SBA’s disaster loans are the primary form of federal assistance for the repair and rebuilding of non-farm, private sector disaster losses. The disaster loan program is the only form of SBA assistance not limited to small businesses.

Homeowners can apply for a real property loan for up to $200,000 to repair or replace their primary residence to its pre-disaster condition. The loan may not be used to upgrade the home or make additions to it. If, however, building codes require structural improvements to repair the disaster damage, the loan may be used to meet these requirements. Loans may be increased by as much as 20 percent of the verified losses (not to exceed $200,000) to protect the damaged real property from possible future disasters of the same kind.

Homeowners or renters can apply for a personal property loan for up to $40,000 to help repair or replace personal property, such as clothing, furniture, automobiles, etc., lost in the disaster. As a rule of thumb, personal property is anything that is not considered real estate or a part of the actual structure. This loan may not be used to replace extraordinarily expensive or irreplaceable items, such as antiques, collections, pleasure boats, recreational vehicles, fur coats, etc.

General Program Requirements

To be eligible for SBA assistance, homeowners and renters must have sustained physical damage and be located in a disaster declared county.

Loan Terms

Disaster survivors must repay SBA disaster loans. SBA can only approve loans to applicants with a reasonable ability to repay the loan and other obligations from earnings. The terms of each loan are established in accordance with each borrower’s ability to repay. The law gives SBA several powerful tools to make disaster loans affordable: low fixed interest rates, long-terms (up to 30 years), and refinancing of prior real estate liens (in some cases). As required by law, the interest rate for each loan is based on SBA’s determination of whether an applicant has the ability to borrow or use their own resources to overcome the disaster.

The SBA can provide up to $200,000 to homeowners to repair or replace their primary residence. Homeowners and renters are eligible for up to $40,000 to help repair or replace personal property. There are no upfront fees or early payment penalties charged by SBA.

Key info

• Full consistency with single board rate
• Financing of property purchase with a Bridging Loan*
• Attractive interest rates with a choice of Fixed Rate or Variable Rate package

Note: Loan amount is based on the purchase price or valuation of your flat, whichever is lower; Terms and Conditions apply

Benefits

• Special Rates if you take up a Renovation Loan with us!
• Terms and conditions apply
• Free fire insurance for 1 year
• Legal fee subsidy

As soon as you apply for a Home Loan with Citibank, They assign you a dedicated Relationship Manager, who steers you through the entire process.

What can a Citibank Home Loan fund?

You can avail these attractive loans right away, for:

• Purchasing a ready to occupy apartment or house
• Purchasing an under-construction apartment or house by an approved developer
• Or construction of your own house on a plot of land
• Get loan against a property already owned by you

Where can I buy property in India?

With Citibank Home Loans, you can buy property in any one of the following cities:

• Delhi, Gurgaon, Noida , Kolkata, Mumbai, Pune, Bangalore, Chennai, Hyderabad, Ahmedabad, Baroda, Surat, Indore and Coimbatore.

Advantages of a Citibank Home loan for NRIs

Criteria

For USA and Canada Residents

• You are eligible for a Citibank Home Loan, if you fulfill the following criteria:
• Salaried individual with at least 2 years of work experience of which at least 12 months as an NRI, plus a minimum salary of USD 36,000/CAD 60,000 per annum
• You must also have a close blood relative residing in India, who will be a co-applicant to your loan

For United Kingdom Residents

• You are eligible for a Citibank Home Loan, if you fulfill the following criterion:
• Salaried individual with at least 2 years of work experience of which at least 12 months as an NRI, plus a minimum salary of GBP 40,000 per annum
• You must also have a close blood relative residing in India, who will be a co-applicant to your loan

For Middle East Residents

• You are eligible for a Citibank Home Loan, if you fulfill the following criteria:
• Salaried individual with at least 2 years of work experience of which at least 12 months as an NRI, plus a minimum salary of AED 48,000/BHD 4,800 per annum
• You must also have a close blood relative residing in India, who will be a co-applicant to your loan

For Asia Pacific Residents

• You are eligible for a Citibank Home Loan, if you fulfill the following criteria:
• Salaried individual with at least 2 years of work experience of which at least 12 months as an NRI, plus a minimum salary of SGD 40,000 per annum
• You must also have a close blood relative residing in India, who will be a co-applicant to your loan

Documents Required

Income Documents (For salaried applicants whose income is being considered):

• Latest Salary Slip for 1 complete month
• Last two year’s W2/B4/P60/Work contract
• Last 3 month’s bank statement reflecting salary credit

Personal Identification Documents (For all applicants on the loan):

• Passport size photograph
• Copy of Passport with Visa page

Secondary Identification Documents: Driving License/PAN Card

Property Documents:

• Latest Sale Deed with previous chain link
• Allotment Letter, Payment Plan and Receipts for under construction properties

Any other documents as might be required depending on the nature of the property.

For a common man this seems to be attractive that he feels that taking home loan is very easy for him. But actually when the person goes to banks and apply for the loan his application gets rejected. Let us consider the case of Home Loan rejected. We will discuss what are the various points for which home loan gets rejected.

1. Banks or housing finance companies rejects the home loan application if the land or the building for which loan is applied, the legal documents are not clear from the builder side or there is any technical discrepancy as per the technical review of the bank or financial company offering the loan.

2. Sometime banks or housing finance companies have norms, with respect to a minimum are of the flat to be purchased. So before applying for loan check with the lender about the criterion of minimum area requirement. If it is not then change the lender and reapply.

3. Lender also checks the financial ability of the person applying for loan. To be eligible for applying make sure that your monthly income meets minimum income requirement and also try to keep clean credit background. If you have your source of income fixed then your loan approval is very high.

4. Family dependents is also one of the factor that banks and financial institutions considers apart from the fixed source of income. This plays a huge role in an applicants repayment capability. Means larger dependents reveals lower repayment capacity. Based on the past six months banks Savings Account and Credit Card Statement banks easily understands the spending and savings habit of an individual. So keep your Banks accounts clear and credit card outstandings to minimum.

5. The next factor is age of the person applying for loan. The higher the age lesser the chances of approving the loan. As age goes high the tenure of the loan becomes small and hence higher EMIs which a person may not be able to pay. In this case due to higher age group the home loan gets disapproved.

6. Some banks or housing financial companies have restrictions of location. If person applying for home loan is not within its geographical limit then also your application gets rejected. Ask before you apply for the loan.

7. If you are planning to buy a resale property then if the property is less more than 30 Years then also your application rejects. Number of years of restriction for resale property varies from banks to banks. So clarify this before you apply.

Finally above all criteria are all in your favour but banks does not provide a 100% finance for the home loan so you should have atleast 25% of the property value amount available with you so that you can pay this first and then balance amount will get approved for your home loan.

So members, before you apply for the home loan please check all above points to get through the appoved loan in first attempt.

HDFC Bank is the only bank in india that giving largest amount of money as home loan, We can avail the home loan upto Rs.50 lacs from HDFC Bank. We can apply for the HDFC Bank home loan for the puchase/construction of a new house/flat and also to renovate/rebuild an existing home.

The Interest Rates of the HDFC Bank home loan is very less, We can get the home loan on a floating or fixed rate of interest from the HDFC Bank. The Processing fee and all other charges of the HDFC Bank home loan is low when compared with other bank home loans. Documentation is minimal, The process of getting the loan is very simple and also easy,

The Repayment period of HDFC Bank home loan is so long, We can repay the loan amount in 10 -15 years. There are several repayment options available, We can choose the one that suits us.

So, here goes a step-by-step break-up of the personal loan application process:

Step 1: Enquiry with a financier:

The first step is to get in touch with a lender. How do you know whom you should approach? You need to get in touch with as many lenders as possible and get them to make loan offers to you. Then negotiate with them to get the best interest rate. Check if there are any special offers.

After you have got all the banks to make their offers to you, select your lender based on the information you have in front of you.

Step 2: Documents Collection

After you finalise your lender, the lender’s direct selling agent will visit you and collect documents supporting proof of income, residence proof, and identity. You may be required to produce copies of IT returns, salary slips, bank statements, ration card, passport, driving licence, and other relevant documents. These requirements vary from lender to lender.

Step 3: Field Investigation Agency Representative Visit

After submitting the documents, a field investigator will visit your home to double check the facts provided in the documents, such as your place of residence, tenure at work place and so on. It is essential that you are present during this visit; otherwise the investigator could report that the facts you provided do not actually add up, thus forcing the lender to reject your loan application.

Step 4: Loan approved

Once the lender is satisfied with the veracity of your documents, the loan is approved. The lender then disburses the amount through cheques or demand drafts (DD).

Recently we have done a survey on who is the best home loan provider in pakistan, In that survery most pakistani people have said that the meezan bank in No.1 home loan provider.

1) Doing Research: At first one needs to do a research about the banks and financial companies in india, By doing some research on them you can know the latest offers on home loans and also their interest rates.

2) Selecting a Bank: After researching about the home loan lenders i.e, banks and financial companies you needs to select a bank of your choice.

3) Get Ready With All The Required Documents:  Next to selecting the bank you needs to get ready with all the required documents, The banks and financial companies in india mainly asks the following documents;

• Proof Of Residence
• Proof Of Income
• Proof Of Identity

4) Apply the Loan: You can apply the home loan by going the nearest branch or by visiting the official website of the bank whichever you have selected.

5) Getting the Loan: If you have applied the loan application perfectly along with all the required documents at any bank or financial company in india then your loan application will be reviewed and loan amount will be granted within 7 to 10 days.

1) Choose a Good Lender:

As there are several banks and financial companies offering home loans these days it had became very difficult for the people in choosing the good home loan lender.

Even though there are many home loan lenders only few provide home loans with many extra benfits at low interest rates so you needs to choose a right lender by doing lots of research.

2) Get Ready With All Required Documents:

The home loan lenders mainly asks you the documents in order to grant the loans so before applying for the home loan you needs to get ready with all required documents. The home loan lenders commonly asks the following documents:

1. Residence Proof
2. Identity Proof
3. Income Proof
4. Age Proof

If you follow these steps the getting the home loan become very easy like learning abcd. If you have any doubts in applying a home loan be free to ask us.

Features & Benefits Of HSBC India Home Loans for Business

1. Choose a suitable loan amount: Loan amounts range from Rs. 200,000 to Rs. 20,000,000
2. Option to choose the interest type you want: Fixed or floating interest rates, with the flexibility to change once every year without any penalty charges.
3. Choose a loan tenure convenient to you: Loan can be take for up to 15 years.
4. Prepay the loan at your convenience: Flexibility to prepay up to 25% of your loan every year, after the first 6 months without any pre-payment charges.
5. Enjoy the special treatment from HSBC: If you are a HSBC customer for 6 months or more, you are entitled to a special relationship discount on the processing fee.
6. Attractive option to transfer your existing home loan from another bank: If your business is a private limited company or a partnership and the property is used for such business, interest on loan should be generally fully tax deductible, as compared to that for individuals where the deduction is generally available only upto a maximum of Rs. 150,000.

Eligibility

Loans offered to the following type of concerns

• Sole Proprietorships
• Partnerships
• Private Limited Companies

Loans offered for the following type of Properties

• Ready-for-occupation property
• Approved under construction property
• Self-construction
• Home improvement

Age of the guarantor (wherever personal guarantee is applicable)

• Minimum age of the guarantor to be 21 years
• Maximum age of the guarantor to be 65 years at the time of the loan maturity

Note: Loans are available for applicants residing in and around and properties in and around the limits of the cities where HSBC has branches and the same is subject to change from time to time. All loans are subject to terms and conditions and are at the sole discretion of The Hongkong and Shanghai Banking Corporation Limited (HSBC), India.

Home Loan for Business is currently available only in the following locations; Mumbai, Pune, Kolkata, Hyderabad, Bangalore, Chennai, New Delhi, Jaipur and Chandigarh.