Loan Warrior – An Overview of Loans

Loan Warrior – An Overview of Loans

Considering the fact that the world is too costly to live with nowadays, the rising cost of residential accommodation has led to the popularity of home loans in India. The building materials that a house needs are too much for a regular earner. Even while an individual experiences a stable job, it would not be enough to buy a house outright. It would take several years for him to have the actual money to build a house of his own.

The Bank of Baroda offers a wide-range of home loans for their customers. With their current base rate of 10.25%, they ensures the sanction of its various retail loans within a stipulated time period (that is, six days for a home loan and two days for a car loan) through the Retail Loan Factory. Baroda Home Loan, one of the most popular is available for purchase of new or old dwelling unit, construction of a new property, purchase of plot of land for construction of a house and also for repaying a loan already taken from other housing finance company or bank. “Baroda Home Loan also offers a unique housing loan facility designed specially for Non Resident Indians (NRI) and Person of Indian Origin (PIO). Improvement Loan extended by the bank is entitled for repairs, renovations, improvement, extension of home and for furniture, fittings & fixtures. This loan is available even for the purchase of gadgets such as fans, geysers, air conditioners and more,” explains E H Rahiman, Deputy General Manager and Zonal Head, Tamil Nadu & Kerala, Bank of Baroda.

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The State Bank of India also offers competitive prices for their customers with an interest rate on home loan up to 30 Lakh at 9.95% and for loans below 30 lakh at 10.10%. Depending upon the directives and change requirements to maintain asset-liability liquidity matching, the bank takes a call on their changing interest rates. Senior Officer, State Bank of India, says, “We offer a special loan scheme called the Yuva Home Loans which is extending loan options for the younger generation willing to build or purchase a home. It is restricted for individuals up to the age of 30 years. Apart from this special loan scheme we offer regular loans as well. Max Gain Loan by the bank aims to provide a solution for individuals depending on monthly salary for the purchase of a home.” During the course of loan if the interest rates increase, the customers do not have to shift to the higher rate and avail the privilege of the same base rate.

With a base rate of 10.25%, Punjab National Bank competing closely with other banks also offers various loans on real estate, housing loan, car loan and more. “For anything from building or purchasing to renovating a home, we offer home loans. It is the most preferred by the people as everyone is aiming at buying a property. There is no limit to the amount of loan one can avail from us and we also allow customers to take loans for a period of 25 years, provided that the individual is below 55 years,” says P K Anand, Assistant General Manager, Punjab National Bank.

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