Approval of 15,091 Houses for Allotment under PMAY

In a recent Andhra Pradesh cabinet meeting held on 6^th September, 2018 around 15,091 houses have been approved for allotment under Pradhan Mantri Awas Yojana (PMAY) – NTR Nagar (Urban) Housing Scheme.

The cabinet also decided to allot new houses to the rural people living in dilapidated conditions under NTR Rural Housing Program. Individuals who were alloted the house from 1993-94 to 2006-07 will be covered under this program.

NTR Housing Scheme is a part of PMAY through which the Andhra Pradesh Govt. seeks to provide permanent houses to the poor. The scheme also extends Loans at lower interest rate for reconstruction of the houses to the citizens of Andhra Pradesh.

The Government will also pay dearness allowance at revised rates to the State Government Employees and Pensioners.

The State Government also approved the draft bill to set up AP maritime board for the development of seaports in the state and for the revising the exclusive limits of Krishnapatnam port.

An unemployment allowance scheme will be launched on September 14^th, 2018. The Govt. will also set up Arya Vysya Welfare and Development and Corporation for extending Loans to the Vysya Community for Self-employment, Financial aid and Foreign education. Several other proposals were approved by the govt. in the meeting.

Home Loan EMI to go up as Banks hike Lending Rates

Home Loan applicants will now have to pay more as Banks have increased their MCLR on 1^st September, 2018. Leading Lenders of Home Loans such as State Bank of India and ICICI Bank have increased its benchmark lending rates. Public- sector Bank SBI has increased its MCLR by 0.2% (20 bps). ICICI Bank has also hiked its benchmark rate by 15 basis points. Previously, SBI and ICICI Bank had revised MCLR in June, 2018 before the second bi-monetary policy review.

SBI Home Loan Interest rate based on MCLR will get increase with an increase in MCLR. SBI One-Year MCLR stands at 8.45% from earlier 8.25%. Similarly, ICICI Bank’s six-month MCLR has increased by 15 Bps from 8.35% to 8.50%. One Basis Point is equal to hundredth of a percentage point.

As per RBI guidelines, all Loans taken after 1st April, 2016 are linked to the MCLR. Marginal Cost of Funds based Lending Rate (MCLR) is the Minimum Interest Rate below which Banks cannot offer Loans to the eligible customers.

State Bank of India New MCLR

State Bank of India MCLR
Tenure	Existing MCLR	New MCLR
Overnight	7.90%	8.10%
One Month	7.90%	8.10%
Three Month	7.95%	8.15%
Six Month	8.10%	8.30%
One-Year	8.25%	8.45%
Two-Year	8.35%	8.55%
Three-Year	8.45%	8.65%

ICICI Bank Revised MCLR

ICICI Bank New MCLR
Tenure	MCLR
Overnight	8.30%
One Month	8.30%
Three Months	8.35%
Six Months	8.50%
One-Year	8.55%

The increase in Lending rate is due to the 20% increase in bad loans during April-June quarter of the current financial year. This increase in Lending Rates has come ahead of festival time when banks offers special Home Loan schemes to eligible customers.

MCLR Rate offered by Leading Banks

MCLR Rates by Top Banks
Banks	Overnight	One Month	Three Month	Six Month	One-Year	Two-Year	Three-Year
Axis Bank	8.10%	8.10%	8.35%	8.50%	8.60%	8.70%	8.75%
HDFC Bank	8.05%	8.05%	8.10%	8.25%	8.40%	8.55%	8.70%
IndusInd Bank	8.95%	9.00%	9.30%	9.55%	9.60%	9.65%	9.70%
Kotak Mahindra Bank	8.05%	8.25%	8.55%	8.70%	8.95%	8.95%	9.00%
Yes Bank	8.40%	8.80%	9.35%	9.50%	9.65%	–
PNB	7.90%	8.05%	8.20%	8.40%	8.45%	–	8.60%
Bank of India	7.90%	8.05%	8.20%	8.40%	8.55%	–	–
Central Bank of India	8.00%	8.20%	8.40%	8.50%	8.60%	–	–

 

Get LIC Home Loan For Your Dream House

Getting your own home in 21^st century seems to be a bit difficult. The high rates of property seems to be a far-fetched reality for a common man. However, in this case where you need to have own house then you can definitely go for home loans where you can get loan for your dream house in less time period.

Home loan not only serves the purpose of availing loan for purchase of a new house or entity or a plot but it can be availed for improvement, renovation and extension of the existing house.

LIC Housing Finance Ltd. Is one such company which aims at offering best offers and irresistible products for loans. The main objective of the Company is providing long term finance to individuals for purchase or construction of house or flat for residential purpose / repair and renovation of existing flat / houses. It also stands as one of the industry’s most extensive marketing network in India.

Not only on the national level but the company has it’s Representative Office in Dubai and Kuwait to cater to the Non-Resident Indians (NRIs).

Here are the top things that a borrower must know for choosing LIC Housing Finance as financer to there ‘Always Dreamt of’ House.

– Minimum loan amount of ₹ 1 Lakh can be availed by the customer in the name of home loan.

– An individual residing in India, non-resident Indian (NRIs) and pensioners can get LIC Home Loan.

– The loan availer can be salaried or self-employed.

– Repayment of the loan is subject to a maximum of 20 years.

– Special scheme ‘Griha Siddhi Home Loan‘ for woman applicants under which any resident individual can take home loan.

– 85% of total cost of the property for loans up to 20 Lacs is sanctioned by the company.

– Takeover of existing loan from other Financial Institution/Banks is available in LIC Housing Finance Company.

– Only NRIs who are salaried individuals are eligible.

– Loan Approval is based on the financial of the applicant, to help you choose property as per the Budget.

– The company offer loan at attractive interest rates with low processing fees.

– Easy documentation procedure with quick loan disbursal are some of the salient features of the LIC Home Loan.

Check your Easy Monthly Installments with LIC Home Loan EMI Calculator

EMI calculator is a easily available tool today through which it has become convenient for the loan availer to build up the repayment strategies of the loan amount and also know the monthly installments along with the total amount to be paid in the end. With just few details such as loan amount, interest rate & tenure one can get all the details regarding the loan. Yearly or month-wise repayment amount and the total amount along with the interest amount can be easily enquired in just a few minutes.

The tool gives the accurate almost majority of the times and being a home loan availer one can rely on the same for further calculations.

If you wish to avail LIC Home Loan then you can easily map your repayment amount in few simple steps with Home Loan EMI Calculator.

Stages Involved From Application To Disbursement of LIC Home Loan

• Submission of application with supporting documents.
• KYC and other verifications and CIBIL report.
• After scrutiny of application personal interview by a company official.
• Issue of Loan offer Letter by the Company.
• Title clearance through our panel advocate.
• Valuation of property by our Panel Valuer and inspection of property by company official.
• If the above reports are confirmed, collection of documents for stamping and deposit of original title deeds.
• Stamping of documents, execution of documents and disbursement.

Documents Required For LIC Home Loan

Salaried Individuals

• Salary slips for last 6 months.
• Form 16.

Self – Employed Individuals

• Three years’ income tax returns/assessment orders along with computation of income and statements of accounts certified by C.A.
• Three years financial – Profit and Loss account, Balance Sheet, Audit Reports, etc.

Common Documents For Both Applicants

• Duly filled application form.
• Identity Proof such as PAN Card, Voter ID Card or Passport.
• Address Proof such as Ration Card, Electricity Bill, Telephone Bill, etc.
• Bank Pass-book or statements for the last two years.
• Power of Attorney, wherever applicable.

Why SBI Personal Loan is a Best Option in 2018

It is a common or rather a usual thing for the customers to get confused between the loan options available in the market. Not everyone is a pro in deciding the best institution for them to avail personal loan. There can be many possibilities for getting a personal loan such as for shortcoming emergencies or other personal immediate requirement and in these time when the customer is in hurry they tend to get misguided or baffled with so many alternatives.

Many people wait for new year to avail loan in order to get offers and State Bank of India can be a sure shot hit in 2018.

If you are that customer or the loan borrower who is confused on whether SBI Personal Loan is a better option than any other option available then, read the below article to get a clear picture of what exactly SBI Personal loan has got to offer you.

10 Golden Reasons For SBI Personal Loan Being One of The Best Loan Option in Market

– Interest chargeable on a daily reducing balance.

– Low processing fees.

– Numerable offers & Low cost Benefits.

– No security requirement.

– Provision of second loan.

– Higher Loan amount.

– Personal Loan covering all the government institutions.

– No administrative charges.

– Special loan product for pensioners.

– No prepayment or foreclosure charges in certain conditions.

SBI is currently offering many loan products such as home loans, car loan etc. When it comes to personal loan, You will be eligible for it, if you are a salaried individual & employees of mainly government entities maintaining salary account with the bank or corporates having a good relationship with the bank.

For such customers, SBI gives personal loan at zero margin and low processing fees. The eligibility can also lower the interest rates in special cases. Higher the eligibility, Higher the chances of lower interest rates !

SBI offers personal loan at processing fees of just 1% of the loan amount plus taxes.

Applicant who wish to avail personal loan from SBI must be from the government institutions such as Central and state Government, Quasi-Government, Central PSUs, Profit making State PSUs, Selected Corporates who have business relationship with the Bank & Educational Institutions of National Repute.

If you are already an SBI customer, you will only need to provide recent passport sized photographs and the customer does not have to go through many documentation procedures.

Remember that your CIBIL score is equally important as your other eligibility criteria. Bank always give priority to the customers who have a good credit history with the bank.

Other than that, Under the provision of second loan, It can only be taken after 1 year of disbursement of the 1^st loan provided the 1^st loan has been satisfactorily conducted and is regular at the time of sanction of 2nd Loan. There cannot be more than 2 Xpress Credit Loans standing in the name of a borrower. However, This is subject to the overall EMI/NMI ratio of 50%.

State Bank of India being the largest lender also offers the facility to Check SBI personal loan application status which is a easy and a quick procedure. You can check your current status of the loan with the bank without contacting the bank or visiting the branch. It is time efficient and cost efficient too.

All the above data makes SBI Personal Loan, one of the best options available in India. The customers can apply for loan today and start there loan journey with no more delays. You can apply for personal loan easily and swiftly by having a clear picture of your upcoming financial changes.

Amongst the many options easily available,choose your options wisely and only after having all the information regarding the loan and the charges.

Get a list of all the charges and calculate your repayment structure accordingly !

5 Important Tips Before Getting Your First Home Loan

As the urbanisation is increasing, So is the need for getting a house that suits your lifestyle. For fulfilling this dream you don’t need to have lumpsum amount in your pockets and of course as a common man nobody even think of owning a dream house in today’s scenario. Approaching banks for getting the loan is just the secondary thing but primarily it’s important to keep note of some things that are essential for you before getting your hands on the loan amount.

According to the Social Media Exposures, Most of the people fail to repay their loan and comes under the defaulters list. This happens due to the incapability paying your loan EMIs on time. So before going to the bank you need to know few things.

Here are the 5 most important tips that you should know before getting your first home loan.

Know your repayment capacity – First things first, You need to know about your financial status. There must be expenses linked with your lifestyle. Try and note them down so that you are able to take out a clear picture out of it.

Manage your expenses – Once you have taken loan try and figure out your expenses. Manage your monthly spends keeping the fact in mind that you have to pay your next month EMI. it’s not necessary to spend more than your capability when you have a loan going on.

Plan Your EMIs – The most important factor after your loan disbursement is your plannings on how you are going to take out the EMIs (Easy Monthly Installments) every month. You can also calculate your EMIs with Home Loan EMI Calculator. You need to have funds every month. If one month you are unable to pay your monthly installment due to some emergency then you might have to pay the next month EMI with penal charges and other bounce charges. Not only this but your financial health also gets affected. Secondly, If you are having loans already going on then try and avoid taking too much credit as it can put you through trouble.

Don’t spend more than your requirements – Try not to consume the whole credited money and even if you are doing so, Try and do it in a more uniform way. Have a more systematic approach towards your financial portfolio.

Make sure to have an ideal CIBIL Score – Banks foremost criteria to judge your eligibility of getting loan is your CIBIL Score for that you need to have a sound CIBIL Score. This credit score comes with your loan repayment regularity and how swiftly you carry out your credits.

HOW TO IMPROVE YOUR CIBIL SCORE

If you are new to the credit industry and want to take a loan from banks but don’t have a CIBIL Score according to your loan amount requirement, Then read this article carefully.

Here’s everything you need to know about Credit Score, factors affecting your credit score & how to have a good Credit Score.

Let’s first start from the basics.

What is CIBIL & CIBIL Score ?

TransUnion CIBIL Limited is India’s first Credit Information Company, Also reffered to as Credit Bureau. They collect financial report of individuals and commercial units related to loans and credit card. These records are given to the banks and other lenders on a monthly basis and thus helps in developing the credit history of a person.

CIBIL assigns each and every individual with a 3 digit number based on there loan & credit card debt repayments. The score will vary according to the individual loan repayments capacity and keeping a check on whether a person have made any late payments or any EMI defaults.

Banks give Loan or credit based on this CIBIL Score or Credit Score.

CIBIL Score Range

Your Credit Score varies from the range of 300 – 900. This is one way of banks to check your loan eligibility. Let’s first know what these scores means :-

An Ideal Credit score is 750 which means that you are repaying your existing loan and Credit card payments on time.

Anything less than 700 or 750 is considered as a credit history which is less than 6 months and the index is lower and risk is higher.

NEVER BE CREDIT HUNGRY!

Lets just be clear on the fact that being credit hungry can put you in trouble. For example, there are two individual who wants to avail loan from bank. One has a CIBIL Score of 750 and the latter has a score of 950 who have got 3 – 4 credit card and various loans like home loan, car loan & personal loan. Bank will not sanction loan to this person because already he has too many debts to clear.

Thus, not only your CIBIL Score but several other factors will be taken into consideration before sanctioning the loan.

Factors affecting CIBIL Score

Payment history

Multiple credits

High credit hunger

Taking high amount of unsecured loans like Personal loan will reduce your credit score even if you are repaying them on time.

Never use all your credit at once. Decide a necessary amount and utilize the same. For example, use only 80% of your credited amount.

How Credit Score is calculated ?

With higher CIBIL Score you are likely to get loan from any prime lender at competitive interest rates. This CIBIL Score is calculated considering :-

Past performance

Credit type & duration

Amounts owed

Any new credit taken

How to Increase your Credibility ?

By now you must have concluded that loan will be sanctioned to you only when you’ll have a good credit score. Other criteria like the borrower’s age, Income, existing bank account holders, occupation are also important. However, you can improve your CIBIL score by the following means :-

Timely payments of credit card

Maintain a credit mix profile

No need to apply for too many credit cards

Get secured cards

Don’t worry if you don’t have a credit card!

Banks give secured cards which are credit cards against fixed deposits. Unlike normal credit card banks do not issue secured credit cards on the basis of your CIBIL Score. Hence, these cards can be used to improve your CIBIL.

You just have to pay a security deposit against which the bank will issue a secured credit card. You can simply pay your EMIs on time and in this way your credit score will show improvement after 6 months of issuing the secured credit card. Many banks offer these cards on different fixed deposit rates.

Remember that if you need loan 6 months later, you have to issue secured card now and start repaying them on time.

Eligibility

Any Indian citizen having a PAN card & other ID proofs like adhaar card, Voter ID, Driving License can apply for secured cards.

How to check your CIBIL Score ?

To check your CIBIL Score, You just need to fill in your personal details such as Name, Date of Birth, Gender, Residence address, Email ID, Mobile number and you can easily check your CIBIL Score anytime online at any credit agency.