Home loan interest Rates

Bank Name	Floating Interest rate
SBI - State Bank Of India	9.50% (For Women), 9.55% (For Others)
ICICI Bank	Up to 5 Cr 9.50%( For women),9.55%(for others)
HDFC Ltd	9.55% (Trufixed plus -2 & 3 yrs), 9.75% (TruFixed Plus 10 yrs) Or 9.55% Floating Rate.
LIC Housing	9.60%
AXIS Bank	9.60% - 9.65%
DHFL	9.55%(upto 25lacs),then 9.65%
IDBI	9.75%
Union Bank of India	9.65% - 10.40%
Bank of India	9.95%
Indiabulls Housing Finance Limited	9.55% (upto 3 cr),then 10.25%
Bank of Maharastra	10.20%
Corporation Bank	9.90%
United Bank of India	9.75%
Tata capital Housing Finance ltd	9.60% (Salaried), 9.80% (SEP/SENP)
HSBC Bank	9.85%-10.10% (for Salaried) 9.85%-10.20%( for Self Employed
Indian Bank	9.95%
Deutsche Bank	10.50%
Standard Chartered	9.75%
Federal Bank	9.95%-10.10%
Allahabad Bank	9.95%
Central Bank of India	9.95%
UCO Bank	9.95%
Bank of Baroda	9.65%
Canara Bank	9.65%
Oriental Bank of Commerce	9.90% -10.40%
Kotak Bank	Upto 14.5%
Dena Bank	9.70%
First Blue Home Finance	10.25% (for Salaried / SEP), 10.75% (For Self Employed) (Upto 25Lacs), Then 10.75% (for Salaried / SEP), 11.25% (For Self Employed)
Vijaya Bank	9.65%
Syndicate Bank	9.70
PNB Housing Finance	9.75% - 9.95% (Salaried / S.E Prof) 9.95% - 10.25% (S.Emp Non Prof)
Citibank	9.85% - 9.95%
Indian Overseas Bank	9.90%
Punjab National Bank	9.60%
Development Credit Bank	11.50%
State Bank of Travancore	9.95%
Bank of Maharastra	10.20%
Dhanalakshmi Bank	11.50%

Factors affecting cibil score

There are 4 major factors that affect your score

1. Payment history
   Making late payments or defaulting your EMIs or dues (recently or consistently) shows you are having trouble to pay your existing credit obligations and will negatively affect your score.
2. High utilization of Credit Limit While increased spending on your credit card will not necessarily affect your score in a negative manner, an increase in the current balance of your credit card indicates an increased repayment burden and may negatively affect your score.
3. Higher percentage of credit cards or personal loans (also known as unsecured loan) Having a balanced mix between the secured loans (such as Auto, Home loan) and unsecured loan (such as Personal loan, Credit Card) is likely to have a more positive affect on your score.
4. Many new accounts opened recently If you have recently been sanctioned multiple loans and credit cards, then lenders will view your application with caution because this behavior indicates your debt burden has increased, which will negatively impact your score.

Good CIBIL score

There is no good or bad score per se but it is found that lenders tend to avoid or be extra cautious granting credit to borrowers with a score less than 700 with CIBIL for secured loans like home loan. For unsecured loans like personal loan and consumer loans, banks in India tend to target customers with a score of 750 or above. 

Credit Score Estimate	What it may mean for your credit health?
750 - 900	Excellent Score reflecting impeccable and consistent past repayment track record You are likely to get loans at most competitive interest rates from best banks Subject to eligibility and credit report, you should be able to easily obtain secured loans like home loan and car loan and unsecured loans like personal loan and credit cards
700 - 750	Fairly good score reflecting fair past repayment track record You are likely to get loans at competitive interest rates from banks Subject to eligibility and credit report, you should be able to easily obtain secured loans like home loan and car loan.  Before sanctioning unsecured loans like personal loan and credit cards, banks are likely to conduct further credit analysis
550 - 700	Lower score reflecting some delays or irregularity of loan repayment in the past Many lenders may avoid sanctioning you loans except with significant credit check Banks and finance companies may still consider your loan application subject to high collateral and low LTV Interest rates offered may be relatively higher
300 - 550	Reflects a history of multiple delinquencies and/ or over leverage Your credit report is likely to list more than one write-offs/ settlements/ over due payments Extremely difficult to obtain loans from organized lenders.

Why is credit score important for Loan

The CIBIL TransUnion Score plays a critical role in the loan application process. After an applicant fills out the application form and hands it over to the lender, the lender first checks the credit score and credit report of the applicant. If the credit score is low, the lender may not even consider the application further and reject it at that point. If the credit score is high, the lender will look into the application and consider other details to determine if the applicant is credit-worthy. The credit score works as a first impression for the lender, the higher the score, the better are your chances of the loan being reviewed and approved. The decision to lend is solely dependent on the lender and CIBIL does not in any manner decide if the loan/credit card should be sanctioned or not.

What is CIBIL Score

Credit Information Bureau (India) Ltd; CIBIL is India’s first Credit Information Company, also commonly referred as a Credit Bureau. We collect and maintain records of individuals’ and non-individuals’ (commercial entities) payments pertaining to loans and credit cards. These records are submitted to us by banks and other lenders on a monthly basis; using this information a Credit Information Report (CIR) and Credit Score is developed, enabling lenders to evaluate and approve loan applications. A Credit Bureau is licensed by the RBI and governed by the Credit Information Companies (Regulation) Act of 2005.

Bank Loan Application Process

Dear Client,

Please find below the Loan application process followed in Banks.

Steps:

1. Applicant fills a loan application form.

2. Handover the form to the Bank.

3. Bank checks with CIBIL for credit score & Report.
     - Low credit score leads to loan rejection.

4. High credit score leads to eligibility check & basic documentation.
     - No eligibility leads to rejection of application.

5. Eligibility leads to loan approval.

AVOID ONLINE LOAN FRAUD

Don’t send money to someone you don’t know.

Not to an online seller you’ve never heard of — or an online love interest who asks for money. It’s best to do business with sites you know and trust. If you buy items through an online auction, consider using a payment option that provides protection, like a credit card.
If you think you’ve found a good deal, but you aren’t familiar with the company, check it out. Type the company or product name into your favorite search engine with terms like “review,” “complaint,” or “scam.” See what comes up — on the first page of results as well as on the later pages.
Never pay fees first for the promise of a big pay-off later — whether it’s for a loan, a job, a grant or a so-called prize.

Don’t agree to deposit a check and wire money back.

By law, banks have to make funds from deposited checks available within days, but uncovering a fake check can take weeks. You’re responsible for the checks you deposit: If a check turns out to be a fake, you’re responsible for paying back the bank. No matter how convincing the story, someone who overpays with a check is almost certainly a scam artist.

Don’t reply to messages asking for personal or financial information.

It doesn't matter whether the message comes as an email, a phone call, a text message, or an ad. Don’t click on links or call phone numbers included in the message, either. It’s called phishing. The crooks behind these messages are trying to trick you into revealing sensitive information. If you got a message like this and you are concerned about your account status, call the number on your credit or debit card — or your statement — and check on it.

Don’t play a foreign lottery.

It’s illegal to play a foreign lottery. And yet messages that tout your chances of winning a foreign lottery, or messages that claim you’ve already won, can be tempting. Inevitably, you have to pay “taxes,” “fees,” or “customs duties” to collect your prize. If you must send money to collect, you haven’t won anything. And if you send any money, you will lose it. You won’t get any money back, either, regardless of promises or guarantees.

Finance Fraud Interest rate cheating

Dear Clients,

We have come across many cases which involves cheating the valuable money of people. The Cheating modus operandi steps involves:
 1. Catching advertisements in newspapers such as Times of India offering interest rate of 3 to 6% per anum.
2. When users contact the fraudulent advertisements they ask you to provide the documents for loan processing.
3. After 2 to 3 days they inform you that the loan amount is sanction and then ask they ask you to deposit the processing fees & other charges in private bank accounts.
4. After you deposit the amount they will switch off the mobile.

Kindly check the below links for more details

http://www.lawyersclubindia.com/forum/Cheating-loan-in-3-4-per-year-119362.asp#.Vj9W3yuE2Zg
http://www.consumercomplaints.in/complaints/private-finance-from-mumbai-c220273.html

Third party collateral loan Basics & Agreement

Business/Third party Collateral Loans Chennai: Third party collateral Basics & Agreement: A third party collateral agreement is an agreement between a borrower and lender that is administrated by a third party. The borrower ...

How to Calculate EMI

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Third party collateral Agreement

A third party collateral agreement is an agreement between a borrower and lender that is administrated by a third party. The borrower sells securities (collateral) to the lender with the intent to repurchase (repo) them at a future date.

Management

• The administrative responsibilities of the agreement are performed by the third party which is a clearing bank. The clearing bank ensures the borrower's collateral is sufficient and meets the eligibility requirements set by the lender. The third party makes certain borrower and lender agree on the valuation of the securities. The third party also manages the settlement.

Benefits

• Third party collateral agreements help to mitigate or offset risk to the lender. The lender benefits by earning a return on a secured product. The borrower benefits by having greater flexibility in allocating collateral and also by having increased cash available for short-term funding strategies.

Borrower and lender benefit from the agreement.

Read more : http://www.ehow.com/facts_7657795_third-party-collateral-agreement.html