Loan
What is Loan ?
A loan is a type of debt. Like all debt instruments, a loan involves the redistribution of financial assets over time, between the lender and the borrower. In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is liable to pay back or repay an equal amount of money to the lender at a later time. Typically, the money is paid back in regular installments, or partial repayments; in an annuity, each installment is the same amount. The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants (Solemn Agreement). Read more about Loan.
Apply for Loan
You can obtain loan through GharAngan.com to meet your needs. You can compare and avail loan to buy a house, buy a vehicle, to arrange marriage in the family, to start or expand a business or any other emergencies. With minimum documentation, you can now avail loan for any amount at attractive rate of interest, from any institution of your choice. Please Click Here if you want to apply for Loan.
What is an EMI ?
EMI stands for ‘Equated Monthly Installment’. When you are applying for the loan, the loan amount has to be repaid in the specified number of months which is termed either as term or tenure. The EMI is calculated based on the interest rates, total loan amount and the tenure of the repayment for the entire loan. This will be decided by the bank once your loan application is approved.
A typical EMI consist of Principal amount and Interest amount. It is calculated on monthly reducing balance and therefore, the Principal and Interest amount in every EMI keeps on changing. The net outflow of Interest and principal in each EMI can be seen through Amortization Schedule.
Does EMI amount changes in different banks ?
No, EMI calculation formula remains the same at every financial institution.
What is an EMI Calculator
Our EMI calculator is easy to use and is quick to perform. Use our EMI calculator as a guide before availing for any kind of loan. EMI calculator let's you judge how affordable a loan can be for you. Always use the calculator to get a quick quote on your EMIs. You can calculate home loan, mortgage loan, personal loan and vehicle loan EMI with the help of this calculator.
What is Loan Eligibility Calculator
Home loan eligibility calculator helps you to calculate loan eligibility of an individual or group of individuals based on the net salary/net income he earns, home loan amount required, loan tenure and the applicable rate of interest. Usually, an individual or group of individuals can easily be eligible for a home loan amount having an EMI less than 45% (maximum) of his net income. Our Loan Eligibility Calculator will help you to derive your eligibility of loan amount by punching in few figures related to salary / Income Tax Return. The figure arrived is the minimum amount of loan possible through your income figures. It might be higher in some cases based on the credit policy of different banks. For, exact calculation kindly, mail us your figures along with bank preference on info@gharangan.com and we shall get back to you in 24 hrs, with complete details.
What is EMI to Loan Calculator ?
This calculator will help you to find out the eligible amount of loan based on your capacity to spare monthly amount for EMI. The eligibility here should not be taken as final, since, this is based on your own thinking of sparing EMI amount and not based on actual credit policy of the banks. For, actual figures kindly refer to our Loan eligibility calculator or mail us your details on info@gharangan.com and we shall revert within 24 hrs of receiving your mail.
What is Balance Transfer ?
If a customer is running a Loan from ‘X’ bank and after certain period, he decides to transfer his loan to another bank, it is called Balance Transfer. Usually, this method is adopted to reduce the number and amount of EMI’s and lesser ROI from other banks as compared to existing bank.
What is Part Prepayment ?
Part Prepayment is a facility provided to only home loan and mortgage loan customers. With the help of this they can plan their loan closure in minimum possible time as per their repaying capacity. Customers can avail this facility to make an extra payment in their loan amount and can choose to save on their interest outgo to the banks/HFC, and also can plan their saving on income tax. Contact at info@gharangan.com for more of income tax benefits analysis and early foreclosure of loan.
Home Loan
Financial assistance obtained by an individual or group of people from Banks/HFC’s for purchasing or constructing a residential property; like Duplex, Triplex, Independent Bungalow, Villa, Flat in Apartment, residential plot (Within Municipal limits) etc is termed as, Home Loan. In simple words, financial assistance obtained by an individual or group of people from Banks/HFC’s for purchasing their dream home, is termed as Home Loan.
Home Improvement / Renovation Loan
It means financial assistance obtained by an individual or group of people from Banks/HFC’s for internal and external repairs and other structural improvements like; painting, waterproofing, plumbing, electrical work, tiling and flooring etc. Banks/HFC’s finance upto 85%* of the cost incurred and it is paid only after the inspection is done from the Banks/HFC’s.
Note : * % funding varies from bank to bank. Kindly mail us with your specific requirement on info@gharangan.com.
Land Loan
Financial assistance obtained by an individual or group of people from Banks/HFC’s for purchasing a residential piece of land with minimum area of 450 Sq.Ft and maximum of 10000 Sq.ft, within municipal limit is termed as Land Loan.
Note: Minimum/maximum area specifications may change from time to time, location to location and Bank to Bank. Kindly mail us for further assistance on info@gharangan.com.
Refinance Loan (Only up to 6 months from registration date)
Customer can avail the facility of Refinance Loan on residential property/ Land only, within 6 months of registration date of the property. After 6 months of registration date customer cannot avail the facility of Refinance Loan and seize to get benefits attached to it like; ROI of Home Loan and Income Tax benefit.
Office Premises Loan (NRP)
Financial assistance obtained by an individual or group of people from Banks/HFC’s for purchasing or constructing a commercial property; like Shop, Office, Hospital etc is termed as, NRP / Office Premises Loan.
EMI Under Construction
Customer can avail this facility of starting their EMI even in part disbursement case and enjoys the benefit of Income Tax Rebate and early payment of Loan.
Example : Mr. Vishal has got his loan sanctioned from ICICI Bank for 10 lks @ 8.25% for 20 yrs, his EMI for 10 Lks is 8521/.Rs, the property is under construction with 50% progress. Technically, bank will disburse 50% of the loan amount i.e 5 Lks to the builder but, customer can choose to pay EMI of 8521/-. Rs to the bank with interest payment on 5 Lks Rs. This way customer gets the benefit of paying the loan in minimum duration and saves a considerable amount of money in Interest payment to the bank while enjoying Income Tax rebate benefits.
Balance Transfer
Customer who wants to transfer his/her existing loan to another Bank/HFC is termed as Balance Transfer Loan. Customer usually adopt to this method when, the existing ROI is too high as compared to other Bank/HFC or when they get their loan tenure to be stretched to more number of months. Balance transfer can be done of any home loan, mortgage loan, land loan, personal loan etc.
Top-Up Loan
Customer running an existing loan from Bank/HFC needs extra fund for business or for personal use can avail the facility of Top-Up loan. Top-Up loan can be availed only when the current income and current property value permits the existing Bank/HFC to offer this facility. In short Top-Up loan can be availed only when the credit eligibility and technical eligibility permits so.
Loan Against Property
As the name suggests, ‘Loan Against Property’ means loan take against mortgage of your current self occupied residential or commercial property. Usually this loan facility is provided on self occupied properties only and should be located within municipal limits. In some cases it differs from Bank/HFC to Bank/HFC. For specific request or quotes. kindly, mail us at info@gharangan.com.
Lease Rental Discounting
Customers who have rented their property to big corporate houses, government offices, retail stores, showrooms etc, through legal agreement of more than 5 years can avail this facility of Lease Rental Discounting. This type of loan is given through entering into a tripartite agreement between Bank/HFC, Borrower and Tenant. The agreement allows Banks/HFC’s to directly get the credit of monthly rent in their account through ECS mode and gets it debited against the monthly EMI of the customer Loan. This loan is usually given for the period of rent agreement between the borrower and tenant. For calculation of eligibility everything, else is considered as per bank norms of normal ‘Loan against Property’ case.