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: Amitoj Sethi

Director, www.deal4loans.com

I have a property in Faridabad which has a market value between 15-20 lakh. I am looking for a loan against property. The property is in the name of my mother whose age is around 65+. Can you tell me the amount I can manage to acquire as a loan? Is there any challenge because of the property being in my mother’s name and because of her age?

You could approach banks directly or aggregators like www.deal4loans.com. You could opt for a loan against property or a vanilla property loan. The property loan will typically be cheaper than the loan against property.

I have currently taken four personal loans from three private banks and I am paying all my EMIs on time. I now require a new loan with a higher amount from another bank. Please suggest how I can acquire this loan?

Before embarking on procurement of fresh loans, you should check with your existing lenders for the option of top-ups against your current loans. These will be cheaper as compared to fresh loans. You can also look to raise money against collateral like property or stocks that you may own.

I want to make all my loans for lesser rate of interest and be able to pay just a single only as I currently have three EMIs Rs 9,783, Rs 8,700, and Rs 11,455, which collectively amount to more than my salary. Please advice.

You need to go in for a personalised debt consolidation plan. You can avail of this service free of cost on www.deal4loans.com.

Me and my husband both draw a gross salary of Rs 50,000 per month. We are planning to rent out our house which may fetch us around Rs 15,000 to 20,000 per month. We at present have a house loan of Rs15 lakh and other loans amounting to around Rs 15 lakh. Now I require another take over loan ranging between Rs 45 to 50 lakh. The value of the property which is in Bangalore is around Rs 90 to 100 lakh. Which bank can offer loan with lowest interest rate on long term?

You could approach nationalised or private banks like Bank of Baroda, ICICI, HDFC, etc. 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 had taken a loan for Rs 3,49,000 (approximately) from Kotak in 2007. They are charging an interest rate of 16% from me. I want to know if I can get this loan transferred to some other bank so that I can save on the interest component of the loan.

Given the current pricing prevalent in the market, I do not expect you to be able to get in interest rate substantially lower than 16%. You also need to factor in pre-closure charges that would apply if you transferred your loan. You could still approach nationalised or private banks like Bank of Baroda, ICICI, HDFC, etc.