Wanted: a loan with the lowest interest rate

Jun 22 2008, 22:24 IST
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SummaryYou will need to check if the reason for not offering you the loan is your profile or your income or the property details.

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 Delhi’s 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

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