This is the charge that’s levied by the financer for early full or part-payments
The documents typically required include proof of identity, proof of address, income details, property documents (for specific loan types), and business financials (for business loans). The exact requirements may vary depending on the loan type. change this text.
The loan approval process is fast and efficient. Once we receive your application and required documents, we aim to provide approval within a few business days. Disbursement of funds follows promptly after approval.
Money Bells stands out with its commitment to transparency, security, and customer satisfaction. We offer personalized consultations, a simple loan process, and quick disbursement of funds. Our reputation is built on honesty, integrity, and reliable service.
The Repo Rate is the interest rate at which the Reserve Bank of India (RBI) loans money to commercial banks.
The current Repo Rate in India, fixed by RBI is 6.50%. As per the latest news, the repo rate remained unchanged for the eleventh consecutive time since February 2023, as announced on 6th December 2024.
At MoneyBells, we follow the guidelines set by the Reserve Bank of India (RBI), which ensures transparency and fairness in home loan agreements. According to RBI regulations, there is no prepayment penalty on floating rate home loans. This means you can pay off your loan early without worrying about extra charges, offering you greater flexibility and the opportunity to reduce your interest burden.
However, for fixed-rate home loans, some lenders may charge a prepayment penalty if you choose to pay off the loan early, depending on the terms of your agreement. Rest assured, we ensure that our policies are clear, and our team is always here to guide you through any prepayment options that work best for you.
We offer home loans with flexible tenures ranging from 5 to 25 years. The exact tenure will depend on the loan amount approved and your financial profile. Whether you’re looking for a shorter-term solution or a more long-term investment, we tailor our offerings to meet your needs.
Absolutely! With a home loan, you can benefit from significant tax savings, including:
Tax deductions on the principal repayment: You can claim a maximum annual deduction of up to Rs. 1.5 lakhs under Section 80C.
Tax benefits on interest payments: Under Section 24, you can deduct up to Rs. 2 lakhs per year on the interest paid for a self-occupied property.
Tax savings for joint borrowers: If you and your spouse co-sign a loan, you can each claim up to Rs. 3.5 lakhs in tax deductions, meaning a total of Rs. 7 lakhs in tax benefits! We make sure you get the most out of your home loan.
If you’ve been making timely repayments on your existing home loan, you could qualify for a top-up loan. This additional loan allows you to borrow the amount you’ve already paid off on your current home loan. Top-up loans come with lower interest rates than personal loans and require minimal paperwork, making it an easy option to fund additional needs, whether it’s for home improvements or other expenses.
Unfortunately, joint home loans can only be applied for with immediate family members, such as a spouse, parents, or children. We understand the importance of sharing responsibilities, and we’re happy to help you explore options with your close family members to secure the best deal.
A Loan Against Property is a Secured Loan, where you can mortgage your residential, commercial or special use property to get immediate funds for any purpose, ranging from business expenditure to personal needs. In LAP, the property you own, which has a clear title, is kept with a Bank as a collateral or security, to help you get financial assistance.
As the name suggests, you need to mortgage your property, to ensure access to immediate funding. Your property will act as a security against the Loan amount that you are seeking to apply with Bank. It can be either a residential, commercial or special use space, which is well constructed, has a clear title and free from any legal complications.
Whether you are a salaried employee or a self-employed professional, you need to submit the following list of Loan Against Property documents.
Banks allows you to secure a mortgage Loan Against Property by mortgaging residential, commercial or a special use property (owned or rented). If you own any property like schools, warehouses, industrial or nursing with a capacity of 30 beds, you are eligible to get the Loan.
Banks offer a loan amount of up to 75% of the property value. The loan amount, which you can avail through Bank’s LAP depends on the overall condition of the property. This is nothing but the Loan to Value or LTV Ratio, which Banks refer to before approving any loan. Also, LTV ratios differ by the type of property. Age and prevailing market value of the property also comes under assessment.
A LAP can be availed for various purposes such as a wedding, child’s higher studies, medical emergency, buying a new home, business expansion, debt consolidation to lower cash outflows, purchase of medical equipment and much more.
