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Home Loan Q&A

Home Loan Q&A

Home loans for folks next to doomed to failure credit!!?
I HAVE BEEN WORKING 2 JOBS NOW FOR 2 YEARS TO PAY MY HUSBANDS AND MY BILLS OFF AND ARE NOW READY TO BUY A HOUSE WE MAKE ABOUT 66,000 A YEAR AND OUR CREDIT SCORE IS ABOUT 590 IS THERE ANYONE OUT THERE THAT WILL GIVE US A LOAN AND…

Home Loans for fruitless credit–which ones are trustworthy & reliable?
Please understand that I am not interested in search for this–I can do a Web search myself. I am wondering if anyone has personal experience or know of someone who has had personal experience near such loan companies. What’s the lowest score that has be accepted? What rates did you…

Home Loans for iffy aliens? Seriously! Should Wells Fargo get out to bent aliens?
Many banks are offering loans to illegals without income documentation. The elected representatives votes to put National Guard on the border, and his week voted to build a fence on the border. A mixed message? Read more at: …

Home loans for investment properties?
What are the BEST loans when buying properties to be re-sold in 2 years? Small monthly payments, etc…? Adjustable Rate. Rate on investment properties is slightly higher than owner inhabited. Adjustable mortgages start out with a lower fixed rate, then once initial time term is up that is when the adjustable kicks surrounded by and…

Home loans for smaller amount than unflawed credit?
we filled out an application for a new construction home. Choice homes to be exact… and on the website it say they offer loans for those with smaller quantity than perfect credit. exactly what does that mean? my husbands credit evaluation is about 560. would this be a consideration or is this score…

Home loans for unpromising credit, which bank?
None. Best home loans are easy to seize if you know where to look. Home loans with low interest rates can spawn a sizeable difference in your savings, both on a long permanent status and short term basis. However within order to get the best interest rate on your topical home loan, you…

Home Loans for Vets besides the VA — does any one know any?
no, but let me explain. Alot of morgage companies, advertise va loans, what they denote is they go to the va to get a loan surrounded by your name, and that is leagal and proper, they are of late doing the paper work for you Source(s):…

Home loans how do you get hold of them lowered?
We traveled 2 hrs to meet our creditors for a face to frontage workshop.It was suppose to help us lower our interest rate,which is 12.5%.We stood surrounded by line for at least an hour consequently sat in a group for our creditors afterwards talked to us for a whole 5 mins.We…

Home loans near fruitless credit 567?
I have been buying a home on rent to own and would resembling to borrow the money to repair the home pay it off does any one enjoy any advice Your credit score is too low to get a loan. The sub prime marketplace still exists but lenders are being very thrifty right now. …

Home loans near poor credit??
we are wanting to move, but have poor credit.. We don’t have any debt, but still own low credit scores.. We have something like 20k for a down payment on a house, does anyone know the best type of loan to apply for?? Bad credit rating can have a key impact on…

Home loans next to impossible credit?
so my husband and I both have bad credit, ably bad is an under statement, it’s horrible! We are trying to relocate from Cali to Texas where on earth the cost of living is WAY lower, the thing is in california we sort of own our house, it’s my parents house and we are buying…

Home Loans next to no down money, 100% financing & near fruitless credit or no credit?
How can I get a home loan with no down settlement ,100% financing,& with bad credit or no credit. I’m within the most horrible shape financially of my life and i have a wife and two kids living surrounded by another state i’m currently renting…

Home Loans surrounded by California?
I need to get a home loan but i do not enjoy a “full doc” on my work history. Is it still possible for me to acquire a loan if i have great credit only? Yes, you can get hold of a loan and the same as full doc or w2. You need to…

Home loans surrounded by FLorida?
Could anyone tell me of any 1st time home buyer loans, that are available in Florida?? My husband and I are relocating vertebrae to central Florida, and are looking into 1st time home buyer programs. Does anyone know of any government programs? Thank you so much. You can find information in the order of FHA loans…

Home loans when per annum income is 32,000?
Can you get an “ok” loan when you only formulate that much? Is there help available? What do I do you hold to do if there is help? There is the house of our dreams for 90,000..it is HUD and immaculate for us….were kind of stuck I guess you could articulate. There’s…

Home Loans why are they so expensive . Is it greed from the bank?
Why when the interest rates in Australia are so low that the banks still enjoy to charge so much more then what the reserve bank have set , when they are making record profits . No wonder I have not bothered taking out a home loan…

Home loans why cant i bring a fully clad rate,?
ok i have a credit of 700 why can i not get a fully clad mortgage rate? “> Must be your debt load. Need good credit, average income, stable employment, sufficient down payment, low debt load. ASK the lender/broker why the rate is so large. They should be able to…

Home loans within chennai?
hi am an NRI planning to purchase a flat in chennai. can any one suggest me some best bank where on earth the home loan policies are good. i have SBI and LIC home loans surrounded by mind,and at the same time i want to go solitary for nationalized banks. also, how big is the differences…

Home loans within New Zealand are 10.2% Is near any overseas bank that will lend us money at a lower rate?
Its like – why do we have to rate so much? And surely there’s a bank that would loan us at a lower rate?? No overseas bank is going to lend you $ $ for a property within NZ. …

Home loans within South Africa?
Does anyone in South Africa know whether the cost of buying a house will be increasing or decreasing by next year? Need to know when the right time will be to purchase a house and Ill hang about a bit longer if prices are going to decrease.Only answer if you actually know what you’re chitchat about!…

Home loans within the US for indian property?
Hello, I have a very supporting question. I am an NRI living in the US. Is it possible to transport a home loan in the US(from a US bank or institute) for a house/property contained by India? It is not. The US courts are not recognized in India and would…

Home Loans. Home moving?
When people buy and house and get a home loan for similar to 0,000 and they only live in the house for 1 year and consequently it’s up for sale after that one year. Are those people who bought the home still hold to pay that 0,000 loan, or can they roll that loan over to a…

HOME LOANS…. can you get hold of one beside discouraging credit? ?
I have money to put down. alot of money and i have no debt at adjectives now that i have remunerated it all off. Will I know how to get a loan with really really impossible credit if i have so much to put down? depends on how…

Home loans……what can the lender access?
Can a lender access ur personal savingss accounts or do they get their info from what you give them within statements? They will only verify what you put down. An underwriter has more inportant things to do than verbs around in your financial history looking for assets. If you say you hold it they will…

Home Loans..?
What bank or prviate instatution has a low intrust rate? What state are you in? Source(s): http://www.RealtyLinkDirectory.com http://www.DollarBackRealty.com All of them…whether you qualify for the low rates is the big question. Source(s): Mortgage lender First bad, there is a relationship between rate and cost. High rate means low cost. Lor rate…

Home loans/car loans?
does having a car loan interfere next to the bank giving you a home loan? and does it decrease the indiscriminate of loan approval? All debt will be calculated into your faculty to pay. If your debt-to-income ratio is to high they could turn you down on the home loan. As long as you are making your…

Home loans: does it situation where on earth I apply?
Like different counties of the same state? (Tx?) Thanks. Yes, it matter. You want to research the reputability of the company you are working with. There are banks, mortgage companies, mortgage brokers, and nouns companies. Mortgage companies and banks offer greatly of the same products and are not brokers….

Home loans? involve sustain please?
looking for a home loan, i have realy bad credit! is at hand anyone who will give me a home loan? or will i be renting for the rest of my life untill i no loiter can work and have to be 80 yrs old living on the street? my luggage is very difficault, but i…

Home loans??
im almost 18…my bf will be 21 this yr….anyways..hes got his own company..perfect credit for his age…works full time……….have 3 credit cards..that he pays more than the amt due b4 they r due every mnth….is it possible for him to get a 000 house loan??..cuz i found the PERFECT first house for us…weve been together almost a yr……. First…

Home loans?
anyone know what mortgage companies do loans for not such great credit but plenty of equity in our home to use.credit scores close 600. Ey sups Bobbie Im not exactly sure what your looking for Bobbie But I found this site below and from the looks of it, I think it would be a great deal of…

More Home Loanquestions please visit : RefinanceFreeFAQ.com

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Category: Bank Home Loan | Tags: ,
admin | November 7, 2010
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How long did it take before your bank gave you a home loan modification?

Question by ♥ Puggle Person ♥: How long did it take before your bank gave you a home loan modification?
We applied almost a year ago and we call every week, they keep saying that our case has been assigned and that we will hear from someone soon but week after week we don’t… They also won’t tell us the person who has our case.. What should we do? We don’t want to get a lawyer .. Thanks!!
and what scam would that be? Your saying our bank is scamming us?

Best answer:

Answer by BIGG AL
Get a lawyer…….otherwise the scam will continue.

Know better? Leave your own answer in the comments!

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admin | November 7, 2010
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Lastest Bank Home Loan News

Stock Futures Up on Job Growth
Stock futures turned positive Friday on news that the U.S. economy added 151,000 jobs in October.
Read more on TheStreet.com

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admin | November 7, 2010
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10 Steps To Peaceful Home Loan Processing

10 Steps To Peaceful Home Loan Processing

For the convenience of our customers we planned to give a 10 steps plan which the customer has to understand to take a home loan to build a dream home of their life. 

Please read these 10 steps of processing carefully and follow these to make the transaction a memorable moment in your life. 

1. Understand your product 

Before going for a home loan processing please be aware of your loan product and the terms and conditions that the Bank is asking to fulfil to have the loan done. There are different products for which bank is having different terms and conditions for each product. Normally the Bank will have the below products which come under home loans. 

a. New Purchase of Flat or Independent House: In this a customer can purchase a New Flat or Independent house of his choice which is under construction or in ready to occupy position. 

b. Resale purchase: This product is applicable to those customers who wants to go for a Flat or Independent house which was already owned by some body else. 

C. Plot + Construction: The product is applicable to those customers who want to buy a Plot and do the construction immediately, but banks ask you to start the construction with in the specific period of time. 

d. Balance Transfer (BT): A person who wants to transfer a loan from one Bank/Financial Institution to other can opt for this product. 

e. Construction: A person who wants to construct a house in his/her plot can go for this loan. 

f. Plot: A customer can go for this loan who wants to purchase a Plot which is under HUDA, Municipality and Grampanchayat limits. 

g. Enhancement: Increasing the loan amount which was already taken from the same bank is called enhancement. 

h. Top – Up: This loan is just a facility that banks provide to customers to take on the basis of the previous loan and the repayment track. 

I. Mortgage: It is the loan that a customer can opt by depositing the original property documents with the bank which he already owns. 

2. Rate of Interest (ROI):  The most important point to be taken care of in taking a home loan. There are two types of interest rates which banks normally have i.e Floating and Fixed. 

Floating Rate of interest is subject to change according to the money market conditions. If the interest rate increases then the bank will increase the Rata of Interest on your loan vice versa. 

Fixed Rate of Interest is fixed for the complete tenure of for over a period of time depending on the Banks, but Banks reserve the right to modify the rate of interest if they is any huge differences in the money market conditions. 

Taking clear clarifications is suggestible to the customers about the fixed rate of interest if it is fixed for the whole tenure or not in spite of any differences in money market conditions. 

3. Tenure or repayment period: A customer can choose the tenure of his own. Usually banks offer a min and max tenure of 1 to 25 years to home loans, and 1 to 15 years to mortgage loans.   

Choose tenure of your own for flexible repayments of your loan by keeping all your income and liabilities in mind. It is always advised to choose less tenure to save the interest part on the Home Loan. 

4. Eligibility and sanction process: By taking the Fixed and variable income into consideration banks will calculate the eligibility and the sanction will be given upon all the verifications being positive which the customer have specified in the application form. It is suggested to give useful and applicable information only.

 Banks reserves the right to sanction or reject the application if they find any information that you have given is misleading. 

Once you receive the sanction letter please read it carefully for the conditions of Interest rate revisions, Sanction conditions, Pre-closure charges, Processing fees and terms and conditions of the bank for availing the loan before signing it.  

5. Legal documents and scrutiny: The customer is required to submit all the legal documents to the bank of the property which he is buying. The customer should ask the vendor to give all the link documents, Lay out, and plan copies along with his/her ownership documents. 

It is to be taken care that if there is any legal disputes on the property then the proceeding and judgement copies are also required. 

The customer should verify the legality of the property with a legal advisor because after clearing with the process of the bank if any legal issue raises in future the customer has to pay the loan and the bank do not take any responsibility about the legality of the property. 

It is suggested to verify the legality of those pre approved ventures of the Bank for the safety purpose. 

6. Technical evaluation: Banks evaluate the value of the property with their panel valuer and the value is final. The customers should take all security measures against the deviations like Horizontal and vertical which will affect the processing and the future transactions also. If any deviations are there with the property then you should ask the vendor for the copies of regularisation. The property should have the necessary permissions or documents to regularise the deviations according to Building regularisation scheme (BRS). 

Please check all the details like Plot area, sanction area, Plot No and the Municipal Approved Plan Valid dates before going for a processing. 

7. Home Loan Agreement: It is the Agreement which a customer has to sign before going for disbursement of the loan which he requested to the bank to fund on the property. Please read the document carefully before signing it as it is a long term contract between the customer and the Bank. Once you sign the document it can’t be altered or modified until and unless you repay the loan in all respects. 

8. Registration: The most vital part of the Home Loan processing ends with the registration of the dream property for which you availed the loan. Please take care of the points typed in the Sale Deed documents which give you the ownership of the property and any small mistake in that leads to bigger controversies. So please read the Sale Deed documents before submitting it for the registration process. 

The vendee should collect all the link documents, Plan copies and tax Paid receipts from the vendor at the time of registration only. 

9. Processing, pre-payment and foreclosure charges: The customers have to pay the processing charges to the bank for the loan availed. 

Depending on the banks some charge a max of 2% along with service tax for making part payments towards your home loan account and some do not charge for these payments, but there is a limit for making these part payments over a financial period. 

The customer should know about the additional charges which bank will make in cases of pre payments and foreclosures. A customer needs to pay a max of 4 % of the outstanding principle along with service tax towards the foreclosure charges of the loan. 

10. Tax exemption: Apart from giving the joy of a own house the home loan gives Tax exemption on the principal and interest paid over a financial period. 

The Customer can get a tax benefit of Rs. 1,00,000/- maximum under section 80C of Income Tax act 1965. In addition to this you will get tax benefit of Rs. 20,000/- maximum on the principal amount repaid during a financial year under the section 88 of the principle repayment of the loan. 

A customer can claim tax exemption for the amount paid as stamp duty during the registration process. The Bank will provide you with the provisional certificates to claim the tax exemption from the income Tax department. The loans which do not have tax exemptions are top-up, plot and Mortgage loans.

After working in different sectors of financial field i have decided to launch a website which gives complete information on home loans and which educates the customers or visitors in all means. we have gone further to provide status of files on step to step basis of the home loan processing.


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Related Bank Home Loan Articles

Category: Bank Home Loan | Tags: , , , ,
admin | November 7, 2010
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How long did it take before your bank gave you a home loan modification?

Question by ♥ Puggle Person ♥: How long did it take before your bank gave you a home loan modification?
We applied almost a year ago and we call every week, they keep saying that our case has been assigned and that we will hear from someone soon but week after week we don’t… They also won’t tell us the person who has our case.. What should we do? We don’t want to get a lawyer .. Thanks!!
and what scam would that be? Your saying our bank is scamming us?

Best answer:

Answer by BIGG AL
Get a lawyer…….otherwise the scam will continue.

What do you think? Answer below!

Category: Bank Home Loan |
admin | November 7, 2010
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Home Loans in India: Take advantage of attractive 2009 holiday season special offers

Home Loans in India: Take advantage of attractive 2009 holiday season special offers

A number of banks have announced attractive housing loan schemes recently that can help you if you are looking to purchase a home soon. Many of these schemes offer lower interest rates for the first few years and then typically the loan interest rates are linked to the Bank’s Prime Lending Rate (BPLR) for the remaining years of your loan repayment period. This article summarizes the key aspects of the schemes offered by all major banks to help you make a decision quickly. You can also take advantage of the 1% subsidy announced by Government of India recently for home loans.

Some banks are also offering borrowers the ability to convert to either a fixed or floating loan after the special interest rate period has expired.

In addition to the lower interest rates for the first few years, some of these special schemes also come with other perks such as lower margin requirements, waiver of processing fees and no pre-payment charges.

Many of the special schemes have been announced with an eye on the 2009 holiday season with the goal of increasing the housing loan intake thereby stimulating the housing sector related sectors of the economy such as construction, steel etc. Most of these schemes are limited time offers (many upto October 31 and some till December 31) and hence customers interested in taking a housing loan must act quickly.

State Bank of India (SBI), India’s largest bank, has driven these special schemes by many other banks by coming up with its special home loan offer. Under this scheme, loans upto Rs. 5 lakhs come with a fixed interest rate of 8.00% for the first 5 years. At the end of the five-year period, a customer opting for home loans of less than Rs 5 lakhs can choose between a floating rate of 2.75 per cent below the State Bank Advance Rate (currently at 11.75 per cent) or a fixed rate of 1.25 per cent below SBAR for a further term of five years.

For home loans of between Rs 5 lakhs and Rs 50 lakhs, SBI will offer 8 per cent during the first year and 8.5 per cent for second and third years. From the fourth year, the customer can choose between a floating rate of 2.75 per cent below SBAR or at a fixed rate of 1.25 per cent below SBAR.

For over Rs 50 lakh loans, SBI will charge 8 per cent during the first year and 9 per cent for second and third years. From the fourth year, the customer can choose between a floating rate of 1.75 per cent below SBAR or at a fixed rate of 0.75 per cent below SBAR.

ICICI Bank has a special offer with interest rates of 8.75% for loans upto Rs. 20 lakhs, 9.25% for loans between Rs. 20 lakhs and Rs. 50 lakhs and 9.75% for loans above Rs. 50 lakhs.

LIC Housing Finance has a floating rate scheme with special interest rate of 8.75% for loans upto Rs. 75 lakhs. For home loan borrowers options for their 3 year Fix-o-Floaty scheme, the rates for new customers upto Rs. 75 lakhs will be 8.90%.

Canara Bank is offering a scheme where for home loans upto Rs. 30 lakhs, interest rate for first 12 months is 8.00%. Interest rate for next 48 months is 9.00%. Interest rate for above 60 months to upto 300 months is BPLR-2.50%. Changes in BPLR will not have any effect on the interest rates for the first 60 months. After 60 months the rate of interest is linked to BPLR. Rate of interest valid for loans sanctioned on or after 10.09.2009 upto 31.12.2009.

For home loans between Rs. 30 lakhs and Rs. 1 crore, Canara Bank’s interest rate for first 12 months is 8.75%. Interest rate for next 48 months is 9.50%. Interest rate for above 60 months to upto 300 months is BPLR-2.00%. Changes in BPLR will not have any effect on the interest rates for the first 60 months for loans. After 60 months the rate of interest is linked to BPLR. Rate of interest valid for loans sanctioned on or after 10.09.2009 upto 31.12.2009.

For home loans above Rs. 1 crore and upto Rs. 3 crores, Canara bank’s interest rate for first 12 months is 9.50%. Interest rate for next 48 months is 10.00%. Interest rate for above 60 months to upto 300 months is BPLR-1.00%. Changes in BPLR will not have any effect on the interest rates for the first 60 months. After 60 months the rate of interest is linked to BPLR. Rate of interest valid for loans sanctioned on or after 10.09.2009 upto 31.12.2009.

For loans above Rs. 3 crores, Canara Bank’s interest rate is BPLR-0.50% subject to a minimum of 11.50% with 200% security. BPLR is currently 12.00%. Rate of interest is valid for loans sanctioned on or after 10.09.2009 upto 31.12.2009.

State Bank of Patiala is offering an interest rate of 8.00% for home loans upto Rs. 30 lakhs for first year of repayment. The interest rate for the 2nd and 3rd years is 9.00% for loans upto Rs. 30 lakhs. From the 4th year onwards, the interest rate will be the then applicable floating home loan rate linked with BPLR. For home loan amounts over Rs. 30 lakhs, the interest rate offered is 8.00% for the first year and 9.50% for the 2nd and 3rd years of the loan repayment period. This scheme is valid till September 30, 2009.

Under Punjab National Bank’s (PNB) Festival Season Bonanza Offer 2009, home loans of upto Rs. 30 lakhs will have an interest rate of 8.50 is fixed for first 3 years only. After 3 years, interest rates will be based on bank’s BPLR will be applicable. Full waiver of processing fees and documentation charges are also applicable under this scheme. This scheme is valid till October 31, 2009.

United Bank of India’s special home loan scheme offers an interest rate of 8.25% fixed for first 5 years for a loan amount of upto Rs. 5 lakhs. The interest rate offered is 9.00% fixed for loan amounts between Rs. 5 lakhs and Rs. 20 lakhs for first 5 years of loan repayment period. The rate of interest shall be reset after 5 years & the borrower will then have the option for going for a Fixed rate or Floating rate of interest. This scheme is valid till December 31, 2009.

Punjab and Sind Bank has also announced a special housing loan scheme valid till December 31, 2009. Under this scheme, home loans of upto Rs. 20 lakhs will have an interest rate of 8.25% valid for first 2 years only. Years 3 to 5 years will have a fixed interest rate of 8.50%. Interest rate from 6th year onwards will be BPLR-2.50% with a floor rate of 10.00%. A lower margin of 10% is set for housing loans upto Rs. 5 lakhs and a margin of 15% for loans between Rs. 5 lakhs and Rs. 20 lakhs. No processing fee is to be charged for loans upto Rs. 20 lakhs and no prepayment charges are to be levied.

Oriental Bank of Commerce is also offering a special home loans package until December 31, 2009. Under this scheme, home loans of upto Rs. 5 lakhs will get a fixed interest rate of 8.50% for first 5 years. Home loans between Rs. 5 lakhs and Rs. 20 lakhs will have an interest rate of 9.25% fixed for first 5 years. For repayment years above 5 yrs and upto 20 yrs, interest rates will be decided after the 5th year of repayment based on Indian Banks Association (IBA) guidelines at that time.

Union Bank of India also has a special home loans scheme under which you can get a fixed interest rate of 8.50% for the first 3 years of your loan for loans upto Rs. 50 lakhs. For loans above Rs. 50 lakhs, you can get a fixed rate of 9.25% for the first 3 years of your repayment period. After the first 3 years, the loan interest rate is linked to the bank’s BPLR.

Bank of India offers a fixed rate of 8.50% for loan amounts of upto Rs. 5 lakhs for the first 5 years. The interest rate is 9.25% fixed for first 5 years for loans between Rs. 5 lakhs and Rs. 20 lakhs. The interest rate after 5 years will be set by the bank based on its BPLR.

South Indian Bank has a SIB shelter scheme under which loans of upto Rs. 30 lakhs have a rate of interest of 8.50% fixed for first 18 months. Rate of interest for next 18 months is 9.50% fixed. Rate of interest for balance period of payment is then prevailing housing loan interest rate of the bank for housing loans upto and including Rs. 30 lacs. At the end of 3 years, switchover to rate of interest – fixed or floating – shall be allowed without any switching charges.

For loans above Rs. 30 lakhs, South Indian Bank is offering a rate of interest for first 18 months of 9.00% fixed. Rate of interest for next 18 months is 10.00% fixed. Rate of interest for balance period of payment is then prevailing housing loan interest rate of the bank for housing loans above Rs. 30 lacs.

Bank of Baroda’s special housing loan scheme offers an interest rate of 8.50% fixed for loans amounts upto Rs. 5 lakhs and an interest rate of 9.25% fixed for loans amounts between Rs. 5 lakhs and Rs. 20 lakhs. The above rates are for the first 5 years. The rate of interest shall be reset after 5 years from the date of drawal of the first installment and borrower will then have the option for going for a fixed rate or floating rate of interest.

Dena Bank offers a festival season home loan scheme where home loans below Rs. 30 lakhs get an interest rate of 8.00% fixed for first and second years. Interest rate of 9.50% is fixed for years 3 to 5 of loan. The borrower will have option to choose either fixed or floating rate of interest from sixth year onwards. For loans above Rs. 30 lakhs, interest rates will be fixed at 8.50% for first and second years and 9.50% for years 3 to 5 of the loan repayment period. These rates will be applicable to new housing loans availed from 14th September 2009 to 30th November 2009.

Vijaya Bank has announced a festival season offer valid from 14.9.09 to 15.01.2010. For loans upto Rs. 30 lakhs, interest rate of 8.00% is offered for first year, while second and third years will have an interest rate of 9.25%. For years 4 and 5, interest rate will be 9.50%. For years 5 to 20, interest rate will be based on BPLR with a minimum of 10.00%. For loans above Rs. 30 lakhs, interest rate of 8.50% is offered for first year, while second and third years will have an interest rate of 9.75%. For years 4 and 5, interest rate will be 10.00%. For years 5 to 20, interest rate will be based on BPLR with a minimum of 10.50%.

Syndicate Bank’s special loan scheme offers an interest rate of 8.25% is applicable for first 2 years for loans upto Rs. 30 lakhs. Interest rate is 8.75% for 3rd to 5th years. Interest rate from 6th year onwards is PLR-2.50% subject to a minimum of 11.00%. For loans above Rs. 30 lakhs, the interest rate is 9.25%for first 2 years. Interest rate is 9.75% for 3rd to 5th years. Interest rate from 6th year onwards is PLR-2.00% subject to a minimum of 11.50%. This scheme is valid till March 31, 2010.

State Bank of Bikaner and Jaipur has a scheme where the interest rate for the first year is 8.00%. Interest rate for years 2 and 3 is 8.50% for loans upto Rs. 50 lakhs and 9.00% for loans above Rs. 50 lakhs. Borrower has the option of choosing a fixed rate or floating rate option for repayment periods after 3 years at the time of loan sanction. This scheme is valid till November 30, 2009.

To get the best home loan interest rates in India, you can always visit Ratekhoj’s home loan interest rate comparison page. To get your Equated Monthly Installment (EMI) numbers for a particular interest rate you can use our loan EMI calculator.

Ratekhoj.com is a personal finance comparison website where you can compare and get the best fixed deposits, home loans, credit cards and insurance products from all leading banks and financial institutions in India.


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admin | November 7, 2010
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Where is the best bank to get a VA home loan??

Question by Stanford F: Where is the best bank to get a VA home loan??
My wife and I are planning on buying our first house and we were wondering if anybody has any suggestions on the best bank to go through using a VA loan. Our credit isnt bad but it isnt great either. Just wondering if anyone has had any experience with buying a house with a VA. loan and what kind of credit score do they normally look for.

Best answer:

Answer by Army Retired Guy
A credit score shouldn’t matter much unless you’ve really tanked your credit. all a VA home loan is, Is the a certificate showing, that for your valuable service to the nation, the Veterans Administration will guarantee your loan for up to the amount the financial institution will loan you, in the event you default on the loan. The VA will take the note and the bank won’t lose money on it.

Add your own answer in the comments!

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admin | November 7, 2010
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Network Mortgage Adds Key Staff and Issues Statement on Liquidity


Lynnwood, WA (PRWEB) August 20, 2007

Kevin Lane, Executive Vice President of Network Mortgage Services (www.networkhomeloans.com), has announced that the company has added three key members to its team. Geoff Nester has been named Senior Vice President and Branch Manager for the Lynnwood Home Loan Center and Gerri Rasmussen and Jason Weber have been hired as a Senior Loan Consultants with the company.

Nester assumes his role with the company after holding similar positions with American Home Mortgage and Pacific Crest/Phoenix Savings Bank for the past seven years. His mortgage banking career began with Washington Mutual in 1987. He and his family reside in Bothell where he is very active as a youth sports volunteer.

Rasmussen joins the company after 13 years with Pacific Crest/Phoenix Savings Bank and a short stint at American Home Mortgage. She focuses on homebuyer education, is a certified instructor for the Washington State Housing Finance Commission, and is an active member of the Greater Seattle Business Association. She resides in Edmonds.

Weber began his mortgage career with Pacific Crest/Phoenix Savings Bank, where he was presented with an award for outstanding achievement during his first year in the mortgage business. In addition to a successful mortgage career, he also owns Jason’s Java Espresso in his hometown of Brier. Weber and his family reside in Brier.

Regarding the current turmoil the mortgage industry is facing, Lane states that it is important to point out the difference between his mortgage company and those most people are hearing about in the news today. “We’ve got news to report also,” he says, “but it’s all positive. The mortgage lenders and brokers you’re reading about; their problems stem from being undercapitalized. That’s not the case here. We’re well capitalized, very liquid and our company was literally designed to grow in the type of market we’re in right now.”

“While many institutional lenders and banks are re-evaluating their commitment to the mortgage banking industry, we are continuing to expand our reach and provide innovative solutions to our loan officers and broker partners. Our loan officers have access to a diversified product mix and leading-edge technology that will help them continue to gain more market share,” Lane said.

Lane states that the company is funding loans as usual, and without interruption. “We’ve heard rumors that several of our competitors have been subject to limitations placed by their warehouse lenders that, in some cases, have literally halted their ability to fund most loans. That’s not the case here,” Lane added, “In fact, our credit facility was recently increased without any restrictions. Further, we’re not subject to the whims of a parent company, an out of touch home office or their funding source.”

Network Mortgage, founded in 1987, is privately held, and is the only independently owned mortgage banking company headquartered in Lynnwood. The company originates loans in seven states through both a retail loan center and a wholesale lending channel and maintains approvals from HUD, VA, multiple institutional investors and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Kevin C. Lane, Executive Vice President

Network Mortgage Services, Inc.

19101 36th Avenue West, Suite 103

Lynnwood, WA 98036

Web: www.networkhomeloans.com

Telephone: 425-672-2810, ext. 2311

Fax: 425-771-4656

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admin | November 7, 2010
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Q&A: What advantages takes this people when its talk about reducing your loan home interest pay to the bank.?

Question by •·÷£a InølvÏÐå(3£ë÷·• [: What advantages takes this people when its talk about reducing your loan home interest pay to the bank.?
So theres a company that offers you to lower your interest rate per month. So for example if you bought a house and took a loan from the bank. They charged you some “x” percent per month. If you can’t affor this payment for “x” reason; this company lower your interest rate per month so that you pay less. ( but you still own the same amount of money )

What advantages and disavantages does this give you?

Best answer:

Answer by Judy
My first question would be.
Is my 30 year loan now going to be a 45 year loan?
What closing costs are they going to charge me?
Any pre-payment penalties in case I want to pay off some day?
Am I getting into one of those scam loans like balloon payment, negative amortization, ARMS, option payments, adjustable anything?
/

Give your answer to this question below!

Category: Bank Home Loan | Tags: , , , , , , , , , ,
admin | November 6, 2010
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AimLoans, a Division of PrimeLending, Wins Broker of the Month for the 3rd Straight Month

(PRWEB) July 22, 2005

AimLoans, a division of PrimeLending, won the Broker of the Month for the Cincinnati market from Aames Home Loan for the month of May 2005. Aames Home Loan wholesales subprime residential loans to lender/brokers such as AimLoans. This is the third consecutive month that AimLoans has won this award and the fifth time in the last 9 months.

“We are very proud to be the recipient of this award” said Don Semler, branch manager for AimLoans. “The fact that we have won this award five times in the last 9 months is attributed to our solid working relationship with Aames Home Loan. Their products offer us the ability to approve many borrowers who can not qualify through banks or traditional financing.”

“AimLoans has been wonderful to work with,” according to Michelle Kroth, account executive for Aames Home Loan. “Their staff is very knowledgeable, they perform quality work and do their best to provide a smooth transaction for their clients.”

About PrimeLending

Since 1986, PrimeLending, a PlainsCapital Company, has been helping thousands of families finance their homes. The company has grown from producing millionannually in mortgage loans with a staff of 20 to over 500 employees originating .2 billion in annual production. In addition to the corporate office located in Dallas, Texas, PrimeLending offers branch locations in Louisiana, Colorado, Missouri, Ohio, Arizona, Oregon, Maryland and North Carolina and has the ability to lend in 47 states. To find out more about AimLoans or PrimeLending please visit, www.aimloans.com or www.primelending.com.

About Aames Investment Corporation

Aames is a mortgage REIT and, through its subsidiary Aames Financial Corporation, originates mortgage loans in 47 states. Aames Financial is a fifty-year old national mortgage banking company focused primarily on originating subprime residential mortgage loans through wholesale and retail channels under the name “Aames Home Loan.” To find out more about Aames, please visit www.aames.net.

For further information, please contact:

AimLoans, a division of PrimeLending

Don Semler

2856 E. Kemper Road

Cincinnati, OH 45241

513-842-0080

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