Month: January 2019

How to Fund Your Business with SBI Loan against Property?

The State Bank of India provides a range of banking /financial services and products, out of which a loan against property (LAP), is one of the most sought-after. A loan against property SBI fulfils the cash requirement for personal and business purposes. Many businesspersons choose a property loan to fund their business requirements, because of large amount of loan available, up to Rs. 5 crore to Rs. 7.5 crore and low interest rates, beginning at 10.30% onwards.

The property to be mortgaged must be under the ownership of the borrower. It can be a commercial, industrial, or a residential property. LAP is an all-purpose loan and can take care of any kind of company expenses, other than those speculative in nature. You have to repay the bank in EMI (Equated Monthly Instalments) at a rate of interest pre-decided by the bank. For higher loan amounts, the starting rate can be over 11%.

As an applicant, you must submit income documents, property documents, address proof, identity proof, income tax return proof, business registration copy, licences, and other necessary financial statements to the bank to avail this loan.

Below given are some of the features of SBI loan against property for business purpose.

  1. Loan Amount and Other Charges

The general LAP amount is between Rs. 25,000 and Rs. 1 core. Some applicants can be eligible for an amount of up to Rs. 2 crores. There are other variant property loan products, wherein the loan amount starts at Rs. 25 lakhs and is up to Rs. 5 crores or 7.5 crores. Loan to value ratio is up to 60-65%. Process fee can be up to 1% of the total loan amount.

  1. Eligibility Criteria

You must be under 70 years of age, up to the loan’s maturity. If you are a self-employed person, then the minimum turnover for a year must be Rs. 3 lakhs. If you are a salaried person, who wishes to establish a start-up, net monthly income must be at least Rs. 25,000.

  1. Repayment Tenure

The tenure of the loan is between 5 years and 15 years. You can repay within 120 EMIs. There is no prepayment charges applied.

  1. Credit Score

Credit score of a person is one of the important factors, which influences the loan amount and interest rate. Even though a property loan is secured in nature, you must have a minimum credit score of 650+. SBI will check your credit history to understand the debt to income ratio.

  1. SBI Rent Plus Scheme

The Rent Plus loan scheme by State Bank of India, is ideal for businesspersons. Here, you must be the owner of a commercial complex or an apartment building. The property must generate rental income, because the loan will be provided against the rental income. Maximum loan one can avail is Rs. 7.5 crores, if the property is based in any of the metro cities. If the property is based in any other city than a metro, then the maximum loan amount is up to Rs. 5 …

Applying For Mortgage? Here’s What Your Lender Is Looking For

When you’re a first-time homebuyer, and you need help financing your home purchase, you turn to mortgage lenders to make your plans a reality. With a wide variety of home loan programs available these days, you get to choose one that will best suit your situation. However, do you know what to expect when it comes to mortgage lenders?

The following are what a Mortgage Lender Corpus Christi will look for in an applicant. Make sure to take down notes as these can significantly help you once you apply for a mortgage.

Debt-To-Income Ratio

Every lender has a maximum DTI Ratio set. If you fall above their required Debt-To-Income Ratio, you won’t qualify for a loan. Determining your DTI Ratio is one of the ways lenders gauge your ability to repay debts.

They will divide your total recurring monthly debts with your gross monthly income. For example, your monthly debt is $1,500 including credit card, mortgage, and car loan payments. If your monthly income is at $5,000, your DTI ratio is 30%.

Credit Score And Activity

Your credit score and credit activities will give them an idea of what kind of borrower are you, what your attitude towards debts is and how good of a payer are you. A lower your credit score means a higher chance of getting denied as it is riskier it is for them to offer you a mortgage.

If you do get qualified, you’ll most likely land a deal with higher interest fees and rates. Make sure that before you even apply for a mortgage, your credit score is high enough and to fix your credit. The higher your score and the more responsible your credit history portrays you, the better the deals you can get.

Financial Assets

Lenders will only lend funds to individuals who are financially stable. This will mean you need to have a stable job, been working for the same company or employer for at least 24 months, and have enough substantial assets like investments, checking and savings accounts.

For people with low FICO scores or a thin credit file, your lender might let you compensate for it by having enough financial assets to cover for the loan. So, go on and save up to increase your chance of mortgage approval.

Down Payment

If you have enough funds to cover for a down payment, you’ll get better mortgage terms and rates. The amount of down payment you’ll need to prepare will depend on the home loan type you will qualify.

If you can put a 20% down, then we strongly advise you do it. Doing so will let your skip Mortgage Insurance which can add up to your total expenses.

Good Read: An Introduction to Private Mortgage Insurance (PMI)

Conclusion

Homebuyers should think of a mortgage application as a job interview. Your lender will determine what your strengths are as well as your weak points. So, make sure to put your best foot forward. Take a closer look on where you …

How has technology facilitated taking instant cash loan today?

Technology has sipped into the life of human beings from every perspective. Be it a necessity or luxury, without technology, a human being will be facing a hard time. Like all the other sectors, technology has adapted itself to the banking sector thoroughly. It has made all the various forms of banking sector easier than ever. The whole concept of the implementation of technology in the banking sector has started after some people found out the limitation of the usage of traditional banking procedure and the invasion of privacy it possesses. So, that is when they came up with an idea of a currency that could be in control of all and not being regulated by a single head or a group of people. They wanted to bring transparency to the whole system of loaning which would be free of all the restrictions of the border, regulatory entities and governments and all that would be required is an internet connection which is now pretty much available to most of the people, and this is how technology influenced instant loan.

The effect of technology on bank loan

The day is not far when the technology will soon overshadow the whole system of the traditional banking. As the benefits of using paper currency surpassed and removed gold standard as the form of transaction, it is the same way that the benefits of technology would overshadow and replace the traditional banking.  So, let us have a look at the benefits of using technology and why it would be replacing the traditional form of banking.

  • It removes middleman: Just like when you purchase any new property, the process of instant cash loan is very lengthy that consist multiple rounds of formalities that include lawyers, notaries and much more. But when the contracts are being made with cloud-based technology, the whole process will be completed much more quickly with the elimination of any third parties being involved.
  • The elimination of any particular controller: Instant cash loan is in control in the hands of a particular government as it is with different types of cash. Since nobody individual or substance controls the banking information, it can’t be debased or detracted from you as indicated by the impulses of an administration.
  • High-quality service: Earlier, the whole concept of implementing technology in banking has been a huge hurdle till then. The technology was available only to a few segments of society. Moreover, by that time, instant cash loan was not that necessary. But in today’s world, the competition is firm, and the different loan providers are all doing their best and bringing out new ways to attract the attention of the customers. They are trying out every possibility that would create an interest amongst customers.
  • And moreover, technology is well available with the society today and most of them are equipped with a smartphone. And with the help of cloud technology, they can apply for a loan at any point of time and from anywhere.

How To Find The Best Auto Insurance For Your Needs

There are hundreds of auto insurance providers who offer coverage in all 50 states. This can make it very difficult to find the best auto insurance company to meet your individual needs. However, don’t worry. Here are some useful tips to help you find the best auto insurance for you.

Check The Insurance Department Website In Your State

Every state has its own insurance department that is responsible for regulating the auto insurance companies within the state. Your state’s website contains value information on licensing information and complaint filings. Also, many of these websites make the insurance rate filings of public auto insurance companies public. That allows you to see how frequently the insurance company requests rate increases, and how often they are granted.

Check The Financial Rating Of The Insurance Company

Auto insurance companies are actually financial institutions, and therefore it is very important for you to know what their rating is in order to be assured that the company isn’t insuring more than it will be able to pay or over extending itself and also know how secure it is.

Research Online Customer Reviews Of Auto Insurance Companies

When looking for auto insurance mount dora fl, it is very important to see what other customers think of the company. That can help you figure out whether you think you will be satisfied with a certain auto insurance company. There is certain information you should be on the look out for, like how easy and quickly you can reach a customer service professional or agent, and how long it takes for the insurer to settle their insurance claims.

Compare Auto Insurance Rates

Don’t just go with the very first auto insurance company that you happen to find. Instead, compare auto insurance rates from 3 to 4 companies at least before you make your final choice. Review both smaller and larger insurers.

If you take these steps ahead of time, then you will know exactly what you are receiving and you can be assured that you will be happy with the service that you receive the from auto insurance company that you select.…

4 Tips for a Better Business

All business owners would like to increase their profits, but only a small percentage are willing to put in the time and energy to make it happen. Are you one of the motivated few? Here are just four tips and tricks for a better business with a larger profit margin.

1. Upgrade Your Software

Gone are the days when you could run a successful business with nothing more than a calculator and notepad. It’s the 21st century, and you’ll need sufficient technology to stay on the cutting edge of your industry. This includes software that can do things like ordering, scheduling, budgeting and bookkeeping.

2. Figure Out Your Demographic

What’s your average customer like? How can you appeal to their sensibilities? What turns a casual shopper into a loyal follower of your brand? Don’t be afraid to do a little digging into your demographic. You can greatly improve your marketing campaigns if you know who’s watching and listening.

3. Improve Your Curb Appeal

This is especially important if you’re trying to improve a convenience store or car wash. These visual-based businesses can live and die by their curl appeal, so you’ll want everything to be neat, clean and efficient to attract potential customers. Your parking lots should be pristine; your countertops should shine in the light. Car wash maintenance can make all of the difference in your brand’s success.

4. Ask for Feedback

Feedback is one of the most valuable things that you can ask for as a business owner. It’s easy to lose perspective on things when you’re the one pulling every string and signing every contract, so let outsiders give you their opinions on your brand. You don’t have to take their views as gospel, but a third-party perspective can be quite helpful for both large and small issues.

These are just a few ways to improve your business. It might not be easy, and it might take a lot of changes to your location, staff and internal playbook. However, the transformation will be worth it if you’re able to turn a profit. Good luck!…

Why Your Office Should Use a Professional Cleaning Company

If you have never hired a professional cleaning company to help with cleaning up around your office, it’s a service you’ll want to put some thought into using. Some office buildings are cleaned by the staff members, and this might not seem like a problem in your office, either. However, professional cleaning companies are definitely worth the cost of their services in most offices for a number of reasons.

Help Protect the Furnishings

If the flooring isn’t cleaned in your office like it should be, it can become permanently damaged. The same is true for the walls, furniture and more. A cleaning company Jacksonville FL will help make sure that everything is being cleaned like it should be and can therefore help protect your office furnishings.

Prevent Employees from Getting Sick

Employees getting sick and having to call in to work causes a lot of problems for a lot of companies. Plus, you probably do not want your hardworking employees to have to deal with the unpleasant side effects of getting sick. Offices can be full of germs, but regular professional cleaning can help with getting rid of germs and keeping everyone healthy.

Keep the Office Looking Nice

If people come in and see that your office is dusty and dirty, it is not going to reflect well on the company. Regular professional office cleanings can help you make a good impression on the people who visit your office.

Stop Putting a Strain on Your Employees

Employees who have to put aside their work to clean the office are sure to get less done during the day. They might not really enjoy having to take on cleaning tasks when they don’t consider that to be a part of their job, either. You can take all of this added strain off of your employees by simply outsourcing the cleaning jobs that need to be done within your business.

Professional cleaning services are handy for office buildings for quite a few reasons. Call around to find out more about what these services have to offer and to see how much they cost, and you’ll probably want to hire one so that your business can enjoy these benefits and others.…

Securing Your Financial Future With A Sound Investment Strategy

It is never too early or too late to begin planning for your retirement and your financial future. One of the major reasons people are reluctant when it comes to investing is that they worry about losing their money due to fluctuations in the market. While there are definitely risks associated with stocks, bonds and other forms of investing, you can completely control how aggressive or passive you would like to be with your money.

There are endless options for diversifying your investment strategy. While stocks and bonds should be included in any balanced investment portfolio, you may also want to consider real estate, crowdfunding, peer-to-peer lending, angel investing and other popular strategies that have proven to be successful for people from all walks of life.

If you live in Montana, a certified financial planner, licensed CPA or investment expert can prove to be an invaluable resource when it comes to selecting the right investment strategy that will accommodate both your comfort level and your future financial needs. There are many reputable Bozeman financial advisors that manage many successful client portfolios and offer years of combined expertise in wealth management. A trusted investment professional will work tirelessly to ensure that your investment is protected and growing as the market ebbs and flows. He or she will always be available to answer your questions and will provide timely correspondence as needed.

Each investment firm will have its own unique areas in which the company shines. Some firms take a more aggressive approach to investing. Other firms prefer the slow-but-steady approach of investing in ETFs in lieu of hand-picking stocks on behalf of their clients. No matter what type of investment strategy you need, the right firm will make you feel comfortable, secure, knowledgeable and confident with your money and investment strategy. These firms do not make money unless you do, so it is in their best interest to provide their customers with sound and proven investment strategies.…