One of the biggest advantages of using NEFT payments is that it adds convenience in your life. You come in to a lot of cash from time to time. Weddings, bonuses and spare cash can be utilized towards repayment of loans. But the idea of carrying that cash physically to the bank and then repaying it takes the excitement away from the process. NEFT payments are the perfect solution, as they allow you to transfer funds online without nay hassles.
1. Another advantage is that you can make payments anytime, from anywhere. Many people travel abroad of move to different cities because of their jobs. Transferring your loan to a local branch or managing funds in another city by requesting friends and relatives to go make payments can be cumbersome. More often than not, the EMI will not reach on time, leaving you with a fine for late payment. An ideal solution is NEFT payments. You pay using net banking, which means you can repay the loan even if you are physically not in the same city!
2. In fact, today you can add a third party account to your existing online banking account by the name of Loan Account. This simple yet powerful way works wonders. You dont have to delay repayment simply because you arent getting the time to visit the bank. Whether it is home loan, car loan or a personal loan, this loan account can be set up so that every month payments are made on time automatically. It keeps your CIBIL score spotless and ensures you dont pay fine levied for late payment. Also, should you get any spare cash that month, that amount can also be easily repaid as part of the loan amount.
3. One reason you must connect your loan account to your home loan account is that whenever you have some surplus cash in hand, it can be used in the repayment of the loan.
Some points to keep in mind:
NEFT payment for loans is applicable not just on home loans, but all kinds of loans.
Make sure your bank offers NEFT payment procedures. Today almost all banks prefer NEFT payments to post dated cheques.
This process becomes easier for those who have a loan account and bank account in the same bank. Linking the loan account to already existing bank account for online banking becomes easier.
No one can predict when he is going to be trapped in fiscal crunches due to the arrival of some unforeseen financial catastrophe. This condition can be dealt easily by those who are having fair credit report because these folks can get loan assistance without any difficulty. But if the need of getting loan assistance takes place in the life of those ill-starred people who are suffering from bad credit status such as arrears, amount outstanding, defaults, late payments, payment overdue, poor credit rating, CCJs (Country Court Judgments), IVA (Individual Voluntary Arrangement) and the like, than these people have to feel helpless for the reason that lending institute do not like to provide loan to those who are tagged with bad credit status. If you are also one of those who are craving for funds as well as suffering from bad credit score, you have no need to let down as there is a loan scheme by the help of which you can get cash without any complexity. The loan scheme that is quite helpful for bad credit scorers is called bad credit loans.
There is no demand of pledging collateral because these loans are unsecured types of loans. Thus, you may have the loan facility even if you are not having valuable collateral for bestowing it against the loan amount or you are tenant. Under the help of bad credit loans you may get cash in the range of 1000 to 15000 or more as per your repayment potential. The repayment tenure is flexible as you can pay the loan amount back within a period of 1 to 10 years. Thus, it is really a very good source of cash when you are empty-handed and you need money immediately.
The method of getting bucks via bad credit loans is very easy and simple. An applicant just needs to complete an online application form with all needed information and submit it. Once the loan form is approved by lending company, your required loan amount will be into your bank account and you can get it directly from your bank account without going all over the place. Here you need to make sure that these loans are offered at higher interest rate as compared to other traditional or secured loans due to its unsecured nature. But it can be negotiated by making a web search. So, go through a web search and make a feasible loan deal.
Admissions overnight from Westpac, reported in todays Herald Sun that the bank had unfairly denied customers a special fixed rate home loan offer that had been advertised in December 2008, sending a warning to Australian borrowers to shop around and ensure that you are really getting the best deal from your bank before committing to a loan.
The Herald Sun report claims to have received several complaints from readers who had tried unsuccessfully to secure the offer, a Westpac 4.99% fixed rate home loan. Given the loan was marketed in the wake of a series of RBA rate cuts since September last year, this certainly would have been a popular offer among those looking to refinance an existing loan to lock in a more attractive rate. Applicants were allegedly told by Westpac staff that the loan would be subject to rate fluctuations at any time, even after customers had signed loan documentation, bringing into question the legitimacy of a marketing campaign offering the 4.99 per cent rate fixed over three years. One customer told the Herald Sun that he and his wife were offered a rate of only 5.49 per cent after applying for the special rate well before the December 19 deadline.
A spokesperson for Westpac, David Lording apologised and admitted that an error was made in that particular customers case but has written the issue off as a purely administrative error due to the bank being inundated with applications which created a processing backlog.
The Herald Sun warns that banks and other financial institutions often insert special clauses in loan contracts so that they can vary the terms and conditions affecting borrowers. So the message to prospective borrowers or those looking to refinance an existing loan is clear; ensure that you are aware of the conditions around your entitlement to a discounted fixed rate or a similar special offer. Ask plenty of tough questions of your banker, read the fine print and possibly enlist the assistance of a mortgage broker to help you get the best deal.
Visit www.HelpMeChoose.com.au if you want to ensure that you really are getting the best deal on your current home loan.
Even as it chases new customers, State Bank of India has set its sights on offering existing customers second home loans to grow its retail portfolio.
Increase in disposable income as a result of substantial jump in the pay of employees working in the Government (Central and States), public sector enterprises, banks and private sector firms has prompted the bank to woo existing customers with good track record with an offer of a second home loan. The bank is also encouraging its employees to take a second home loan.
India’s largest lender wants to take advantage of the emerging trend whereby people own their first home by the age of 25 and second by 35. The second home is for investment purposes.
Currently, 96 per cent of SBI home loan borrowers are first-time borrowers.
Capacity to pay
We know that customers’ income is rising. Hence, we look at their Equated Monthly Instalment to Net Monthly Income ratio. If the higher income is sufficient to cover the second home loan, we would make the offer without any hesitation. We don’t look at the value of the property, but the customers’ capacity to repay his/her loan, said a senior official.
This year, SBI is eyeing a 32 per cent year-on-year growth in its home loan portfolio. It plans to disburse Rs 22,000 cr (Rs 17,130 cr in FY2010).
In the first two months of the current financial year, the home loan portfolio has grown by around Rs 2,800 cr, from Rs 71,193 cr as on March 31, 2010 to around Rs 74,000 cr.
Besides sourcing customers, sanctioning and disbursing loans, SBI is laying thrust on follow-up with customers in cases where they fall behind on their mortgage payments.
The bank has roped in SBI credit card which has expertise in soft recovery. The follow-up involves contacting customers on telephone, reminding them about the delay in payment, and reverting to the bank with their response.
The bank is also strengthening the capacity of its 116 retail loan processing centres so that they can process loan application faster.
Home equity loans NJ are very flexible in nature. They can be put to many uses. But it should be upon you whether you want to put them in something constructive or leisure.
The financial industry these days have changed a lot over past few decades. Today applying for a loan and getting the approval only need few things. If you are financially sound and have a good credit score you can easily get any sort of loan as per your capacity to repay. As the home equity loans are becoming easy to get, they are also being highly misused by people. They prefer to spend the loan amount on many unwanted things. This might not give them a problem now but in future, they might have to face unfavorable situations because of all of these. If you do not want to get into any kind of such mess then here are few ways through which you can make use of your home equity loans NJ wisely.
Increasing your home value
This is the best way to make use of your home equity loan. What can be a better thing to use your home as equity to make your home more valuable? You can make some home improvements and renovations to make your house a better place to live by taking this loan. If you are willing to relocate in few years then by improving the interiors and the exteriors of your house will increase the market value of your house. You can fetch in more money at the time of selling it. Upgrading your kitchen, bedroom, patio or bathroom and making it more luxurious will be economically very beneficial to you in the future.
Covering educational expenses
If your child is willing to study ahead and that education demands lots of money you can look for good home equity loans NJ. Education is a very important tool towards building a bright future. This is what you want for you child, don’t you? Well you can now fulfill yours and your child’s dream by taking home equity loan from a good and reliable lender.
Consolidate previous loans
If you have a very big debt on your head then home equity loan NJ can be extremely helpful for you. You can merge all your previous debts together and lessen your financial burden. Thus you can live a stress free life. But make sure that you opt for this in a correct way or else chances of you going in further debts will increase. Be disciplined and systematic to repay you loan amount