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Apply for a Personal Loan

Personal Loan

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What is a Personal Loan?

Personal Loan is an unsecured loan that is generally used for a personal purpose. This type of loan could be used for paying off debts, going on vacations, buying appliances and latest gadgets, home improvement, unexpected medical expenses, and so forth. The banks calculate the eligibility of the borrower before approving the loan application. A Personal Loan is offered based on the credibility and repaying capacity of the borrower. The funds from a Personal Loan could be used for any type of expense as per the convenience and requirement of the borrower. As a Personal Loan does not require any security or collateral, the rate of interest charged is comparatively higher than other types of loans. Unlike the high rate of interest, the loan tenure is shorter than the other types of secured loans and can be used for any personal need.

Why Home Loan?

Buying a home could be one of the biggest achievements of a person's life. In most cases, it takes an entire lifespan to fulfil the dream of purchasing one's own home. Selecting the ideal property involves a lot of research and planning. Arranging funds is probably the toughest and the trickiest part of the process.

You could dip into your savings for the entire payment or decide to get a Home Loan at a good interest rate.

A decade or so earlier, borrowing from a bank used to be a cumbersome process but today financial institutions have simplified the entire Home Loan application and disbursement process. All leading financial institutions offer Home Loans with attractive interest rates, flexible repayment periods, quick turnaround times and unique product features.

Before finalising on a lender, one must understand the intricacies of a Home Loan.

How should I compare what each bank is offering me? Is there anything in the fine print I should be worried about?

Megamind Loans can help you get the ideal Home Loan - Let's Seal the Deal!

Benefits of availing a Home Loan

An accomplishment - Every individual dreams of owning a house in their name. A home loan allows you to accomplish this feat and realize your dreams. This is one of the biggest financial investments you make in your lifetime and can therefore be considered an accomplishment.

Capital appreciation - Land is an appreciating asset in most cases. Construction costs have also increased over the years. As rents get more expensive with inflation, investing in your own house can shield you from inflation.

Benefits in interest rate - In the 90's, banks used to charge up to 18% interest on loans. Today, you are able to get a home loan at 8.40% annually. The decrease in the interest rates coupled with capital appreciation makes it a dual benefit plan.

Tax benefits - The Government of India has played the biggest role in boosting the home loan sector. As per Section 24B of the Income Tax Act 1961, you get a deduction of 1.5 Lakhs towards repayment of interest towards loans availed for purchase/construction of house property. This amount goes up to 2 Lakhs in case you are a woman and the property is registered in your name. At the same time, Section 80CC read with Section 80CCE of the Income Tax Act 1961 allows for a tax deduction up to 1 Lakh on repayment of principal amount of the home loan. This is one of the greatest incentives for people to opt for a home loan, even if you are able to afford to buy your house with your savings.

Documents required - salaried and self-employed

Every customer has to satisfy the Know Your Customer (KYC) norms stipulated by RBI. You have to provide the documents relating to your KYC, employment, business, and income.

Identity Proof

PAN Card

Aadhar Card

Voter ID

Driving Licence

Passport

Address Proof

Registered Rent Agreement

Aadhar Card

Driving License

Lease Agreement

Passport

Latest Gas or Electricity Bill

Other Documents:

Loan application form duly filled in

Photographs

Signature Proof

Property Documents:

Copies of all property documents that can establish the chain of ownership for the past 30 years

Encumbrance certificate for 30 years

Property tax paid receipt in case you reside in the property being mortgaged (usually when you apply for Home Loan Balance Transfer)

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