable Rate Home Loan: The Retail Prime Lending Rate (RPLR) is 16.65%
Loan Slab up to Rs.75 lakh
Interest Rate (%  PA) 9.15 to 9.65%

Note: The above rates by HDFC might be revised at the time of disbursement.

HDFC plot loan documents required for self-employed

These are the documents to be submitted by the applicants and co-applicants along with an application for the approval of loan:

  1. Identity and Residence: Valid Passport, Aadhaar Card, Valid Driving Licence or Voter ID Card.
  2. Proof of income: Income Tax Returns (ITR) of 3 years, Savings account statements of the individual and current account statements of the business entity of last six months or Balance sheet and Profit and Loss account statements with schedules/annexures (all documents to be attested by a CA for points 2 and 3).
  3. Property related: Allotment letter or agreement copy of buyer and Title deeds in case of a resale with previous property documents.
  4. Other documents: Latest Form 26AS, business profile, list of directors and shareholders with their individual shareholding certified by a CS/CA in case of the business entity being a company, Memorandum and Articles of Association of the company, partnership deed if a partnership firm.

HDFC Plot Loan Charges for Self-employed

Some charges and fees applied for loan approval are mentioned below:

Processing fees:

For self-employed professionals

Rs. 3,000 or up to 0.50% of the loan amount whichever is higher + other applicable taxes

For self-employed non-professionals

Rs. 4,500 or up to 1.50% of the loan amount whichever is higher + other applicable taxes.

Conversion fees

HDFC provides switching of schemes for lowering interest rates.

Others

Cheque dishonour fees, fees for external opinion, property insurance, charges for delayed payments, etc. are some other charges.

HDFC Plot Loans for Salaried Individuals

The loan can be applied individually or collectively and the co-applicants must be the proposed owners of the plot.

Loan Term:  The maximum limit for borrowers to distribute their payments of loan is 15 years. The term also depends on the type of scheme chosen and the customer’s profile, age of the customer at the time of loan maturity and age of the plot at the time of loan maturity are also the deciding factors of loan term.

Maximum Loan Amount

Loan Amount Maximum Funding
Up to Rs.20 lakh 90% of the property price
Rs.20.01 lakh to Rs.75 lakh 80% of the property price
Over Rs.75 lakh 75% of the property price

Note: If the property is outside city limits, the maximum funding of the loan can be restricted to 70% of the property cost.

Type of plot loans for salaried individuals:

  • TruFixed Home Loan This loan provides customers with a part adjustable rate term and a part fixed rate term. In this type, one can avail fixed rate up to 2/3 years after which it changes to adjustable rate. The total number of years sums up to 15 years.
  • Adjustable Rate Loan Related to HDFC’s Retail Prime Lending Rate (RPLR), this loan has an interest rate that is revised every three months.

HDFC plot loan interest rates for salaried individuals

  • TruFixed Loan

The Retail Prime Lending Rate (RPLR) is 16.65%

Loan Slab up to Rs.75 lakh
Interest Rate (%  PA) 9.15 to 9.65%
  • Adjustable Home Rate Loan

For self-employed professionals, RPLR is 16.65%

Loan Slab Interest Rates (%  PA)
For women (up to 30 lakh) 8.70 to 9.20
For others (up to 30 lakh) 8.75 to 9.25
For women (above 30 lakh) 8.80 to 9.30
For others (above 30 lakh) 8.85 to 9.35

Note: The above rates by HDFC might be revised at the time of disbursement.

HDFC plot loan documents required for self-employed

These are the documents to be submitted by the applicants and co-applicants along with an application for the approval of loan:

  1. Identity and Residence: Valid Passport, Aadhaar Card, Valid Driving Licence or Voter ID Card.
  2. Proof of income: Income Tax Returns (ITR) of 3 years, Savings account statements of the individual and current account statements of the business entity of last six months or Balance sheet and Profit and Loss account statements with schedules/annexures (all documents to be attested by a CA for points 2 and 3).
  3. Property related: Allotment letter or agreement copy of buyer and Title deeds in case of a resale with previous property documents.
  4. Other documents: Latest Form 26AS, business profile, list of directors and shareholders with their individual shareholding certified by a CS/CA in case of the business entity being a company, Memorandum and Articles of Association of the company, partnership deed if a partnership firm.

HDFC Plot Loan Charges for Self-employed

Some charges and fees applied for loan approval are mentioned below:

Processing fees:

For self-employed professionals

Rs. 3,000 or up to 0.50% of the loan amount whichever is higher + other applicable taxes

For self-employed non-professionals

Rs. 4,500 or up to 1.50% of the loan amount whichever is higher + other applicable taxes

Conversion fees

HDFC provides switching of schemes for lowering interest rates.

HDFC Plot Loan FAQ 

  • How can I apply for HDFC Plot Loan? Make an application at your nearest HDFC branch or download it from HDFC official website and submit it along with the required documents and processing fee at any HDFC branch.
  • What are the determining factors for availing HDFC loan facility? Primary factors for availing HDFC loan are the income and the loan repayment capacity of the customer. Others include borrower’s age, qualification, assets and liabilities, savings, etc.

HDFC Construction Loan

Home Construction Loan for Salaried

HDFC Construction loan helps in building your home from scratch and can be a fulfilling and enriching experience. You can build your own home tailored as per your imagination and family needs.

Home Construction Loan Essentials

HDFC Home Construction Loan can be applied individually or jointly. All the co-applicants need not be co-owners, but all proposed owners must be co-applicants.

The maximum payment period allowed for all home products are 20 years other than for Telescopic Repayment Option under the Adjustable Rate Home Loan which is 30 years. The tenure also depends on various factors of the borrower such as age, income, assets, etc.

Home Construction Loan Amount

Loan Amount Maximum Funding
Up to Rs. 30 lacs 90% of the property cost
Rs. 30 lacs- Rs. 75 lacs 80% of the property cost
Above Rs.75 lacs 75% of the property cost

Note: The maximum loan amount may vary as per the capacity of the borrower as assessed by HDFC.

Types of Home Loans

    • Adjustable Rate Home Loan: A home loan under this scheme is linked to Retail Prime Lending Rate (RPLR) of HDFC. The interest rate is revised every three months starting from the first disbursement date.
    • TruFixed Home Loan – 2 / 3 Year Fixed Rate Variant: A part fixed rate and a part adjustable rate term; this scheme has a fixed rate for up to 2/3 years. Later it converts to adjustable rate, totalling up to a term of 20 years.

HDFC Construction Loan Interest Rates

For Salaried: RPLR is 16.75%

Loan Slab Interest Rate
For women: up to Rs. 30 lacs 8.80 to 9.30
Others: up to Rs. 30 lacs 8.85 to 9.35
For women: Rs. 30 lacs- Rs.75 lacs 8.95 to 9.45
Others: Rs. 30 lacs- Rs.75 lacs 9.00 to 9.50
For women: Rs.75 lacs and above 9.00 to 9.50
Others: Rs.75 lacs and above 9.05 to 9.55

TruFixed Loan

RPLR 16.75%

Loan Slab Interest Rate
For women: up to Rs. 30 lacs 9.30 to 9.80
Others: up to Rs. 30 lacs 9.35 to 9.85
For women: Rs. 30 lacs- Rs.75 lacs 9.45 to 9.95
Others: Rs. 30 lacs- Rs.75 lacs 9.50 to 10.00
For women: Rs.75 lacs and above 9.50 to 10.00
Others: Rs.75 lacs and above 9.55 to 10.05

HDFC Construction Loan Documents Required

Below mentioned are the following documents applicants/ co-applicants need to submit with a completed and signed application form.

  1. Identity and Residence: Valid Passport, Aadhaar Card, Valid Driving Licence or Voter ID Card.
  2. Proof of income: Last 3 months’ Salary Slips, Last 6 months’ Bank Statements with salary credits, Latest Form-16 and IT returns
  3. Property related: Allotment letter or agreement copy of buyer and Title deeds in case of a resale with previous property documents.
  4. Other documents: Appointment or contract letter if employer is less than a year old, Cheque for processing fee in favour of ‘HDFC Ltd.’, Last 6 months of bank statements showing repayment of current loans if any, Passport size photographs of all the applicants / co-applicants and Own Contribution Proof.

HDFC Construction Loan Calculator

The official website of HDFC gives you the complete break-up of repayment options of your loan. The bifurcation of principal loan amount, interest amount, total amount payable and the monthly EMIs as per your loan plan.

Terms and Conditions

  • Security: HDFC requires some security interest on the loan or any other collateral.
  • Other conditions: Some information is provided here for the awareness of HDFC products and services. Visit the website to know about them in detail.

Role of Loanyantra: Loanyantra provides you all the necessary details about the type of loan you wish to borrow. Helping through every step of the process, it guides you through all the available options with ease by putting on the table the detailed calculations, facts and figures.

 

 

Tips for Young Property Buyers

Getting a foot onto the property ladder is certainly no easy feat, and it’s easy to see why many young people simply give up their dreams of home ownership. But the fact is, the rewards of property investment ultimately outweigh the effort. To help you get started in your property investment journey, here is our advice for young property investors.

Save, save, save

Saving a deposit is probably the biggest hurdle that most first home buyers or young property investors face. Unfortunately, in order to get into the property market, you’ll need money. Here are some ideas to help you save faster:

  • Live at home for as long as you can and avoid paying rent to someone else.
  • Cut back on non-essential spending – even the smallest amounts quickly add up.
  • Consider using Government first home buyer schemes if these are available.

Keep your options open

Once you’ve started saving towards a deposit, the next step is finding a property you can afford. It’s a good idea to look outside the traditional four-bedroom, two-bathroom family home, as it’s highly likely your first home won’t be your forever home.

Instead, think of your first home as a stepping stone – a chance to build up some equity that you can use later on to buy your dream home. You may even need to consider taking in a flatmate or an overseas student to help with the bills initially.

Consider your options

If you’re on a tight budget you can’t afford to be picky. You may need to buy further away from work with a much longer commute, or in an area that isn’t as trendy or as desirable just to get a foot onto the property ladder.

You might even want to consider rent-vesting as an option – renting a property near where you work while owning a property in a more affordable area that you rent out to someone else. There are plenty of opportunities for astute buyers with a little vision.

Keep your finger on the pulse

It’s important you keep up to date with what’s happening in the property market. Read property market reports and property listings, visit open homes or attend auctions, talk to a real estate agent or a mortgage broker to get a real understanding of property pricing, what’s available, and what you can expect to buy for your budget.

If you’d like advice on how you can get onto the property ladder – either buying your first home or investing in a rental property – get in touch with our team of mortgage experts.

Loan to buy a home and rent it

Loan Acquisitions for Buy-to-Let Investors

Being a landlord in India is not for the faint-hearted. The past few years have not been easy for the Indian real estate market thanks to numerous obstacles including new property laws, demonetization, and the Goods and Service Tax. Now, after a prolonged stagnant period, the sector is starting to show improvement and is on a structured path of recovery, giving hope to property investors across the board.  After several home loan interest rate hikes in recent times, however, an increasing number of Indians are opting to live in rental properties. This has created a big opportunity for investors that acquire residential property for the sole purpose of renting it out.  Unfortunately, funds are often tied up in investments and fixed assets in which case a buy-to-let investor will have to apply for a loan to purchase the property of his choice.

Why do landlords need additional finance?

Obtaining a property requires money. The cost of living in India may be in the region of 65% lower than in the USA but a house in a big city such as Mumbai can still cost anywhere between ₹50 and 75 lakh. Even if the sole purpose of the property acquisition is to rent it out, you will still be responsible for mortgage payments even if the house or apartment is vacant. Additional finance is often required to procure a home that can be rented out.

Property improvements don’t come cheap

Vacant properties result in a financial loss which is why it is critical to keep a property well-maintained in order to keep it occupied. Structures such as roofs, gutters, plumbing, walls, and fences lose their integrity over time and can decrease the rental value of a property if not addressed in a timeous manner. With 2.1% of the Indian population believed to be disabled, there is an increased need for accessible homes. A landlord can boost the appeal of his property significantly by making a range of improvements such as wheelchair ramps, wider doorways, lowered counters, and a roll-in shower. As important as regular maintenance is, and as appealing as a state-of-the-art kitchen, bathroom, or a fully-accessible home may be, it all costs a substantial amount of money, often necessitating the investor to take out a loan.

Where can buy-to-let investors seek financial assistance?

Once the need for financial assistance has been identified by a landlord, the next step entails determining which type of financial institution will render the most viable service. Prior to making any pertinent decisions, it is pivotal to conduct some research before applying for a loan from anyone. Depending on your own personal requirements you may opt to make use of a traditional brick-and-mortar institution, an online lender, or an investor-only lender.

Brick-and-mortar lenders

Long before the internet revolutionized the real estate and financial sectors, landlords seeking loans would have to venture into brick-and-mortar institutions such as the State Bank of India or the Canara Bank. These traditional loan providers are ideal for individuals who are seeking finance in a personal capacity from an entity that is very familiar with the Indian real estate market. Banking institutions also often forge close relationships with their high-end clients which results in better service and a speedier application process.

Online lenders

The internet has revolutionized the real estate industry in countless ways.  Making use of the services of online lenders is often far more convenient than dealing with a conventional service provider. An impressive amount of time is saved as there is no need to go into the bank or office of a loan provider to fill in any documentation as the entire application is done from the comfort of your PC or smartphone.  Online loan providers typically benefit first-class lenders the most as they typically have the funds available for the somewhat steep down payment.  Loanyantra is a perfect example of an online home loan provider that prides itself on its sought-after, reputable online presence.

Investor-only lenders

Investor-only lenders specialize in supplying finance to business organizations to allow them to invest in properties of a residential nature. If your organization fits this brief you may benefit substantially from making use this type of lender. Due to the clientele of investor-only lenders being so limited, the application process is streamlined significantly, saving you a hefty chunk of precious time.  An IO lender can be of great benefit to a business who is investing in a number of rental properties through a legal establishment as well as if your long-term plans involve more than straightforward residential properties, including things such as fix & flips and properties with a multi-purpose appeal.

Acquiring a loan with the purpose of investing in a buy-to-rent property is not uncommon and may result in lucrative financial gains. At Loanyantra you can expect not only to find fast and efficient service but also the best repayment rates available that will help you secure the property of your dreams.

 

SBI Home Loan Products

State Bank of India Home Loan Products

State Bank of India is one of the most popular choices when it comes to getting the home loan. It offers myriads of home loan products to cater to the various segments of customers. The bank offers affordable home loans at attractive interest rates starting from 8.35% per annum. The bank also offers home loan for Pradhan Mantri Awas Yojna scheme where the customer can avail subsidy up to Rs. 2.67 lakh.

Why you should choose SBI as your Home loan partner?

Well, SBI is one of the most trusted names when it comes to financial products. The bank offers a gamut of choices to cater to the variegated needs of the client. It also offers a number of benefits like lucrative interest rates, lower or nil processing fees, customer-centric approach that makes it one of the most popular choices when it comes to home loan. Here are the key features of SBI home loans:

  • Attractive interest rates
  • Lower or nil processing fees
  • No hidden charges
  • Easy repayment period
  • No pre-closure charges
  • The bank has its presence in all the cities
  • SBI calculates interest rates on the daily reducing basis which lowers the overall interest paid.

Eligibility criteria-

Home loans or any other type of loan demand that the individual should match the eligibility criteria so that the bank approves the loan. If you want to apply for the home loan from SBI, you need to match the following eligibility criteria:

  • The age of the individual should be between 18 years and 70 years
  • The annual income should be at least Rs.1.2 lakh per annum Salaried
  • Good CIBIL score and credit report

Documentation for home loan approval from SBI:

To get the loan approved, you must submit the following documents with the bank:

  • Filled and signed application form
  • 3 passport size photograph
  • ID proof like Adhaar card, passport, Driving License, Pan Card
  • Address Proof like Ration Card, Adhaar Card, Utility bills or as demanded by the bank
  • Last six month’s bank statement
  • Proof of property
  • ITR
  • Form 16 and the self-employed individuals, needs to submit the ITR of last two years, last two years’ income computation which must be certified by a CA.

CIBIL Score- CIBIL score represents the likelihood of the borrower to repay the loan. It reflects the creditworthiness of the applicant. All the banks take into consideration the credit score before approving the loan. It is always advisable that one must maintain a good credit score to get the loan approved. For SBI Bank, one needs to have a credit rating between 650-750.

SBI Home Loan Overview –

Interest Rate Starting from 8.30 % for women up to 8.60% and for others it is 8.35% up to 8.65%
Processing fees .30 % of the loan amount which can be a minimum of Rs. 2000 to maximum of Rs. 10,000/-
Loan Tenure Up to 30 years
Pre-closure charges No pre-closure charges

Home Loan Products Offered by State Bank of India:

SBI NRI Home Loan-  This home loan has been developed for NRIs who want to have home in India or want to make an investment here.

  • Minimum Loan Amount – Rs. 3 lacs
  • Maximum Loan Amount – No upper limit
  • Eligibility – All the Non-resident Indians can apply for this loan.
  • Pre-closure Charges – Nil
  • Processing fess- 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/-
  • Interest Rate – Floating 10.15%

SBI Flexipay Home Loan– This loan is perfect for salaried individuals who want to be eligible for higher home loan amount. The borrower can pay interest during moratorium period or pre-EMI period and then pay moderated EMIs.

  • Minimum Loan Amount – 20 lacs
  • Maximum Loan Amount – No upper limit
  • Eligibility – Salaried Individuals
  • Processing Fees – 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/-
  • Interest Rate – 8.45-8.55  % p.a.

SBI Shaurya Home Loan- This home loan has been developed for defence personnel. This is a special home loan for defence employees. SBI Sharuya home loan comes at a lower interest rate and additional benefits. The defence personally also get an extended home loan repayment period.

  • Minimum Loan Amount – Rs. 10 lac
  • Eligibility – All the defence professionals
  • Processing Fees – 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/ and no processing fees for central and state government employees
  • Interest Rate –  8.75% for women employee & 8.80% for General or Male Borrowers.

SBI Privilege Home Loan- This home loan is exclusively for government employees. The central and state government employees can apply for this loan. The loan amount is decided based on the borrower’s salary, repaying capacity, assets, age etc.

  • Minimum Loan Amount – 10 lacs
  • Maximum Loan Amount – Up to 50 crores
  • Eligibility – All the resident Indians are eligible to avail SBI Privilege home loan
  • Processing Fees- .30% of the loan amount plus tax. Zero processing fees for all central and state government employees.
  • Interest Rate – Starting from 8.30 %

SBI Pre-Approved Home Loan– or PAL grants home loan limits to the customer before finalizing the property. SBI Pre-Approved home loan has a non-refundable processing fee and will be taken at the time of sanction. The income of the borrower decides the loan eligibility.

  • Eligibility – Depends on the annual income of the applicant
  • Tenure – Pre-Approved Letter of arrangement is valid for a period of 4 months
  • Min Loan Amount – 10 Lacs
  • Max Loan Amount – No upper limit
  • Pre-closure Charges – Nil
  • Interest Rate – Floating 10.15%

Pradhan Mantri Awas Yojana by State Bank of India-

Keeping abreast with the Government of India initiative to provide the home to everyone by 2022, SBI has come forward with its home loan for PMAY or Pradhan Mantri Awas Yojna. The bank offers lower interest rates and easy repayment options so that one can fulfil their dream of buying home.

All the loan amount which is less than 30 lac fall under this scheme. The male borrowers can get a home loan at the interest rate of 8.40% and can avail a reduction on approximately 20 basis points, for female borrowers, the reduction is of around 25 basis points.

The best part about PMAY scheme is the lower interest rate and no processing fees. Furthermore, the individual who is eligible for this scheme will get a subsidy of 3%, 4% or 6.5% based on their economic condition.

FAQs

  1. Is a self-employed individual eligible to apply for SBI Privilege Home loan?

No, only state and central government employees can apply for SBI Privilege Home Loan.

  1. Is there any benefit for women borrowers?

Yes, the women borrowers get the benefit interest rate.

  1. What is the maximum age limit for SBI Privilege Home Loan?

The maximum age limit is up to 75 years.

  1. Is there any processing fees charged by SBI on the home loan?

Yes, the bank charges a processing fee of .30% plus taxes on the loan amount. But, the central and state government employees don’t need to pay this fees.

  1. Does SBI home loan require a guarantor?

Yes, most of the SBI loan require a guarantor.

  1. What is the maximum repayment period?

SBI grants the maximum repayment period of 30 years.

  1. Does SBI Bank allow balance transfer?

Yes, you can transfer your existing home loan to SBI.

  1. What tax benefit does SBI Home Loan offer?

Availing home loan gives you the tax benefit under Section 80C of the Income Tax Act, 1961.

Why choose Loanyantra as your helping partner?

Today, you may find a number of online portals rendering home loan services and help. But, if you are looking for a platform where you can get all the help related to home loan, its processing and approval then Loanyantra is the right place for. Started with an intent to provide one-stop banking solutions to the customer, LoanYantra brings all the bank details, loan services on your screen and everything at the click of a button. Irrespective of the kind of help you want regarding home loan, we help you find the best options and help you complete the modus-operandi so that your loan gets approved faster and easier. For more information on how we can help you, contact us today.

 

Engaged! What you need to know about wedding loan

wedding loans and home loan
Engaged! So, time to know about marriage loan

It’s important to remember that it’s possible to have an amazing wedding on any budget. The keys are saving, setting priorities and sticking to the number you start with—but we’re not saying it’s always easy to do. No matter where you live, though, saving and paying for a wedding is an important part of the planning process.

While you may be considering taking out a personal loan or using credit to pay for your wedding, there are plenty of other ways to save on wedding costs. That said, there’s a ton of information out there about paying for the wedding with personal loans or using a credit card. It shouldn’t be your go-to method, but if you’re considering those options, use this as a starting point.

What are “wedding loans”?

First things first: There’s no such thing as a “wedding loan.” You can’t just walk into a bank and request a wedding loan. What we’re talking about here is using a personal loan for the purpose of funding your wedding. Most financial advisers would tell you to stop here and not pursue wedding loans. “Taking out a personal loan is kind of a last-ditch effort,” says Lauren Lyons Cole, certified financial planner and personal finance contributor for financial-planning website Mainstreet.com. “The problem with personal loans is that most often people are taking them out because they’re trying to spend cash they don’t have. I would also lump in credit card spending here, because I think a lot of people pay for wedding-related things with a credit card and they may or may not have the cash to pay it off in full.” Personal loans are good to avoid spiralling into credit card debt, but maybe not as a quick fix for a down payment on your venue. That being said, taking out wedding loans isn’t unheard of, and there are a few ways to go about getting a personal loan to help cover wedding costs.

Should you get a wedding loan?

This means you’d be covering your wedding costs with money you don’t have, be it from a personal loan or a credit card. This is a decision to make with your partner, because it’ll affect financial decisions on your marriage later. It’s important to talk about whether or not that financial burden is something you want to deal with when you get back from the honeymoon.

Below is a list of the ways to cover the costs of a wedding with loans. (Again, this is just to inform you on how it’s done—we don’t recommend it!)

What are other ways to cover wedding costs?

 

Taking Out a Home Equity Line of Credit to Pay for the Wedding

This one is only for homeowners and usually for parents paying for their children’s nuptials. The idea behind a home equity line of credit is that you borrow against the mortgage on your home. Again, though, it’s not a good idea. Neither the financial experts nor we would recommend doing such a thing. “I’ve seen parents take out a home equity line of credit, which is basically borrowing against the value of your home,” says Lyons Cole. “Especially for a lot of parents, if you’re throwing a wedding, you’re probably mid-40s to 50s, you’re not that far away from retirement, you probably just put your kid through college—there are so many expenses and pressures put on a parent, and chances are you need that money for something else.”

Using a Credit Card to Pay for the Wedding

We should warn you that most financial advisers are wary of credit cards and lines of credit when it comes to alternative ways to pay for your wedding. For Lyons Cole, this is one of the fastest ways to get into deep debt. “Obviously, as a financial planner, my advice would always be to create a budget and only pay for things you can afford,” says Lyons Cole. “Don’t go into credit card debt for a wedding.”

That said, if (and only if) you have the cash to pay for your wedding, a credit card can be a good option. Here’s why: Using credit can protect your money from fraud and earn you points for flights and even hotels (hello, honeymoon!). Just try not to pay for wedding things with money you don’t have yet, and you’ll be fine.

Extending Your Engagement and Saving Up for the Wedding

Ding, ding! This is the way to go. Avoid wedding loans and take some time to create a wedding budget and truly save up for the things you want. There’s no harm in a long engagement. Many times, venues are already booked more than a year in advance anyway. Having one will allow you to have enough time to truly plan the wedding and save up for the items that are nonnegotiable, and even splurge on a few things you’ve always hoped to have. “I would rather have you postpone your engagement six months to a year to save money,” says Lyons Cole. “Paying forward by saving is much better than paying backwards with debt.”

How much money can you get with a wedding loan?

Personal loans can range till Rs. 25,00,000 for three and five year loans, with no prepayment penalty. You can decide what amount and term length you and your partner are most comfortable with.

How do you get a wedding loan?

At the risk of sounding like a broken record, getting a wedding loan may not be the best idea out there. But if you’re still reading and you’ve made up your mind, here’s everything you’ll need to get a personal loan to cover wedding costs.

Make Sure You Have Good Credit

If you’re looking to get a wedding loan, you’ll have to ensure your financials are order. The biggest factor, traditionally, is your credit score. Anything above 700 is usually considered a good credit score. However, you can still get a loan with a lower bracket but at a higher interest rate. To figure out your credit score, there are a number of free credit score sites.

Have Your Financial Documents in Order

Beyond the credit score, your institution will want to take a look at your proof of income, bank statements and any other debt you might have (student loans, mortgages, etc.). You’ll have to check with your institution to find out what specific documents and qualifications you’ll need. In other words, online wedding loans require many of the same types of documentation as any other loan. At loanyantra.com, we’ve worked hard to automate much of our process. This makes applying for a loan incredibly simple and fast. Our customer service team is also available to help every step of the way.

But again, don’t feel like you have to turn to a wedding loan to pay for your big day. There are lots of ways to save and cut wedding costs. We know budgeting for the wedding can be arduous, and there are just some things out there that are too cool not to have, but we simply have to impress upon you that starting your future in debt is not a good way to kick off your marriage.

Yet Loanyantra.com can make it memorable by showcasing the best wedding loans in India. Pay the low interest ever and the fastest. Get instant loan in a day. So, decide even before a day for your wedding and Loanyantra is by your side to make it happen.

Repaying Student Loan? Are you eligible for Home Loan?

How Can Students Best Manage their Money After Graduation?

There has been a substantial increase in the numbers of first-generation and low-income students in India,with many relying on student loans to obtain their degrees. If you have recently graduated and you are healthily employed, paying off your debt regularly, and thinking of investing in property or buying your first home, you may have asked yourself the question: ‘Would I qualify for a mortgage’?

The truth is that you aren’t the only adult who has an existing loan when applying for a mortgage. Provided you have the required ingredients to successfully meet your monthly payments, there is no reason why you cannot take on additional financial obligations. There are many steps involved in making the decision to buy a home. Take LOANYANTRA’s online eligibility test, which well let you know (in less than a minute!) whether or not the timing is right. Speak to their professionals and find out about how you can shield yourself from unexpected rises in interest rates.

It’s a Good Time to Buy a Home

According to the Economic Times, there has never been a better time for the housing sector in India than right now. New government programmes such as Flagship government schemes like the Pradhan Mantri Awas Yojana (PMAY) and the granting of infrastructure status to affordable housing, they note, plus attractive subsidies for first time home buyers are creating both supply and demand. Interest rates are also low, standing at HDFC 8.55% (8.50% for women). Therefore, although you may have student loans to pay off, not buying a home now could end up costing you considerably more in the long run, since your mortgage loan will be for a much higher amount than your student loan, and you will have to pay it off for considerably longer.

How Can LOANYANTRA’s Organic Home Loan Help You?

An organic home loan takes plenty of the work off your hands. For starters, it removes the necessity of having to go from bank to bank to compare their products and make the right choice. LOANYANTRA lets you know which banks are interest in you, providing you with a knowledgeable Relationship Manager, who will guide you and answer all your questions regarding payment terms and times. Once your loan is approved, you will obtain a .10% discount on your first year from the LOANYANTRA.

Get eligible for mortgage loan while repaying student loan
Get eligible for a home loan while repaying student loan

Additional Benefits from LOANYANTRA

With LOANYANTRA, you also enjoy a wide array of benefits, including loan rate monitoring, part payment alerts, and a comparison of bank offers. When you apply for a home loan, you shield your home loan from periodic rises in interest rates. This is especially important if you are a new graduate, as you need to ensure that no nasty surprises will stop you from fulfilling all your financial obligations. The one proviso is that you do have to be over 22 and you must be earning a steady income.

What Factors Will Affect Your Eligibility?

To work out whether or not you are eligible for a loan. LOANYANTRA uses a formula which works out whether or not your current income covers your monthly mortgage payment, taking into account factors such as your student loan, plus the costs of your principal, insurance, the interest rates of the mortgage, etc. There are other important factors that may be influential in deciding whether or not you are a good candidate for a mortgage. These include your salary, the amount you can put towards a downpayment (which can potentially reduce the amount you actually need to borrow), and the length of time you have been employed/the time you have worked at your present company,

Student Loans Aren’t Everything

The fact that you have a student loan will not in itself disqualify you for a mortgage. You may have read shock stories about students in countries like the U.S. being denied mortgages, but it is important to remember that in the U.S., the average student graduates with a loan of over $37,000. In India, the maximum loan recommended by RBI/IBA for study in India is Rs.10 lakh, and Rs.20 lakh for study abroad. As such, loans are normally paid in 15 years maximum (compared to a 25-30-year maximum in the U.S.).

If you are interested in buying a home, you are over 22 and you are employed, LOANYANTRA’s services can help you pay your loan at a predetermined rate and enjoy additional services, such as part payment alerts and more. You can pay off your mortgage and your student loan, as long as you are earning enough income to make more than one major financial obligation feasible.

Rebuilding Financial Independence After a Divorce

Rebuilding Financial Independence After a Divorce

Despite India still having a relatively low divorce rates, currently standing at 13 per 1000 marriages, particular cities –  Mumbai, Delhi, Bengaluru and Lucknow – have seen divorce applications double and, in some instances, triple. With these figures, putting finances in order should be something to prepare for when facing a divorce. Starting over from a financial point of view can be particularly tough, especially when there are shared assets involved. The process of splitting assets into two households can be both expensive and complicated. Whether you’re looking for a home loan repayment solution for a divorce to help rebuild your financial life or need to reevaluate taxes, the minefield of options worth considering is crucial to claiming financial independence after experiencing a divorce.

Start with a plan

Recommendations by the Law Commission stated that there is a need to recognise the role of women as having an equal share in a marriage and subsequently, all property should be shared equally after a divorce. Although not easy for divorced women in India, one of the first things anyone should do is evaluate living expenses in relation to income. This can include outstanding debts, any child support, mortgage, insurance policies, health care and any other monetary ties you had with a former partner. There will be many different aspects you shared with a previous spouse which you’re now facing alone, but the primary thing to do is work through them until you have set clear, achievable goals.

Be true to your cash flow

Since India’s divorce laws are largely dependant on religious communities and vary accordingly, in many instances, divorce procedures can be lengthy, so it pays to be financially prepared until a settlement is made. One way of avoiding debt after a divorce is to find ways to consolidate your debts through home, personal or divorce loans so that you are be able to minimize your monthly repayments to a more manageable option. Try to actively increase credit by paying bills on time and using a credit score to know where improvements can be made on spending.

Look to the future

Lawyers’ fees often depend upon the financial status of the party fighting the case and whether the divorce is contested or mutual, as well as money to facilitate court proceedings. As a consequence, getting a divorce in India can be an expensive process. If you’re in any doubt, seek help from a financial advisor, who will be able to offer valuable advice to someone in your situation. Your financial goals are likely to fluctuate in the beginning, and you’ll notice that some expenses will come and go, so it’s crucial you don’t take your eye off the bigger picture to keep control of where your money is going. 

Whether you were involved in your marital finances or not, navigating the world of budgeting and planning after a divorce doesn’t need to be achieved overnight. Take your time, and you’ll soon find yourself back in the driver’s seat of your finances.

Can I get a personal loan without salary slips?

Can I get a personal loan without salary slips?

Some lenders who provide a personal loan with no income proof or with no salary slips are HDFC Bank and Fullerton India.

What is a Personal loan?

A personal loan is lending of money by one or more individuals, organisations or entities to other entities, organisations or individuals without usually needing any security or collateral. There is some flexibility by the lender to use these funds. It is a type of unsecured loan that helps to meet current financial needs such as travelling or wedding costs.

Personal loans are generally short-term loans with a tenure ranging from 12 months to 60 months.

These loans have higher risk for the lender; therefore have higher interest rates, generally. However, there are several entities also offering attractive interest rates and flexible payment options. Usually they need 3 to 6 months of bank statements showing salary credits and latest salary slips. However, you can get a personal loan without salary slips. But, you need to submit some documents as proofs of steady income. Other documents that are accepted in place of this are Form 16, salary certificate or bank account statements. Some lenders also provide a personal loan without pay slips if you show a collateral or security. Getting such a loan also depends on every individual lender and the bank’s policies. Some may ask for a clean credit record, while some may ask for a Form 16 of last 2 to 3 years or an employer certificate and a talk with your employer, and so on.

Though the requirements from various lenders differ, these are some general guidelines for availing a personal loan by Finance Buddha:

Eligible Criteria Salaried Self-Employed Professionals
Age(Min-Max) 21-60 25-60
Income ₹3,50,000 ₹4,80,000
City Mumbai, Delhi NCR, Bangalore, Chennai, Kolkata, Hyderabad and Ahmedabad All over India
Co-applicant Not mandatory Mandatory
Employment Fulltime with at least 2 years of experience At least 5 years of earning turnover
Documents Required Bank Account Statement/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Credit Card Bill/ Employers letter certifying current mailing address/Passport(Valid)- provided the passport address is present address mentioned in application form / Existing Registered House Lease/ Government I-card with photo Bank Account Statement/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Credit Card Bill/ Employers letter certifying current mailing address/Passport(Valid)
CIBIL Required (750-900) Required

Apart from these documents showing regular income, the minimum required documents are:

  • A signed application form.
  • Identity proof that can comprise of Aadhaar Card, Passport, Driving License, Voter ID or PAN card.
  • Resident proof that can be through a Aadhaar Card, Passport, Driving License, Voter ID or Electricity/ Mobile bill/ bank statement/ Telephone/ (not older than 3 months).

Other factors determining a personal loan

  • Age proof: Aadhaar Card, Passport, Driving License, Voter ID or PAN card. Age also forms an important determining factor to avail a personal loan. Usually, the age limit is between 22 to 62 years.
  • Income: The income in most of these loans must be above the minimum wage limit. For some instant loans, there is a minimum income limit for salaried and self-employed people. This bracket varies across various financial institutions.
  • Employment: Stability in your employment forms an important factor for getting a personal loan. For a salaried individual an employment record of 2 years and for a self-employed professional, a minimum of 5 years can help in getting instant personal loans.
  • Credit history: A good credit rating always comes handy for getting any kind of loan. A credit report lists down all your financial record making it easier for the lender to verify your credentials.
  • Employer: Having a link with an organisation with a good reputed and high turnover makes it easier to get a personal loan. A good employer with whom the loan applier is working helps in gauging the trust factor of the candidate.

Why someone gets salary without pay slip

Pay slips forms an important part when applying for personal loans, for change of job, etc. Some employees get salary without pay slips because the employers may want to evade labour law levies such as provident fund, medical insurance, gratuity, pension fund, and so on. Employers might also be not providing these to restrict the employees’ change of jobs or if paying salary out of black money. However, things are changing and a more formal structure if coming to take place when employing individuals.

What are the sources to get personal loan without pay slip? Personal loans can be availed from various sources. It is important to study the features and compare the kind of loans as per your objective and needs. Some important lenders offering these kind of loans are:

  1. Banks: There are several commercial as well as non-commercial banks offering the best rates in personal loans. And, most of them have various policies which allow individuals to produce bank statements or other income related documents in place of pay slips. Some top banks include Citibank, Yes Bank, Standard Chartered Bank, IndusInd Bank, and so on.
  2. NBFCs: Banks generally have stringent rules and practices. Though they are beginning to be more flexible, NBFCs come to immediate rescue having a little more flexibility in various aspects. This may ask for a higher interest rate though.
  3. Individual Entities: There are several Fintech companies as well as well-reputed individual organisations that are doing very well in providing almost all financial services similar to banks. Fullerton India is a good example under this category in providing personal loans without a pay slip.
  4. Individuals: This way of getting a loan might be more informal but this also ensures greater flexibility. Individuals include some formal money lenders or can be from your own networks that are ready to provide personal loans without pay slips.

Eligibility checks

What are the important factors to check before applying for a personal loan? Loan applicants must do a thorough research as per their requirement about which kind of loan they wish to apply for.

  • Rate of Interest- This goes a long way and you need to first compare the interest rates by several lenders before applying for a personal loan.
  • Monthly EMI- After being sure of what kind of rate you are willing to pay, check the monthly EMIs and compare the monthly EMIs for the same loan amount.
  • Loan Tenure-Compare this before selecting a personal loan. Sometimes, a low interest rate might be spread across a long tenure that makes the total interest even more than many others.
  • Time Taken for Approval- See the ways of processing of the bank. It usually takes two to three working days to get a loan approval. If it is taking long and is hectic, it’s time to switch lender.
  • Prepayment Charges- Some lenders also charge a lot of prepayment fees. Check these to not run into huge credit losses.
  • Disbursal Time- Similarly, do a check of the disbursal time along with the processing time and compare them with other lenders.
  • Processing Fee- This might seem not-so-significant at the start but, remember to check this. Many lenders try to adjust lower interest rates with a high processing fee. This is generally within 1.5 to 2%.

A mention of top lenders who offer personal loan without pay slip

HDFC Bank: It provides personal loan without income proof if the customer is self-employed, has an operational current account with HDFC and has a business stability of 3-4 years of business stability.

Particulars Details
Interest Rate 11.25% – 21.50%
Loan Amount Upto ₹15 Lakh
Tenure Up to 5 Years
Processing Fees 0.99%-2.50% of the loan amount (minimum being ₹1,999)
Foreclosure Charges Nil-Up to 4% on the principal outstanding + GST
Part- payment Charges 2%-4%
Repayment Mode ECS, AD or PDC

Fullerton India: Similarly, Fullerton India needs self-employed individuals to have a current account with it and show 3 years of ITR to get the personal loan.

It provides loans to borrowers within the age group of 21 and 58 years with a loan amount of minimum Rs. 1 Lakh to Rs. 20 Lakh and loan tenure as 12 to 48 months. It generally charges a rate of interest in the range of 17.25% to 33.00%.

The lowest EMI of Rs. 2,898 per lakh is available and the processing fees are up to 2.00%. Pre-closure of Fullerton India personal loan is allowed with 3 – 7% and is nil after 36 months and part payment charges are not allowed here. Other charges include late EMI bounce charges, EMI payment charges and loan cancellation charges.

 

Home Loan Insurance – Compare and Decide

What is Home loan Insurance?

Your home is your private sanctuary, and definitely, you would want it to be safe and secure. Buying a house is a major investment that one makes in their life. Moreover, you would also agree with the fact that most of the people take a home loan to buy their dream home. But, it becomes necessary to repay this loan on time. What if there are circumstances which forbid you from making the payment, it can be critical illness to the borrower, job loss or even the sudden death of the borrower. To avoid difficulty in such situations, it is advisable to opt for the home loan protection plan.

It is a popular product nowadays but offers limited benefits. Hence most of the companies today suggest term insurance. Remember, a trustworthy home loan insurance protects not only your home but also your memories associated with the home.

The primary objective of availing home loan insurance plan is to help the insurer settle the outstanding home loan amount in case of unforeseen circumstances. Some of the home loan insurance providers also provide home loan insurance plans that cover the applicant, house, and all its components. The premium which is paid towards home loan insurance is applicable for tax benefits.

Why do you need home loan insurance and what does it cover?

Well, buying a home is not easy, it involves a considerable amount of investment, and thus there is a need to keep this insurance safe. Nobody would want to pass on the liability to their next generation in case of some unforeseen circumstances. In these situations, home loan insurance comes as a boon. It not only protects you from the sudden burden of EMIs but at the same time, it also has tax benefits.

If you have taken the home loan, it doesn’t necessarily mean that it’s an end of the financial burden, in case of an eventuality, the load might just come on the family members and hence, it is suggested to go ahead with home loan insurance.

In case of early death of the loan borrower, the burden of EMIs falls on the family members. One can get rid of this by opting for a term insurance plan. Term Insurance is a popular home loan insurance product.

It’s one of the cheapest form of life insures which is meant to protect the entire family. It also provides better life cover and that too at a lower cost. So, if you have taken a home loan, it is advisable that you must go for term insurance cover.

How does the term insurance help you?

The first and foremost benefit of term insurance is that it reduces risk. The term insurance plans claim that it will help in meeting the home loan liability in case the borrower dies.

Key Features of Term Insurance-

1. It’s affordable- One would never want to shed down their burden on the family members, so, if you have taken a home loan, most of the insurance providers would suggest you avail term insurance. As mentioned above, it is highly affordable and will cover up the cost of the outstanding amount in case of the death of the borrower. You should compare the premium of different companies go for the one which is affordable and easy on your pocket.

2. Change lenders with term plans- It gives you an added benefit of changing the lender without any need to relinquish the insurance premium.

3. Term insurance comes with significant benefits- Apart from being an affordable plan, term insurance provides the nominee full amount irrespective of the time when the claim is made. The nominee can use this amount to settle the outstanding home loan amount. You have the flexibility to choose the period of payment of premium, i.e., you can decide whether it is going o half-yearly, yearly or monthly. Additionally, this insurance also gives you the tax benefit under Section 80C and 80D

Comparative Table of the Popular Term Insurance Plans

Insurance Providers Plan Maximum Maturity Min-Sum Assured Claim Settlement Premium (for coverage up to one crore)
MAX Online term Plus one time lump sum plan 70 years 25 lac 97% Rs. 1073 per month
Ageon Religare iTerm 100 years 25 lac 97% 1286 per month
SBI Poorna Suraksha 60 years NA 96% 2255 per month

IDBI IDBI Federal iSurance Lump Sum Plan 80 years 30 lac 95% 1509 per month
SBI eShield 60 years NA 96% 904 per month
HSBC iSelect Lump Sum 70 years 25 lac 94% 854 per month
TATA AIA Tata Sampoorna Suraksha Lump Sum 70 years 50 lac 96% 865 per month
KOTAK e-term 75 years 25lac 91% 872 per month
DHFL DHFL LIFE 75 years 25 lac 90% 903 per month
BAJAJ eTouch Lump Sum 70 years 50 lac 91% 1266 per month
AVIVA iTotal Protect 75 years 50 lac 90% 1114 per month
Ageon Religare Life Plus 80 years 30 lac 97% 903 per month
DHFL DHFL Life 75 years 25 lac 90% 903 per month
Birla Sun Life Birla Protect @ Ease Lump Sum 70 years 30 lac 94% 1070 per month

Why should you not compromise on term insurance?

You would notice that some of the insurance companies would suggest you buy Home Loan Protection plan but it’s always better to go with Term Insurance as these places are more affordable, easy to avail and also comes with series of events, here are few of them :

  • Loan Protection: The most important aspect of Term insurance is that it protects your family in your absence. The nominee gets the entire amount and can payout the pending home loan amount from the same. In case the money is left, the nominee can keep the whole amount.
  • Health Protection: This insurance plan gives you the benefit of both life and health insurance. You should contact the insurance provider to discuss the health insurance and diseases it covers as it may vary from one company to another
  • Saving & Control: Lastly, if you wish you can also continue this plan after repayment of the home loan to protect your family from unforeseen circumstances.

Our Role: Loanyantra act as a mediator to help you choose the right term insurance plan. However, our role is not merely restricted to a selection of insurance plan we also help you decide which plan is better and suitable for, we also help you find the cheapest home loan options and also take care of the complete paperwork to make you task easy and hassle-free.