The Financial Action Task Force (FATF) is an inter‐governmental policy making body, comprised of over 30 countries, that has a ministerial mandate to establish international standards for combating money laundering and terrorist financing. Over 180 jurisdictions have joined the FATF or an FATF‐style regional body, and committed at the ministerial level to implementing the FATF standards and having their anti‐money laundering (AML)/counter‐terrorist financing (CFT) systems assessed.
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THE MINISTRY OF FINANCE
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PAYDAY LOANSPayday loans are fast, quick and secure. With payday loans all you need is proof of identification and proof of employment. With payday loans you don’t need for further information checks like a background check to see if you have some kind of bad credit scam going on or have had bad credit in a previous loan. Payday loans are fast, efficient and reliable loans that one can get without any problems. Payday loans offer you the chance to cover your debts or any form of emergency that needs to be paid of as soon as possible. Payday was designed to help those who are working and have deposited their checks or are waiting for their checks to clear from the bank. All one has to do is leave a postdated check with the date of the day he or she will be returning to payoff the loan or with the date of when the check can be cashed by the lender including the amount and the extra fee charges which include the interested earned by the loan.
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What are Secured Loans?Secured loans are those loans that are protected by an asset or collateral of some sort. The item purchased, such as a home or a car, can be used as collateral, and a lien can be placed on such purchases. The finance company or bank will hold the deed or title until the loan has been paid in full, including interest and all applicable fees. Other items such as stocks, bonds, or personal property can be put up to secure a loan as well.Secured loans are usually the best way to obtain large amounts of money quickly. A lender is not likely to loan a large amount without more than your word that the money will be repaid. Putting your home or other property on the line is a fairly safe guarantee that you will do everything in your power to repay the loan.Secured loans are not just for new purchases either. Secured loans can also be home equity loans or home equity lines of credit or even second mortgages. Such loans are based on the amount of home equity, or the value of your home minus the amount still owed. Your home is used as collateral and failure to make timely payments can result in losing your home.Other types of secured loans include debt consolidation loans where a home or personal property is used as collateral. Instead of having many --usually high interest-- payments to make each month, money is loaned to pay the original lenders off, and the borrower then only has to repay the one loan. This is not only more convenient but it will also save a lot of money over time, since interest rates for secured loans are lower. A debt consolidation loan usually offers a lower monthly payment as well.On the other hand, unsecured loans are the opposite of secured loans and include things like credit card purchases, education loans, or bank notes, which usually demand higher interest rates than secured loans, because they are not backed by collateral. Lenders take more of a risk by making such a loan, with no property to hold onto in case of default, which is why the interest rates are considerably higher. If you have been turned down for unsecured credit, you may still be able to obtain secured loans, as long as you have something of value or if the purchase you wish to make can be used as collateral.
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Home LoansOverviewYour Home is a place where you relax after coming back from your day’s tiring work, it is that place where you can give time to your family & spend beautiful moments with them. To acquire a home which can be christened your “Own House” is a life-time decision & has to be taken with a lot of planning & requires huge finances. Your Dream Home is not very far away with a Home Loan which will fulfill your Dream into a reality. We at Deal4Loans are working constantly to get you the BEST Loan Deal & have brought a small guide which would answer some important questions related to Home Loan & help you decide your loan deal.What is a Home loan?Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one. The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.Most borrowed home loansSBI Home Loan: Before borrowing any loan borrower compare interest rates. Generally people prefer to take SBI Home Loan because SBI (State bank of India) is main centralized and national bank. SBI provides loan at comparatively low interest rate.HDFC Bank Home Loan: HDFC stands for Housing Development Finance Corporation. This unit is for housing development. HDFC provides loan and low interest rate. And you are facilitated with ease repayment option. HDFC gives you an option of easy EMI. Because of flexible feature and transparent policy, most people prefer HDFC home Loan for their requirement.ICICI Bank Home Loan: ICICI Bank offers a wide range of Home Loan products, designed to meet the requirements of customer. : ICICI Bank offers Doorstep service, Speedy loan sanction, Simplified documentation and Loan amounts ranging from Rs. 2 lakh to Rs. 3 crore Rupees only.Types of Home LoanThere are different types of home loans available in the market to cater borrower’s different needs.• Home Purchase Loan : This is the basic type of a home loan which has the purpose of purchasing a new house.• Home Improvement Loan : This type of home loan is for the renovation or repair of the home which is already bought• Home Extension Loan : This type of loan serves the purpose when the borrower wants to extend or expand an existing home, like adding an extra room etc.• Home Conversion Loan : It is that loan wherein the borrower has already taken a home loan to finance his current home, but now wants to move to another home. The Conversion Home Loan helps the borrower to transfer the existing loan to the new home which requires extra funds, so the new loan pays the previous loan & fulfills the money required for new home.• Bridge Loan : This type of loan helps finance the new home of the borrower when he wants to sell the existing home, this is normally a short term loan to the borrower & helps during the interim period when he wants to sell the old home & want to buy a new one, It is given till the time a buyer is found for the old home.• Home Construction Loan : This type of loan taken when the borrower wants to construct a new home.• Land Purchase Loan : It is that loan which is taken to purchase a land for construction & investment purposes. Documents required in Home LoanGenerally the documents required to processing your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:• Age Proof• Address Proof•Income Proof of the applicant & co-applicant• Last 6 months bank A/C statement• Passport size photograph of the applicant & co-applicantIn case of Salaried• Employment certificate from the employer,• Copies of pay slips for last few months and TDS certificate• Latest Form 16 issued by employer Bank statementsIn case of Self-employed• Copy of audited financial statements for the last 2 years• Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company• Profit and loss account for the last few years• Income tax assessment orderHome Loan Process & various steps involvedThere are various steps involved in getting a Home Loan from selecting your property to filling up the loan application. Following are the various stages in Home Loan:• The first step involved in the process is to find your property which is followed by the verification of property documents, post that the documents are examined & simultaneously you can start searching for the lender who can offer the BEST Home Loan Deal after checking your eligibility criteria.• Know the Home Loan Eligibility : Banks offer the loan amount only after checking your profile & based on various eligibility criteria’s like age, income & salary banks lend you the money.• Select the Best Home Loan after evaluation: Comparing home loan interest rates is the primary feature in the home loan selection, however other fees & charges like Application fees, processing fees, legal charges should not be neglected when comparing various loan offers. To check the interest rates & other charges incurred by various banks, Deal4Loans has brought in a Home Loan Comparison Chart across various Banks.• Applying for the Loan : After you have selected your lender, you have to fill in the application form wherein the lender requires complete information about your financial assets & liabilities; other personal & professional details together with the property details & its costs.• Documentation & Verification Process : You are required to submit the necessary documents to the bank which will be verified together with the details in the application.• Credit & default check : Bank checks out the borrower’s loan eligibility (through repayment capacity) & the amount of loan is confirmed. The borrower’s repayment capacity is reached which is based on the income, salary, age, experience & nature of business etc. Bank also checks credit history through the Cibil Score which plays a critical role in deciding & approving your loan application. Low Credit Score implies that the bank upfront rejects your application on the basis of earlier credit defaults; on the other hand high credit score gives a green signal to your application.• Bank sanctions Loan & Offer letter to the borrower : After the credit appraisal of the borrower bank decides the final amount & sanctions the loan, the bank further sends an offer letter to the borrower which constitutes the details like rate of interest, loan tenure & repayment options etc.• Acceptance Copy to the Bank : The borrower needs to send an acceptance copy to the bank after the borrower agrees with the terms & conditions in the offer letter.• Bank checks the legal documents : The bank further asks the legal documents of property from the borrower to check its authenticity so as to keep them as a security for the loan amount given. The next step involved is the valuation of the property by the bank which determines the loan amount sanctioned by the bank.• Signing of agreement & the loan disbursal : The borrower signs the loan agreement & the bank disburses the loan amount.Charges in Home LoanAcquiring a Home Loan doesn’t only involve the cost of home loan interest rates but it also includes other charges & fee accompanying at various stages of taking the Home loan. You must consider all these charges while comparing the cost structure across banks. Following is the detailed fee structure incurred by banks at different loan stages:• Processing Charge : It is a fee payable at the time of submitting the loan application to the bank which is normally non-refundable. The fee ranges between 0.5 per cent and 1 per cent of the loan amount.• Administrative Fee : It is a fee incurred by banks at the time of loan sanction; there are few banks who have removed this fee so you must check it with all the banks.• Prepayment Penalties : When the borrower pre-pays the loan before the loan tenure, banks charge a penalty which usually varies between 1 per cent and 2 per cent of the pre-paid amount.• Legal Charges : Banks also incur some charges from the customer for legal and technical verification of the property.• Delayed payment Charges : When there is a delay in the payment of your EMI, banks charge a late payment fee from the borrower which normally ranges from 2% to 3% of the EMI.• Cheque bounce charges : Banks charge between Rs. 250 and Rs. 500 for every bounced cheque towards the loan payment because of lack of funds in your account. Home Loan Criteria by various banks The borrower’s eligibility of getting a home loan depend upon his/her repayment capacity & the banks establish this repayment capacity by considering various factors such income, spouse's income, age, number of dependants qualifications , assets, liabilities, stability and continuity of occupation and savings history.Important Pointers in Home Loan• Increase your Loan eligibility• Credit History : Your chances of getting a home loan are increased if you have a good credit history which is known by banks by checking the borrower’s Cibil score. Now it is very hard to get a loan from another bank when you already have a bad debt with one bank.• Clubbing of income : Your eligibility to take a home loan will augment when you club your income with your spouse’s income, bank in this case will calculate your eligibility on the basis of the clubbed income of both the applicants. You can club incomes of spouse, children & parents staying with you and having regular income.• Enhance your loan tenure : Longer is the loan tenure, lower will be the EMIs which further increases the repayment capacity of the borrower & in turn enhances the loan eligibility.• Step-up Loan: In this type of loan EMIs remain low in the beginning & increase gradually as and when the borrower’s spending power increases. Therefore lower EMIs in the initial years enhances the borrower’s ability to pay & further increases the loan eligibility• Increase the down payment : You must know that in a home loan bank finances only 85 to 90% for the property & the rest amount has to be funded by the borrower. You should increase the down payment if you have more than required amount which will mitigate your debt considerably. Tax Benefits in Home LoanThe home loan borrower enjoys Tax Benefits on both Interest paid & the Principal re-paid. Under Section 24(d) of Income Tax, the deduction of interest payable on the home loan is up to a maximum of Rs. 1, 50,000.Under Section 80(c) of Income Tax, Principal amount for the repayment of loan along with other savings & investments is eligible for tax deduction up to a maximum limit of Rs. 1, 00,000.
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