eazeeloans.comeazeeloans.com/docs/docs/News-Press Releases.docx · Web viewCibil All You Wanted to know.Posted Nov 23, 2009 Eazeeloans Achieves Another Milestone.Posted July 17, 2010

Apex launches Eazeeloans.com Posted Aug 10, 2009Apply for Personal Loan Posted Oct 19, 2009Eazeeloans.com Achieves Milestone of 1000th Customer Posted Aug 29 2009What are the features of Personal Loan? Posted Oct 04, 2009Cibil All You Wanted to know. Posted Nov 23, 2009Eazeeloans Achieves Another Milestone. Posted July 17, 2010Credit Card Settlement-New norms on anvil by RBI Posted Mar 15, 2010What Are Some Advantages of Unsecured Business Loans? Posted Aug 04, 2010Tips For Home Loan – Make Your Dream Home a Sheer Reality Posted Aug 04, 2010NRI Home Loans – Unique Benefits of NRI Mortgage Interest Rates Posted Aug 04, 2010Taking a Loan against Property Posted Aug 04, 2010All Purpose Loan – Loan against Property Posted Aug 04, 2010Common Home Loan Frequently Asked Questions Posted June 08, 2012Repair And Rectify Bad Credit Issues In Credit Bureaus Posted May 11, 2012Defaulters of Loans Or Credit Cards From Banks, Beware of Cibil Posted July 27, 2010Credit Card Settlement - New Norms on Anvil by RBI Posted March 15, 2010Personal Loans - All You Wanted to Know Posted June 22, 2009Abolishment of Home loan Prepayment Penalty Posted Nov 10, 2011Home loan Some Common FAQs Posted April, 2012

Apex launches Eazeeloans.com

Posted on Aug 10, 2009

http://www.merinews.com/article/apex-launches-eazeeloanscom/15780261.shtmlhttp://www.abodesindia.com/real-estate-news-article-5547/apex-launches-eazeeloans.comhttp://www.articleblast.com/Money_and_Finance/Loans/Apex_Finance_&_Marketing_Launches_Eazeeloans.com-A_Premier_Loan_Advisory_Portal/

Apex Finance & Marketing founded by Subhrajeet Talukdar in Mumbai in April 2006 has launched Eazeeloans.com a premier loan advisory portal for personal loans, business loans, home loans, loan against property, and auto loans.

APEX FINANCE & Marketing founded by Subhrajeet Talukdar in Mumbai in April 2006 has launched Eazeeloans.com a premier loan advisory portal for personal loans, business loans, home loans, loan against property, auto loan, secured loans, and unsecured loans.

EazeeLoans.com offers the best loan deals, is managed by well trained professionals and is associated with various leading banks to provide fast and easy hassle free loans. Eazeeloans.com has already gained acceptance and popularity amongst applicants for the above products in a very short time span through peer reviews and word of mouth publicity.

Apply for Personal Loan

http://wwweasyloans.blogspot.in/http://www.articlesbase.com/loans-articles/apply-for-personal-loan-1356361.html/

Posted: Oct 19, 2009

For Fast & Easy Personal Loans, Business loans, Home Loans, Loan against Property, Auto Loan apply on Eazeeloans.com.

Have you ever felt the need for a quick and hassle free way of getting a Personal Loans, Business loans, Home Loans, Loan against Property, Auto Loan, Unsecured loan, and Secured loan. Surely you would have faced the situation sometimes or the other in your fast paced and stress full career.

Perhaps you would like to share your experience of going about the task of getting a quick fix solution to your problem.

Most people have gone through a harrowing experience of applying, providing documents, verification process and more only to find out that there is a vast gap in promises made during initial pitches by various providers and the actual sanction if at all.

There are a myriad of reasons for the same .Not understanding the profile of the customers and the nuances of the products offered by various banks and lending institutions being the foremost.

Is there a simple solution?

Yes, apply on Eazeeloans.com.

Eazeeloans.com is a loan advisory portal launched by Apex Finance & Marketing in Mumbai in 2006 that offers the best loan deals for Personal Loans, Home Loans, Property Loans, Auto Loans, Business loans, Mortgages, Secured loans, Unsecured Loans. It is managed by trained professionals and is associated with various leading banks to provide fast and easy hassle free loans.

Eazeeloans.com has already gained acceptance and popularity amongst applicants for the above products in a very short time span through word of mouth publicity and peer reviews. The vision of Eazeeloans is to provide the best offer in relation to services such as documentation, rate of interest and loan quantum in a personalised manner tailor made for each customer all available under one roof.

Eazeeloans.com aims to be the ultimate destination for every kind of Consumer finance solution. With support of Finance Partners and efficient service Eazeeloans.com provides speedy loans. A team of dedicated and trained staff takes care of all the documentation and other formalities.

Eazeeloans.com provides one window and tailor-made solutions for your unique loan requirements & needs. Many new features and applications will soon be added to give visitors a more complete and fulfilling experience.

Registration is now open at Eazeeloans.com for Bank’s/DSA’s for genuine sales leads of Personal Loans, Home Loans, Property Loans, Auto Loans, Business loans, Unsecured loans, Unsecured Finance from Preferred location.

You can give your business the impetus you were looking for….

Get the Eazeeloans advantage.

Register with Eazeeloans.com the Premier Loan Advisory Portal on a cost per lead basis, and..

*Get authenticated leads of interested customers from preferred location.

*Provide services to the customer from the bank you are affiliated with.

*Retain the customer for life by investing only once

Eazeeloans.com has touched its 1st milestone of 1000 customers applying for loan on its portal in only the 2nd month of its launch pan India.

“The achievement is especially relevant in the current global economic meltdown scenario where most businesses have been affected and layoffs have become the trend. The accomplishment gives credence to the already accepted fact that given the power of choice, simplicity and convenience the consumers would opt for the very best” says Subhrajeet Talukdar the founder. ”We are already targeting our next milestone of 10,000 loan applications” Unquote.

Eazeeloans.com Achieves Milestone of 1000th Customer

Published on 29/08/09

http://twitter.com/Eazeeloanshttp://www.pr.com/press-release/169823http://wwweasyloans.blogspot.in

Eazeeloans .com the loan advisory portal recently launched by Apex Finance & marketing has reached a milestone of 1000th customer application.

Mumbai, India, August 05, 2009 --(PR.com)-- Eazeeloans.com has touched its 1st milestone of 1000 customers applying for loan on its portal in only the 2nd month of its launch pan India.

"The achievement is especially relevant in the current global economic meltdown scenario where most businesses have been affected and layoffs have become the trend. The accomplishment gives credence to the already accepted fact that given the power of choice, simplicity and convenience the consumers would opt for the very best" says Subhrajeet Talukdar the founder.” We are already targeting our next milestone of 10,000 loan applications." Unquote.

Eazeeloans.com is a loan advisory portal launched by Apex Finance & Marketing in Mumbai in 2006 that offers the loan deals for Personal Loans, Home Loans, Property Loans, Auto Loans, Business loans, Mortgages, Secured loans, Unsecured Loans. It is managed by trained professionals and is associated with various leading banks to provide fast and easy hassle free loans.

As apparent from the number of applicants applying for loan products Eazeeloans.com has already gained acceptance and popularity in a very short time span through peer reviews and word of mouth publicity. The vision of Eazeeloans is to provide the best offer in relation to services such as documentation, rate of interest and loan quantum in a personalized manner tailor made for each customer all available under one roof.

Banks/ DSA's can share the Eazeeloans advantage by registering for leads on a cost per lead basis and:

*Get genuine leads form preferred location

*Provide services from affiliated Banks.

*Retain the customer for life

What are the features of Personal Loan?

http://www.articlesbase.com/authors/eazeeloans/148407http://ezinearticles.com/?Personal-Loans---All-You-Wanted-to-Know&id=2452356

Posted Oct 04, 2009

The main features are:

It is an Unsecured loan suitable for any purpose like:Education

MarriageMedical purposePurchase of Property or AssetsRepay old loansInvestmentsHolidaysGifts, etc.

It is Hassle free loans - No guarantors or security /collateral required.Loans to salaried & self-employed.Special offers for Professionals like Doctors, chartered accountants, engineers, architects, company secretaries, MBA's etc.Loans are available from Rs.50, 000/- to Rs.20 lakh.Repayment options from 12 to 60 months in easy EMI's.Loans available against surrogate income of any auto, personal or home loan.Minimum documentation & fast approval.

What are the various types of personal loans available?

Personal loans can be broadly divided into income based and non-income based.Income based loans are given on the basis of income per month/per year for salaried and self-employed respectively.

Non income based loans also known as surrogate loans are given based on repayment track records of existing personal loans, car loans, home loans and Credit cards from approved banks. Minimum installments paid/ Months on books required is 9-12 months.

What are the eligibility criteria’s?

The eligibility criteria for salaried and self -employed are:

SALARIED:

Applicant should be Indian Citizens Working and residing in Mumbai.Minimum age required is 21 years and Maximum 58/60 years.Minimum Work Experience-1 month in current company and 3 years overall.Minimum Net Take Home Rs.20, 000/- per month.Residence-either Owned, rented or company provided.Telephone/ mobile mandatory at residence.

Currently most of the banks are providing unsecured personal loans only to employees of Private Ltd , Limited and multinational companies.

SELF EMPLOYED:

Applicant should be Indian Citizens Working and residing in Mumbai.Minimum age required is 23/25 years and Maximum 65 years.Minimum 3 years’ experience in same business.Minimum income Rs. 2.00 lakh per annum.Residence/Office -either Owned, rented or company provided. Either residence or Office should be self -owned.Telephone/ mobile mandatory at residence and office.Partnership firm, Private Ltd. companies and deemed Limited companies are eligible.

How is eligibility calculated?

Different banks have different ways of calculating the eligibility. In the case of Salaried, generally most of the banks would calculate eligibility to be 1/1.5 times of annual income. Factors such as existing loan liabilities, avg. bank balance, track record on existing loans loan, company profile & loan tenure also plays a part in deciding eligibility.

In the case of Self–Employed the eligibility would depend on the turnover, existing track record, net profit, cash credit /overdraft limit enjoyed, line of business, cash flow, bank statement, existing loan liability amongst other things. Generally the loan amount is limited 1.25 to 4 times of cash profit generated less existing liabilities or a certain percentage of turn over less existing liabilities.

What is the loan tenure?

Loan Tenure is the period within which the applicant wants to repay the loan .Loans can be repaid from 1 year to 5 years.The rule of the thumb being longer the tenure higher would be the loan eligibility and vice versa. The age of the applicant along with period of service left also influences the loan tenure.

What are service charges?

Service charges, loan processing charges, bank charges are various ways of describing the fees which the bank charges for processing and disbursing loans. It is deducted directly from the loan amount and is generally restricted to 2% to 3 % of the loan amount.IT is a onetime fee. Ads by Google What are the documents required?

SALARIED:

Photograph.Pan Card Copy.Current residence Proof.Salary Slips for 3 months.Bank statement for 6 months.Appointment letter and proof of work experience.Sanction letters of existing/Closed loans.

SELF EMPLOYED:

Photograph.Pan Card Copy.Residence and Office address proof (Either residence or office should be self-owned).IT Returns CA certified copies for 2 years complete set.Business Continuity/existence proof 3 years old.Business banking for 6 months.All existing loan sanction letters.Qualification proof for professionals.

What is the loan Process?

One can apply for a personal loan any time in anticipation of a quick, hassle free and unsecured finance for any purpose. The verification process at residence and office is physically done within 2/3 days on submission of all documents required.

There is a simultaneous credit check done to find out the credit history of the applicant in the bank applied as also other banks. If all the checks are positive the credit officer normally has either a telephonic or physical discussion with the applicant at his office.

Subject to the discussion being positive the applicant has to sign an agreement and also hand over PDC (Post Dated Cheques) or authorisation for ECS (Electronic Clearing System).The applicant generally gets either a direct credit in his/her account or receives a Draft within 2/3 working days after executing the agreement. The entire Process may take 5/7 working days.

Who can apply for a personal loan?

Salaried Individuals and Self-employed individuals, Partnership firms, Pvt Ltd and Deemed Ltd companies can apply.

What are the Income Criteria’s for Salaried?

A Salaried Individual needs to have Minimum NTH (Net Take Home Salary) Of Rs.20000/- pm.

What are the income criteria’s for self-employed?

Minimum Income of Rs.2.5 to Rs.3 lakh per annum is the accepted norm.

What is the minimum and maximum loan amount?

The minimum loan amount for salaried is Rs.50, 000/- and maximum Rs.15 lakhs For Self-employed the minimum loan is Rs.1 lakh and maximum 20 lakh.

What is the age Criteria?

For salaried the minimum age is 21 years and maximum 60 years.For Self- employed the Minimum age required is 25 years and maximum 65 years.

Is a no income Proof loan available?

Yes a self-employed can apply on the basis of existing personal loan, auto loan & home loan tracks on which minimum 9/12 EMI's have been paid .

What is the loan tenure?

The minimum loan tenure is 1 year and maximum 5 years.

Are securities or guarantors required for a personal loan?

No security, hypothecation, guarantors or mortgages is required in a personal Loan.

Can a person staying on rent apply?

Yes, applicants staying on owned rented or company provided accommodation can apply. Permanent residence address proof may be required in case of rented accommodation.

What are the interest charges?

Interest charges depend on various factors like the Loan Amount, Company profile, qualification & Income etc. It could vary from 16 % to 26% on a monthly reducing basis.

Can the loan be prepaid?

Yes, the loan can be prepaid after paying 6 installments.Are there any pre-payment charges?Generally all banks charge 4% to 5% of the principle outstanding as prepayment charges.

Source: www.eazeeloans.com

Cibil All You Wanted to know.

Posted Nov 23, 2009

http://wwweasyloans.blogspot.in

CIBIL is an acronym for Credit Information Bureau India Limited. It is India's first credit information bureau, a storage bank of information, which contains the credit history of commercial and consumer borrowers. CIBIL provides information to its Members in the form of credit information reports.CIBIL was promoted by the State Bank of India, Housing Development Finance Corporation Limited, Dun & Bradstreet Information Services India Private Limited and Transunion International Inc. The promoters SBI and HDFC divested a part of their stake to other shareholders and the revised shareholding stands as follows:GE Strategic Investments India 2.5%State Bank of India 10.0%Bank of Baroda 5.0%Transunion International Inc. 10.0%Dun & Bradstreet Information Services India Pvt. Ltd. 10.0%Bank of India 5.0%The Hongkong and Shanghai Banking Corporation Ltd 5.0%Indian Overseas Bank 5.0%Sundaram Finance 2.5%Housing Development Finance Corporation Ltd. 10.0%Punjab National Bank 5.0%Union Bank 5.0%Citicorp Finance (India) Ltd 5.0%ICICI Bank Ltd 10.0%Central Bank Ltd 5.0%Standard Chartered Bank 5.0%

CIBIL has an information base on 175 members and database on 127 million companies and individuals which continues to grow at a fast pace. CIBIL shares credit information with its member base on the principle of reciprocity. CIBIL’ s members include all leading banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card companies.CIBIL creates value for financial institutions by providing objective information that helps them manage risk and devise appropriate lending strategies, thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of consumers and businesses. With information from CIBIL, credit grantors are empowered to make sound and informed credit decisions.

NEED FOR CIBIL

The need of a credit information system was felt in order to enable informed credit decisions and aid fact based risk management. The idea of a credit information bureau was mooted by the Reserve Bank of India after the South Asian crisis. It was also very much needed to arrest addition of fresh Non- Performing Assets (NPA) in the banking system through a database of credit information on borrowers as a first step in credit risk management. In this regard, the requirement of an adequate mechanism, providing comprehensive and reliable information system on the borrowers through an efficient database system was keenly felt by the Reserve Bank of India/ Government as well as credit institutions. A Working Group chaired by Shri. N. H. Siddiqui with representatives from select public sector banks,

IDBI, ICICI, Indian Bank’ s Association and Reserve Bank in 1999 had recommended setting up a CIB under the Companies Act, 1956 with equity participation from commercial banks, FI’ s and NBFC’ s registered with the Reserve Bank. As per the recommendations made by the Working Group, Credit Information Bureau (India) Ltd., CIBIL was set up in January 2001.CIBIL has two divisions- Consumer Bureau launched in 2004 and Commercial Bureau was launched in 2006.The fraud repository will help banks access information, which was so far not disclosed to anyone, but the Reserve Bank of India. Before they decide on something they will use the data. It will help reduce frauds and chances of someone vanishing after taking a loan.Similarly, the mortgage repository will help banks in finding out if someone has used the same papers to get loans from multiple sources.

TO WHOM ALL IS CIBIL APPLICABLE?

CIBIL is applicable to anyone applying for any credit facilities such as Personal loans, Home loans, Business loans, Mortgages, Loan against property, Auto loans, Secured and Unsecured loans, Credit cards, any type of finance or credit facility from banks, financial institutions, non-banking financial companies, housing finance companies, state financial corporations and credit card companies etc.

HOW DOES CIBIL FUNCTION?

CIBIL primarily gets information from its Members currently and at a subsequent stage will supplement it with public domain information in order to create a truly comprehensive picture of anyone’ s financial track record.For credit grantors like banks and financial institutions to gain a complete picture of the payment history of a credit applicant, they must be able to gain access to the applicant's complete credit record that may be spread over different institutions. CIBIL collects commercial and consumer credit-related data and collates such data to create and distribute credit reports to Members.

IS THERE A RISK OF CUSTOMERS CONFIDENTIAL INFORMATION BEING COMPROMISED?

The security of the Members' data is of paramount importance to CIBIL. CIBIL' s security measures are aligned with global ‘best practices’, stringent risk management standards and are subject to regular audits by independent auditors. CIBIL has adopted state-of-the-art technology to provide information security. The important aspects are detailed below:• Information to databases is accessed only on a strictly ‘Need to Know’ basis. For example, the access to the Data Center is available only to authorized personnel engaged in regular systems and database administration.• Access control devices, surveillance cameras installed at strategic locations and biometric access system at the Data Center with the highest levels of security.• Comprehensive perimeter security solution consisting of a Firewall, Intrusion Detection and Vulnerability Assessment System to secure the network infrastructure from external security risk.• Installation of the following devices to deal with fire hazards:a. State-of-the-art (VESDA) smoke detection system to provide early warning and isolation of potential fire hazards.b. FM200 based Fire Suppression System to extinguish fire with minimal damage to the IT systems.• Anti -Virus software installed on all servers in the Data Center. Security patches and necessary configurations are continuously applied to the Servers and Network appliances.Another vital area in which security is of the utmost importance is the two-way transmission of information between CIBIL and its Members. In this regard, CIBIL uses:• 128-bit SSL encryption for all Web-based transactions including FTP.

• Cryptographic solutions for all information sent or received through any physical media i.e. CD, DAT and DLT.

WHAT TYPE OFINFORMATION IS NOT INCLUDED IN THE CIR?The Credit Information Report (CIR) includes the following information:

• Basic borrower information like:i. Nameii. Address

In case of individuals:iii. Identification numbersiv. Passport IDv. Voters IDvi. Date of BirthIn case of non-individualsvii. D-U-N-S® Numberviii. Registration NumberIx. Legal Constitution

• Records of all the credit facilities availed by the borrower• Past payment history• Amount overdue• Number of inquiries made on that borrower, by different Members• Suit-filed status.

What type of information is NOT included in the CIR?The Credit Information Report (CIR) does not contain:• Income / Revenue details• Amount(s) deposited with the bank• Details of borrowers' assets• Value of asset(s) mortgaged• Details of investment(s)

WHEN IS A CREDIT FACILITY CLASSIFIED AS “DEFAULT”?

CIBIL does not classify any accounts as default accounts. It merely reflects this information after the Member has classified it as such. The Number of Days Past Due and / or Asset Classification as per RBI definition as submitted by Members is reflected in the Credit Information Report (CIR).

HOW CAN ONE ENSURE CIBIL REPORT DOES NOT CONTAIN NEGATIVE INFORMATION?The best preventive measure is to exercise good money management practices and make repayments on time.

HOW CAN ONE ACCESS INFORMATION ON CIBIL?

Reports can be accessed by Members on the principle of reciprocity i.e. only those Members who have provided all their data to CIBIL are permitted to access Credit Information Report. Members can do so only to take valid credit decisions. Disclosure to any other person or entity is prohibited. A copy of the same can be obtained by obtaining the control number generated by CIBIL which can be obtained from the bank or financial institution where the applicant is trying to obtain credit facilities.

The applicant can write to [email protected], [email protected], [email protected] referring his control number and access all necessary information pertaining to his records being maintained by CIBIL.Very soon one can ask the credit bureau for one’s individual score. To begin with, an individual will have to send a request through a mail and then after verifying the person through certain security questions, they will post the score to the address maintained in their records.

HOW CAN ONE RECTIFY ERRORS IN CIBIL?Contact the credit grantor from whom you have availed the loan and request the necessary changes. The credit grantor will then report the change to CIBIL and subsequently necessary updates will be made by CIBIL in their records.

Source: http://www.cibil.com/faqs.htmhttp://en.wikipedia.org/wiki/CIBILhttp://www.business-standard.com/india/news/fraud-repository-will- help-banks/17/54/342156/http://www.financialexpress.com/news/in-future-we-will-see- differential-rates/395758/

The author is the founder of Eazeeloans.com a loan advisory portal launched in Mumbai for Personal loans, Business loans, Home-loans, Loan against property, New and Second sale Cars, Secured and Unsecured Finance. Website: http://www.eazeeloans.com

Eazeeloans Achieves Another Milestone.

http://www.thefreelibrary.com/Eazeeloans+Achieves+Another+Milestone.-a0231856455">Eazeeloans Achieves Another Milestone.

Mumbai, India, July 17, 2010 -(PR.com)-- In just under a year since the achievement of its first milestone in Aug. 2009 the start-up loan advisory portal www.eazeeloans.com has surpassed all expectations and is proud to announce the 50,000th customer to apply online on its portal.

"Looking back and pausing to recollect the uncertain and shaky global scenario prevailing when the portal was launched a year back this is a major and monumental achievement and the success can only be attributed to the selfless and 'never say' die attitude of the entire team without whose contribution this would never have been possible. I congratulate the entire team and wish for their continued patronage and contribution to scale greater heights." So quotes the founder Mr. Subhrajeet Talukdar.

"This is a most satisfying moment and should motivate us all to break new barriers. We have plotted a fresh course and plan for the scaling new peaks and uncharted destinations. Yes currently the entire team is in a jubilant mood and the celebrations shall be long and hard and why not? This would also be the time to look back and reflect on the mistakes committed and learning from them in a positive manner," said co-founder and wife Ms. Jyoti Talukdar.

The milestone is a significant step and a reflection of the policies, practices and process ingrained and also a reflection of the consistent service and the resultant customer satisfaction.

The portal has of late been given a facelift and redesigned with a wider content and has a much more pleasant and appealing look about it. The site itself remains as easy as before to navigate and the response time is as good before.

About

Eazeeloans.com is a loan advisory portal launched in Mumbai that offers the best loan deals for Personal Loans, Home Loans, Auto Loans, Business loans, Mortgages, Secured loans, Unsecured Loans, Working capital, Private Finance. It is managed by trained professionals and is associated with various leading banks to provide fast and easy hassle free loans. The site is currently receiving around 200 unique applications daily on its portal for the various services on offer.

Credit Card Settlement - New Norms on Anvil by RBI

Posted Mar 15, 2010

http://ezinearticles.com/?Credit-Card-Settlement---New-Norms-on-Anvil-by-RBI&id=3849109http://EzineArticles.com/3849109

There is finally a ray of hope for the countless and hapless credit card users who were so far being held to ransom by Credit card providing banks even on final settlement of dues by forwarding their names to Cibil, as still owing dues to the banks.

The Reserve Bank of India is very soon coming out with new guidelines which will disallow any bank to treat a customer as a defaulter if they have negotiated the amount payable against his account and paid the amount to the banks providing such credit cards. Currently even after the customer has paid the negotiated amount as offered by the bank, their names continue to be forwarded to Cibil-Credit Information Bureau Of India Limited, the central repository of all consumers credit history across all banks formed in Jan 2001.

As a result of being treated as a defaulter the customer is not able to avail of any loans like personal loan, business loan, loan against property or home loan from any banks as the credit rating maintained by Cibil takes a free-fall downward. Being cornered and without any hopes of acquiring such loans from any banks the customer had to settle any dues as claimed and raised by the banks being the balance amount of the earlier settled amount plus penalties and interest due till date.

At present whenever dues are settled with a bank the balance is usually treated as amount written off. In many cases banks raise bills for very small amount balance including annual fees after settlement which should not have been charged at all in the first place.

Though the RBI is taking a very serious note of the matter and will declare fresh guidelines to address the current ailment in due course countless affected customers await with bated breath of the succor to be provided by the Apex Bank of India.

The author Subhrajeet Talukdar is the founder of Apex Finance & Marketing in Mumbai in April 2006 and the promoter of Eazeeloans.com a premier loan advisory portal.

Apex Finance & Marketing was founded in April 2006 by Subhrajeet Talukdar and is the promoter of eazeeloans.com a loan advisory portal for Personal loans, home loans, business loans, loan against property, secured loans & unsecured loans.

What Are Some Advantages of Unsecured Business Loans?

August 4, 2010

http://eazeeloans.wordpress.com/category/business-loans/

If you’ve been in the process of starting up your own business, or are helping someone do so, then you must know that the biggest factor that determines whether or not that business succeeds is not its marketing nor is it the sales people and it certainly isn’t whether or not the website is cutting edge.

The one factor upon which your hopes and dreams rest, the one thing that determines whether or not your business will succeed is cash flow. That is, the ability to maintain enough cash in the business to pay for expenses, such as equipment, overhead such as lighting, rent and heat, and of course, to pay the owner. After all, it is why you started your business in the first place right? With this in mind, you may want to consider unsecured business loans to aid in cash flow.

That said, there are times, especially when your business is just starting out, where you will need more cash than you have on hand. Here again, unsecured business loans can be of great help. But have you stopped to consider some of the advantages?

For one thing, as opposed to secured business loans, where you have to have some form of security to offer the lender (your house, or car for instance) unsecured business loans require no such thing. This in and of itself is a great advantage, especially when you’re looking to access cash quickly, whether it be to move your business from the garage to an actual office, or to purchase much needed software or computers, or even to start the hiring process and ensure you can actually pay your staff at the end of the pay period.

Another advantage of unsecured business loans is that should you be late, you may not pay late fees. Say that the monthly payment on the loan is due on the 5th of the month, but the business can’t pay it until the 10th. This is not a problem as there is a grace period during which you can pay the outstanding monthly payment without late charges. Why would the lender do this? Simple: they understand that if you (and your business) have a good experience with them, you will most likely come back for more unsecured business loans and be more likely to recommend their service to your friends and family. This ultimately means more customers and income for them. In short, they’ll want to make the process of obtaining unsecured business loans as easy as possible. Just don’t go in unprepared.

Finally, another advantage of unsecured business loans is the fact that the funds can be used for anything so long as it relates to the business. This of course covers a lot of ground and doesn’t just mean use for equipment purchases or overhead. It can be used to obtain the first in a fleet of company trucks for instance. And it can also be used to offset entertainment expenses (i.e. food) incurred provided that it was during the course of business, say, having a lunch meeting with a potential client.

Tips for Home Loan – Make Your Dream Home a Sheer Reality

August 4, 2010

http://eazeeloans.wordpress.com/category/home-loans/

With the mounting rates of houses, accommodation problem is becoming serious problem. Being one of the potent necessities of human beings, they are gripping huge chunk of money from their pockets, In order to obviate this problem, banking sector are providing home loan. Home loan is a convenient way of realizing one’s dream home and also provides him financial stability. However, there are some crucial tips that one should keep in his mind before taking home loan.

The first and foremost thing is to calculate your total loan payments. You should also be aware of charges in case you prepay the loan. The kind of interest you opt also plays a pivotal role. You have to decide on basis of your present bank balance. Another important tip is your credit history which helps in winning confidence of bank. Pay your bill on time and avoid frequent change of your house address.

Plan your expenses wisely so that in future you can shun any unforeseen problems that may come in between you and your dream home. You can also consult with some good nationalized or foreign banks because these days all the banks are providing home loans but terms & conditions are different for different banks so first ask the terms and conditions for the home loans.

This is very much required to choose the best service provider in your area by checking the bank and finance company profile before proceeding with them. What kind of features it has, the services, the service level agreement, the interest rates and future plans and linked with the government policies.Once you are satisfied with all the process, and then only go ahead with the bank. Do not forget to ask the processing fee they are charging.

NRI Home Loans – Unique Benefits of NRI Mortgage Interest Rates

August 4, 2010

http://eazeeloans.wordpress.com/category/home-loans/

Banks provides a wide variety of home loans. They provide variety of loans in order to meet people’s need. Different people have different interest and needs. So, different people can choose different type of loan according to their requirement.

Features of NRI Home loan: Part-pre payment facility for zero fees. Door step service till disbursement. Attractive interest rates on a monthly reducing basis.

These are the various benefits provided. NRI home loans are not easy to get. They have certain eligibility criteria to sanction NRI loans. According to his/her need, the applicant can purchase land, build new house and buy new home.

Various eligibility criteria are age, residential status and income. The applicant should have a minimum age of 23 years. The maximum age limit allowed is 60 years for salaried applicant and 65 years for self-employed applicant.The maximum age limit is the maximum age allowed at the time of loan maturity. Residential status should be a minimum period of 1 year for salaried applicant and 3 year for self-employed applicant.

Taking a Loan against Property

August 4, 2010

http://eazeeloans.wordpress.com/category/loan-against-property

One of the most common all-purpose loans is the loan against property and it can be used for any requirement in case of financial urgency. There are also personal loans which one can avail of in emergencies but these have high rates of interest as well as short repayment term, so quite a few people do not opt for these. If you have a house then you can take a loan against the property and it is also cheaper compared to personal loans.

The reason why these are cheaper is that the property is held as collateral and there is no fear of default on the loan for the lending bank, while in case of personal loans there is no type of security.

Normally the tenure for loans against property is ten to fifteen years and the amount can be used for any purpose while in personal loans you have to specify the purpose the amount will be used for. In case of property loans if the amount is for 25 lacs or more then you are required to mention the requirement for which it is being taken.

Many banks give these loans for all type of properties whether those are commercial or residential but some banks give only against residential ownership property. The amount that one can get varies from bank to bank and commonly ranges from 10 lakhs – 3 crores. The age limit is fixed between 21 to 60/65years.

Documents needed to apply: Identity proof. Resident address proof. Age proof. For salaried applicants; 3 months bank statement and IT returns. For self-employed applicants; last 2 year certified income computation.

At the time of finalising check for all the penalties & fees. Normally banks charge processing fees which ranges from 0.25% – 2%. There are prepayment penalties to be paid if the loan is closed before the full tenure.

All Purpose Loan – Loan against Property

August 4, 2010

http://eazeeloans.wordpress.com/category/loan-against-property

Loan against property is an all-purpose loan. A loan can be taken for any purpose in the time of financial emergency. There is personal loan too but it has a high interest rate along with short loan repayment tenure. Therefore many people are not able to take personal loan. If you own a house you can take loan against the same and it turns out to be cheaper than a personal loan. The reason behind this is the lender has the mortgaged property as security with it therefore there is no tension of defaulter of loan amount. While in the personal loan there are no such security norms.

The loan given against property has a long repayment period, generally 10/15 years. The loan can be taken for any financial requirement whether it is for funding of the existing business in case of debt consolidation, any emergency, education, marriage or other constraints.

The country’s largest public sector bank SBI has a clause that the loan can be taken for any purpose what so ever. In case the amount of loan is Rs 25.00 lacs and above then purpose of loan will have to be specified along with an undertaking that loan will not be used for any provisional purpose whatever including speculation on real estate and equity shares.

Some of the banks give the loan against both types of properties whether residential or commercial but some of them give loan against only the residential property. The loan amount can range from Rs 10 lakhs to Rs 30 crores, though the amount varies from lender to lender.

Some of the banks offer special schemes along with this loan like free personal accident insurance cover.To get this loan you must be above 21 years of age and the maximum is 60/65 years, whether salaried of self-employed.

Though, some banks have fixed the maximum age limit for self-employed individuals to 65 years. The salaried applicants should be employed continuously for at least three years.

DocumentationDocuments required for applying for loan are:

Proof of identity (passport, driving license etc.) Proof of residence address (passport, electricity bill etc.) Proof of age (birth certificate, school leaving certificate, passport etc.). Salaried individuals must submit their last three month salary slips. Self-employed individuals can IT returns for last two years certified by a chartered accountant.

Self-employed businessmen can avail overdraft facility instead of pure term loan. The big advantage of taking this loan using the overdraft option is that the borrower has to pay the interest only on the money withdrawn, till the time loan is repaid. While in the normal course the interest is paid on the entire amount throughout the tenure of the loan.

Before finalizing a bank check for the fees and penalties. The amount range varies from bank to bank. The fee amount is generally between 0.25 to 2%. The foreclosing of the loan before the actual tenure carries prepayment penalty. Banks charge this as a percentage of the outstanding principal of the loan amount. Therefore study all the features and terms and conditions carefully.

Common Home Loan Frequently Asked Questions

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Posted June 08, 2012

Here is some of the common home loan terms that one comes across while applying for a home loan.

· What is an E.M.I?

An E.M.I refers to an equated monthly installment. It is a fixed amount which one pays every month towards the loan. It comprises of both, principal repayment and interest payment.

· What is Pre E.M.I interest?

In the case of part disbursement of the loan as in when the property is under construction and possession is not given, monthly interest is payable on the disbursed amount only. This interest is called pre-EMI interest (P.E.M.I) and is payable monthly till the final disbursement is made, after which the E.M.I would start.

· What is Fixed Rate of Interest (R.O.I)?Fixed R.O.I stands for the Fixed Rate of Interest. The rate of interest remains unchanged for the entire duration of the loan irrespective of the drop/increase in the market rates.

· What is Floating Rate of Interest (R.O.I)?

The Floating Rate of Interest is one that fluctuates according to the market lending rate. This comes with a little risk as in whenever lending rates go up the loanee will have to pay more than the amount set aside for loan payment per month.

· What is P.F?

P.F is the processing fees and has to be paid upfront by the customer being fees charged at the time of submission of the application for processing

· What is I.I.R?

I.I.R is Installment to Income Ratio and denotes the portion of your monthly installment on your home loan as a percentage of your income. The same is capped between 40% to 60 % of income subject to applicant's income & profile.

· What is I.C?

Whenever a customer delays the payment of the monthly installment, a collection team is sent to the customer's house to recover the money. The expenses incurred on such occasions are called Incidental Charges (I.C)

· What is L.T.V?

L.T.V stands for the Loan to Value and is used to calculate the loan amount that a person is eligible for on the total cost of the property.

· What is Margin Money?

Banks & N.B.F.C fund around 80% to 85% of the cost of the house. The balance 20% to 15% has to be borne by the customer himself. This difference amount is called the Margin Money.

· For what purpose can I avail a home loan?

You can take a loan for constructing a house, purchasing of a ready possession house / flat or a flat in resale, takeover of existing loans from approved banks / housing finance companies, the purchase of a plot of land, for renovation of and extension of the house.

· Who can avail of the loan?

Salaried individuals, Self-employed professionals or businessmen and individual N.R.I's.

· Who can be a co-applicant for the loan?

All co-owners need to be co-applicants. Spouse/parents/children can be co-applicants and his / her income can be clubbed to enhance the loan amount.

· What security is to be provided?

Security for the loan is a first mortgage of the property to be financed, by way of deposit of title deeds / or such collateral security as may be necessary. The title to the property needs to be clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.

· Can loan be repaid ahead of schedule?

Yes, the loan can be paid ahead of schedule, however if the loan is prepaid or transferred to another bank or H.F.C, a nominal fee @ 2% of principal outstanding is charged

· Are the Bank policies subject to change?

Yes. These policies are reviewed periodically.

· How is the loan repaid?

An E.M.I refers to an equated monthly installment. It is a fixed amount which one pays every month towards the loan. It comprises of both, principal repayment and interest payment.

· When does the repayment start?

E.M.I repayments start from the month following the month in which the full disbursement has been made.

· What happens in case if a P.D.C bounces?

In the case of a bounced cheque or delayed payment, charges and outstanding dues will be charged as per the prevailing company policy.

· What is the minimum /maximum loan amount?

Home loan are available from 5 lakh to 5 crore.

· What is the time frame for a loan to be approved?

It takes a 7/10 working for the loan to be sanctioned after submission of all documents.

· When is the loan disbursed?

The loan will be disbursed on:

- Submission of the legal documents.

- Legal and technical clearance of the property

-Submission of Registered copy of agreement.

· What is an amortization schedule?

An amortization schedule is a table giving the reduction of the loan amount by monthly installments. The amortization schedule gives the breakup of every E.M.I towards repayment of interest and outstanding principle of loan.

Apex Finance & Marketing was founded in April 2006 by Subhrajeet Talukdar and is also the promoter of eazeeloans.com.

Repair And Rectify Bad Credit Issues In Credit Bureaus

Article Source: http://EzineArticles.com/?expert=Subhrajeet_Talukdarhttp://ezinearticles.com/?Repair-And-Rectify-Bad-Credit-Issues-In-Credit-Bureaus&id=7017129

Posted May 11, 2012

Have you tried to apply for either a credit card, home loan, auto loan, personal loan, mortgage loan or other credit facility from any bank or financial institution only to learn that the same has been declined due to past bad performance or inadequate credit score as captured by the assigned Credit Bureau, currently Cibil & Equifax in India? Many of us would have faced this most embarrassing; and frustrating situation at some point of time due to past bad performance in any of the credit relationships held across all financial institutions arising from either late payments, non-payment, settlements done etc.

The situation could have arisen due to gross inadequate information or knowledge available in the public domain of the possible repercussions and heightened possibly by the "Who Cares" attitude and lack of credit servicing discipline by most people affected including people in the financial sector.

The problem got aggravated manifold by banks and lending institutions in their mad rush to create a portfolio and falling almost Head over Heels to lend to customers without having a proper and effective external credit check and filtrations process due to which many customers who had defaulted or had a bad credit history in one could easily get fresh credit facility from another. Another compounding factor could be the flawed lending policy by most lending institution with products launched to capture "Quantity" and not "Quality".

Coming back to the question asked at the outset. How does or what does one do to repair or rectify bad credit history and avail fresh credit facilities at best terms?

Help is just around the corner for anybody who might have inadvertently spoiled or marred their credit record and who genuinely would want to resolve their problem.

An enterprising group of entrepreneurs from the financial sector in India having first hand and very close experience about the problem under discussion are offering a solution for the very first time in a very professional and organised manner which could offer succor to many afflicted person through their Credit Help Improvement company launched for the purpose.

They approach the problem in a Holistic manner and offer a handheld guided program by trained professional counselors which if followed in Toto promises to resolve the issues over a period of time. One could check improvements and their current credit history in a simplified manner through reports generated from the Credit Bureaus assigned with the task of collating and formatting the data forwarded by various financial institutions periodically every 3 months. Their underlined philosophy being that Good Credit Health is similar to Good Physical and Mental Health and just like a good mental and physical wellness requires a disciplined and dedicated approach to enjoy life to its fullest so does Good Credit Health require a disciplined approach in the repayment of credit facilities availed, to take advantage of higher credit at better terms in future.

There is of course the mandatory fee to be paid upfront one time and valid over a period of 12 months. However, it would be a small price to pay for attaining a good credit rating and mental peace.

Article Source: http://EzineArticles.com/?expert=Subhrajeet_Talukdar

Defaulters of Loans Or Credit Cards From Banks, Beware of Cibil

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http://ezinearticles.com/?Defaulters-of-Loans-Or-Credit-Cards-From-Banks,-Beware-of-Cibil&id=4712685

Posted July 27, 2010

Credit card and personal loan defaulters will find it more difficult to evade credit collection officers in future.

Banks can now track defaulters who have absconded or skipped payment through information currently being provided by Credit Information Bureau of India Ltd. (Cibil). Whenever a defaulting borrower applies for a fresh loan with any bank his credit history can be accessed by on email.

It was near impossible till very recent times to trace a customer in event of change of address unless communicated to the lending bank. Now due to the central database maintained by Cibil containing amongst others data about date of birth and PAN number etc. they can be located and identified.

While there is a controversy about sharing such data & services to lending banks being an infringement on privacy the same seems to be well purview of the CIBIL act as confirmed by MD. Arun Thukral.

Surprisingly there have been cases in the past where two branches of the same bank have given loans to the same borrower due to unavailability of real time credit history of the customer. Sharing of database maintained by Cibil amongst lending banks will be a remedy to this unwanted problem.

Customers too would now be able to access their Cibil report by making online payment to Cibil who would mail the report to the address on its record. According to Mr. Thukral Cibil is also offering its analytical tools to banks to facilitate their decisions on credit worthiness of loan applicants by allotting credit score based on existing and past relationship across all products by participating banks.

The Reserve Bank of India had declared new guidelines which will disallow any bank to treat a customer as a defaulter if they have negotiated the amount payable against his account and paid the amount to the banks providing such credit cards or loans. Credit Information Bureau Of India Limited is the central repository of all consumers credit history across all banks formed in Jan. 2001.

The author is the founder of http://www.Eazeeloans.com a loan advisory portal launched in Mumbai that offers the best loan deals for Personal Loans, Home Loans, Auto Loans, Business loans, Mortgages, Secured loans, Unsecured Loans, Working capital, Private Finance.

Credit Card Settlement - New Norms on Anvil by RBI

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Posted March 15, 2010

There is finally a ray of hope for the countless and hapless credit card users who were so far being held to ransom by Credit card providing banks even on final settlement of dues by forwarding their names to Cibil, as still owing dues to the banks.

The Reserve Bank of India is very soon coming out with new guidelines which will disallow any bank to treat a customer as a defaulter if they have negotiated the amount payable against his account and paid the amount to the banks providing such credit cards. Currently even after the customer has paid the negotiated amount as offered by the bank, their names continue to be forwarded to Cibil-Credit Information Bureau Of India Limited, the central repository of all consumers credit history across all banks formed in Jan 2001.

As a result of being treated as a defaulter the customer is not able to avail of any loans like personal loan, business loan, loan against property or home loan from any banks as the credit rating maintained by Cibil takes a free-fall downward. Being cornered and without any hopes of acquiring such loans from any banks the customer had to settle any dues as claimed and raised by the banks being the balance amount of the earlier settled amount plus penalties and interest due till date.

At present whenever dues are settled with a bank the balance is usually treated as amount written off. In many cases banks raise bills for very small amount balance including annual fees after settlement which should not have been charged at all in the first place.

Though the RBI is taking a very serious note of the matter and will declare fresh guidelines to address the current ailment in due course countless affected customers await with bated breath of the succor to be provided by the Apex Bank of India.

The author Subhrajeet Talukdar is the founder of Apex Finance & Marketing in Mumbai in April 2006 and the promoter of Eazeeloans.com a premier loan advisory portal.

Apex Finance & Marketing was founded in April 2006 by Subhrajeet Talukdar and is the promoter of eazeeloans.com a loan advisory portal for Personal loans, home loans, business loans, loan against property, secured loans & unsecured loans.

Personal Loans - All You Wanted to Know

Posted June 22, 2009

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The main features are: It is an unsecured loan suitable for any purpose like:

- Education - Marriage - Medical purpose - Purchase of Property or Assets - Repay old loans - Investments - Holidays - Gifts...etc.

It is hassle free. No guarantors or security /collateral required. Loan to salaried & self-employed. Special offers for Professionals like Doctors, Chartered accountants, Engineers, Architects, Company secretaries, MBA's etc. Loans are available from Rs. 50, 000/- to Rs. 20 lakh. Repayment options from 12 to 60 months in easy EMI's. Loans available against surrogate income of any auto, personal or home loan.

Minimum documentation & fast approval. What are the various types of personal loans available? Personal loans can be broadly divided into income based and non-income based. Income based loans are given on the basis of income per month/per year for salaried and self-employed respectively. Non income based loans also known as surrogate loans are given based on repayment track records of existing personal loans, car loans, home loans and Credit cards from approved banks. Minimum installments paid/months on books required are 9-12 months.

WHAT ARE THE ELIGIBILITY CRITERIAS? The eligibility criteria for salaried and self-employed are:

SALARIED: Applicant should be Indian citizens working and residing in Mumbai. Minimum age required is 21 years and Maximum 58/60 years. Minimum Work Experience-1 month in current company and 3 years overall. Minimum Net Take Home - Rs. 20, 000/- per month. Residence-either Owned, rented or company provided. Telephone/mobile mandatory at residence. Currently most of the banks are providing unsecured personal loans only to employees of Private Ltd, Limited and multinational companies.

SELF EMPLOYED: Applicant should be Indian Citizens Working and residing in Mumbai. Minimum age required is 23/25 years and Maximum 65 years. Minimum 3 year experience in same business. Minimum income Rs. 2. 50 lakh P.A.

Residence/Office -either Owned, rented or company provided. Either residence or office should be self- owned. Telephone/mobile mandatory at residence and office. Partnership firms, Private Ltd. companies and deemed Limited companies are eligible.

HOW IS ELIGIBILITY CALCULATED?

Different banks have different ways of calculating the eligibility. In the case of Salaried generally most of the banks would calculate eligibility to be 1/1. 5 time of annual income. Factors such as existing loan liabilities, average bank balance, track record on existing loans, company profile & loan tenure also plays a part in deciding eligibility. In the case of Self-Employed the eligibility would depend on the turnover, existing track record, net profit, cash credit /overdraft limit enjoyed line of business, cash flow, bank statement, existing loan liability amongst other things. Generally the loan amount is limited at 1. 25 to 4 times of cash profit generated less existing liabilities or a certain percentage of turn over less existing liabilities.

WHAT IS THE LOAN TENURE?

Loan tenure is the period within which the applicant wants to repay the loan. Loans can be repaid from 1 year to 5 years. The rule of the thumb being longer the tenure higher would be the loan eligibility and vice versa. The age of the applicant along with period of service left also influences the loan tenure.

WHAT ARE SERVICE CHARGES?

Service charges, loan processing charges, bank charges are various ways of describing the fees which the bank charges for processing and disbursing loans. It is deducted directly from the loan amount and is generally restricted to 2% to 3 % of the loan amount. It is a onetime fee.

WHAT ARE THE DOCUMENTS REQUIRED?

SALARIED:

- Photograph. - Pan card copy. - Current residence proof. - Salary slips for 3 months. - Bank statement for 6 months. - Appointment letter and proof of work experience. - Sanction letters of existing/closed loans.

SELF EMPLOYED:

- Photograph. - Pan card copy. - Residence and office address proof (Either residence or - Office should be self-owned). - IT Returns - CA certified copies for 2 years complete set. - Business continuity/existence proof 3 years old. - Business banking 6 months. - All existing loan sanction letters. - Qualification proof for professionals.

WHAT IS THE LOAN PROCESS?

One can apply for a personal loan any time in anticipation of a quick, hassle free and unsecured finance for any purpose. The verification process at residence and office is physically done within 2/3 days on submission of all documents required. There is a simultaneous credit check done to find out the credit history of the applicant in the bank applied as also other banks. If all the checks are positive the credit officer normally has either a telephonic or physical discussion with the applicant at his office/place of work.

Subject to the discussion being positive the applicant has to sign an agreement and also hand over PDC's (Post Dated Checks) or authorization for ECS (Electronic Clearing System). The applicant generally gets either a direct credit in his/her account or receives a Draft within 2/3 working days after executing the agreement. The entire Process may take 5/7 working days.

WHO CAN APPLY?

Salaried individuals and Self-employed individuals, Partnership firms, Pvt. Ltd. and Deemed Ltd. companies can apply.

What are the Income Criteria for Salaried? A Salaried Individual needs to have Minimum NTH (Net Take Home Salary) Of Rs. 20000/- pm.

What are the income criteria for self-employed? Minimum Income of Rs. 2. 5 to Rs. 3 lakh per annum is the accepted norm.

What is the minimum and maximum loan amount? The minimum loan amount for salaried is Rs. 50, 000/- and maximum Rs. 15 lakhs. For Self-employed the minimum loan is Rs. 1 lakh and maximum 20 lakh.

WHAT ARE THE AGE CRITERIAS? For salaried the minimum age is 21 years and maximum 60 years. For Self-employed the Minimum age required is 25 years and maximum 65 years.

Is a no income Proof loan available? Yes, salaried individuals and self-employed can apply on the basis of existing personal loan, auto loan & home loan tracks on which minimum 9/12 EMI's have been paid.

WHAT IS THE LOAN TENURE? The minimum loan tenure is 1 year and maximum 5 years.

Are securities or guarantors required for a personal loan? No security, hypothecation, guarantors or mortgages is required in a personal Loan.

Can a person staying on rent apply? Yes, applicants staying in owned rented or company provided accommodation can apply. Permanent residence address proof may be required in case of rented/leased, company provided accommodation.

WHAT ARE THE INTEREST CHARGES? Interest charges depend on various factors like the Loan Amount, Company profile, qualification & Income etc. It could vary from 16 % to 26% on a monthly reducing basis.

CAN THE LOAN BE PREPAID? Yes, the loan can be prepaid after paying 6 installments.

ARE THERE PREPAYMENT CHARGES? Generally all banks charge 4% to 5% of the principle outstanding as prepayment charges.

Apex Finance & Marketing was founded in April 2006 by Subhrajeet Talukdar and is the promoter of http://www.eazeeloans.com a premier Loan Advisory Portal for Personal Loan, Home loan, Business loan, Loan against Property, secured loan, Unsecured loan, Salaried loans, Loans to Self-employed, Professional Loans in Mumbai.

Article Source: http://EzineArticles.com/?expert=Subhrajeet_Talukdar

Abolishment of Home loan Prepayment Penalty

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Posted Nov 10, 2011

The much eagerly awaited thorny issue of prepayment penalty on Home loan foreclosure has finally found some succor by the announcement from NHB –National Housing bank a wholly owned subsidiary of The Reserve bank of India and a regulator for all housing finance companies that no HFC shall be allowed to charge prepayment penalty on home loans on floating rate of interest whether from own funds or take over by any bank.

This would apply to home loans on fixed rate prepaid from own funds but not on loans taken over by other HFC. Currently most of the HFC charges a pre penalty of 2% on foreclosure whether from own funds or takeover. This decision was taken at the Banking Ombudsmen conference held recently.One more issue was resolved by the decision by the NHB to implement same floating rate of interest for new as well as existing customers already on board. Currently banks were implementing a differential rate of interest for old and new customers.

Axis bank, Bajaj finance and SBI have already announced their acceptance of the new policy roll out and all the other players are expected to follow soon.

Effect of the new policy and its implementation on mortgages is awaited keenly.

Home loan Some Common FAQs

Sunday, April 2012

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Some of the common home loan terms that one encounters while applying for a home loan. While the same are common terms amongst lenders they could be brain teasers some times.

What is an EMI?An EMI refers to an equated monthly installment. It is a fixed amount which one paysevery month towards the loan. It comprises of both, principal repayment and interest payment.

What is pre-EMI interest?In the case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called pre-EMI interest (PEMI) and is payable monthly till the final disbursement is made, after which the EMIs would commence.

What is Fixed ROI?Fixed ROI stands for the Fixed Rate of Interest. The rate of interest remains unchanged for the entire tenure of the loan irrespective of the drop/increase in the market rates.

What is Floating ROI?The Floating Rate of Interest is one that fluctuates according to the market lending rate. This comes with a little risk as in whenever lending rates go up the loanee will have to pay more than the amount set aside for loan payment per month.

What is PF?PF is the processing fees and has to be paid upfront by the customer being fees charged at the time of submission of the application for processing.

What is IIR?IIR is Installment to Income Ratio and denotes the portion of your monthly installment on your home loan as a percentage of your income. The same is capped between 40% to 60 % of income subject to applicant's income & profile.

What is IC?Whenever a customer delays the payment of the monthly installment, a collection team is sent to the customer's house to recover the money. The expenses incurred on such occasions are called Incidental

Charges (IC)

What is LTV?LTV stands for the Loan to Value and is used to calculate the loan amount that a person is eligible for on the total cost of the property.

What is Margin Money?Banks & NBFC fund around 80% to 85% of the cost of the house. The balance 20% to 15% has to be borne by the customer himself. This difference amount is called the Margin Money.

For what purpose can I avail a home loan?You can take a loan for constructing a house, purchasing of a ready possession house / flator a flat in resale, takeover of existing loans from approved banks / housing finance companies, the purchase of a plot of land, for renovation of and extension of the house.

Who can avail of the loan?Salaried individuals, Self-employed professionals or businessmen and individual NRI's can avail a loan.

Who can be a co-applicant for the loan?All co-owners need to be co -applicants.Spouse/parents/children can be co-applicants and his / her income can be clubbed to enhance the loan amount.

What security is to be provided?Security for the loan is a first mortgage of the property to be financed, by way of deposit of title deeds / or such collateral security as may be necessary. The title to the property needs to be clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.

Can loan be repaid ahead of schedule?Yes, the loan can be paid ahead of schedule, however if the loan is prepaid or transferred to another bank or HFC, a nominal fee @ 2% of principal outstanding is charged

Are the Bank policies subject to change?Yes. These policies are reviewed periodically.

How is the loan repaid?An EMI refers to an equated monthly installment. It is a fixed amount which one pays every month towards the loan. It comprises of both, principal repayment and interest payment.

When does the repayment start?EMI payments start from the month following the month in which the full disbursementhas been made.

What happens in case if a PDC bounces?In the case of a bounced cheque or delayed payment, charges and outstanding dues will be charged as per the prevailing company policy.

What is the minimum /maximum loan amount?Home loan are available from 5 lakh to 5 crores.

What is the time frame for a loan to be approved?It takes a 7/10 working for the loan to be sanctioned after submission of all documents.

When is the loan disbursed?The loan will be disbursed on:- Submission of the legal documents.- Legal and technical clearance of the property- Submission of Registered copy of agreement.

What is an amortization schedule?An amortization schedule is a table giving the reduction of the loan amountby monthly installments. The amortization schedule gives the breakup of every EMItowards repayment of interest and outstanding principal of loan.

The Author Subhrajeet Talukdar is the founder of Apex Finance & Marketing in Mumbai in April 2006 and the promoter of Eazeeloans.com a loan advisory portal for Personal loan, Home Loan, Business loan, Loan against Property, Auto loan, working capital, OD/CC, Private finance, Loan against shares.