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COMPLETEA Home Loan is a secured loan product where the lender provides the loans for purchasing or constructing of a residential/commercial property. This type of loan is taken against the property/security to be bought by the borrower and is done by letting the banker a have a conditional ownership over the property i.e. failure to payback the loan, allows the bank to retrieve the lent amount by selling the property.
Home loans in Indian Banks are provided up to maximum of 80% (90% for loan amount below INR 20 lakhs) of the value of the house. Home loans are repaid using Equated Monthly Installments (EMIs) spread over a fixed tenure.
A personal Loan is a loan meant for your personal use. It does not require any security or collateral and can be acquired easily. Typically personal loans range from Rs. 50,000 to Rs. 30 lakhs with a tenure ranging from one to five years.
There are two times when the bank charges you for the personal loan: once when you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of processing called as Processing Fees which vary from 2-3% of the loan amount and the second charge is the Prepayment Penalty which is paid at the time of pre-closure. This also varies from 2 – 3 %.
Business Loan is an unsecured loan at an interest rate, which gives you access to credit that can be paid back over an agreed time along with the interest, without any security against it. It is given on the basis of the type of business, its repayment capacity and past banking performance of the applicant.
While a personal is given on a personal capacity and income, a business loan is given based on company’s income and capacity and is given in the company’s name.
A Home Loan transfer (also known as refinancing or balance transfer) is an option which individuals choose to take advantage of lower interest rates in the market. Usually, an existing borrower, who is about 2 or more years into his loan tenure, has no benefit of reducing interest rates in the market, for example, if he has opted for fixed interest rate.
Car Loan/Automobile loan is defined as the type of personal loan for purchasing a vehicle or automobile. It is an unsecured loan and is given on the basis of the repayment capacity and past banking performance of the applicant/applicants.