Wanted: a loan with the lowest interest rate

Updated: Jun 23 2008, 03:54am hrs
Amitoj Sethi

Director, www.deal4loans.com

I own property in Chennai worth Rs 1.5 crore and want to construct a multi-floor building having a commercial area on the ground floor and my residence on the first floor. I have been trying to get a loan for Rs 40 lakh to cover this construction cost, but have failed to do so. Why are banks not willing to give a loan against property or a housing loan to me I have tried ICICI and HDFC banks. I am a salaried individual and want to know how I can procure a loan for this purpose

You could approach nationalised or private banks like Bank of Baroda, ICICI or HDFC. You will need to check if the reason for not offering you the loan is your profile or your income or the property details. It is only on that basis that you plan your next step.

My monthly salary is Rs 18,000 and I have been filing my ITR (Indian Income Tax Return) for the past two financial years. I require a loan worth Rs 5,00,000. Please suggest to me a bank which can provide me a loan with a low interest rate and a minimum term period of four years.

You could approach nationalised or private banks like Bank of Baroda, ICICI and HDFC among others. You will need to check the offer from each bank to decide which one is offering the lowest rate on long term loans as each of them may have different eligibility and pricing criteria.

I took a personal loan from Citi Financial. My track record has not been good and I want to repay the full loan on a pre payment basis. And after making the payment I want to take another loan. Is it possible

In case your track record is not good, chances of you getting another loan are slim, as most lenders check CIBIL for the track record of new borrowers.

I have a property worth Rs 60 lakh in Delhis Patparganj area and have taken a loan worth Rs 12 lakh four years back. Now I want to switch to another bank. I am a self-employed professional and even my spouse is working. Please tell me what is the way to go about this switch

You could approach nationalised or private banks like Bank of Baroda, ICICI, HDFC, etc directly or aggregators like www.deal4 loans.com. Please keep in mind the pre-closure charges that you will have to pay while making the switch.

I want to take a home loan to purchase a second sale property worth Rs 53,00,000. My monthly take home salary is Rs 79,000. What is the amount of loan that I am eligible for Also, which bank can provide me with 90% of the loan amount with the lowest interest rate

If you do not have any other loans that you need to service, you could get a loan of about Rs 38 lakh. You should approach consolidation portals like www.deal4loans.com for your loan requirement. They are in a position to put you in direct contact with multiple banks that will be able to fulfill your requirement in one go.

Send your queries to garima.pant@expressindia.com