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Can we get Loan against House property from Banks? |
Can we get Loan against property from Banks! If so which one is the best one. Cane give the contact numbers or addresses of the Banks in Andhra pradesh! Yes you can get the mortgage loan from banks. Indian Bank is offering best rates. You can walk down and check on it. The processing time is very less and people are helpful. of course you can. you need to check all the local banks for the best rate. Yes you can from any bank. Its just a matter of searching for the best deal. You can check out the websites of the banks for local addresses. All the best! Yes, you can get loan against an existing as well as to be acquired house property from Banks and Financial Institutions. For housing loans you may check with the pioneer of the housing loans - HDFC Limited or any commercial banks - such as Andhra Bank, ICICI Bank, Bank of Baroda. Even Insurance companies like General Insurance Corporation of India, LIC etc. also have different attractive schemes to suit different requirements. Visit nearby banks and Financial Institutions including HDFC and see for yourself which suits you the best. Banks generally lend for productive purposes, that is income-generating ventures. For this purpose all lendings are grouped into two broad categories as pripority sector and non-priority sector. From time to time the definition gets changed, but any purpose which is not income-generating and / or for own needs /consumption, is classified as non-priority. Banks do lend for this also, but on a very limited scale. Till 1995, house construction was a non-priority sector, but the government finding large potential for job creation, cycle effect of money if invested in this sector, cement capacity expansion, long geatation finance needing little follow-up for recovery etc., decided to encourage housing as a priority activity. Coupled with large scale expansion of bank deposits, banks lent to housing sector, massively. But, the general manadatory prescription for any lending, viz. repaying capacity of the borrower from current income + anticipated incremental income if any from the project financed as the basis for lending, remains intact. Depending upon the size of the advance, security norms are in place, and availability of security alone will not vest eligibility for loan. eg. A person of say 70 years of age, with a pension of Rs.6000/- p.m. with no liabilities, and no dependants, though having a house worth Rs. 50 lakhs, may not be considered eligible for a loan more than Rs. 50000/-. So, if your purpose of the loan is acceptable quantum of finance needed is reasonable, the repaying capacity as assessed by the bank, is sufficient to cover the debt servicing needs, lastly the fallback security's worth will also be taken into consideration. With the concept of reverse mortgage being introduced in the union budget 2007, banks, depending upon their own funds position may introduce schemes, discarding the repayment capacity theory for eligible persons in times to come. But reverse mortgage may fail since in this country asset build-up is the ethos, and not losing assets for any pressing urgent current needs. A scheme by Canara Bank, styled as Kalpa Vriksha deposit, providing for lump sum fixed deposit being withdrawn by monthly fixed payments to the depositor, for a period of time agreed, at the expiry of which, the deposit would be reduced to zero, died an instant death, upon introduction,as there were no takers. Specifically to your question, to some limited extent, some bans have introduced security based lending schemes. But the accounting practices of several banks, being dubious, you may consider Canara Bank's Canmortgage scheme and ICICI bank's mortgage loan scheme, as the former has sound accounting practices and the latter easy credit delivery mechanism. Of the other banks, except other nationalised banks, the less said, the better. Definitely! Central Bank of India is a very good bank which gives you easy loans! Look up the phone book in Hyd. Yes there are many Loan sharks. I have a list of some good websites offering Loans with low Interest rate and fast approval. Its a policy voilation of yahoo if i post any link here. Just mail me at solidoffer11@yahoo.com with subjet- Loan . I will send a link of best website where you can find best Loan offers,tips and resources. best wishes |
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