Image Credits : DNA

We all know that online shopping trend in India is getting viral and we Indians are not only buying TVs, Smartphone and Shoes online, but we all also doing some great things online such as; comparing and buying policies and home loans in online mode. After consumer shopped for worth Rs. 6 crore house on Snapdeal.com in the first half of the years, now Paisa Bazaar is grabbing the attention as this online destination for loans and credit cards has closed with record of Rs 5.68 crore home loan disbursal and till now its country’s largest online home loan disbursal.

However; the home loan disbursed by Housing Finance Development Corp for a 4 BHK flat in Mumbai, BKCRustomjee region. In our country its largest disbursal online till date as a Rs 5-crore disbursal for a mortgage loan made earlier. However; the total price of apartment was around Rs 9 crore. According to Naveen Kukreja, MD of Paisa Bazaar, “We are seeing a spike in high-ticket loan cases on our platform”.

About Paisa Bazaar:

The online portal, owned by Policy Bazaar has the backend support of investors such as; Temasek, Tiger Capital and Infoedge and they all has made disbursals of around Rs 250 crore in last one and half month, which is equal to Paytm’s Diwali sales from its e-tail business.

High-ticket cases currently constitute more than 15 percent on the overall home loan cases at the online portal of Paisa Bazaar. According to Kukreja, “Now we are realizing that high-net-worth individuals (HNIs) are becoming more valuable and comfortable while shopping online for loans. And in our conversations with them, they have communicated that we want to go deeper into the products and understand them first-hand. But at this point of time we are doing great with stage one, since they want  minimum intrusion while making their most important financial decisions, we expect more of them to turn online for all their personal finance needs”.

Apart from that the Rs 5 crore mortgage loan, which was closed on Paisa Bazaar at the first half in the years was also disbursed by HDFC to Murli Gnanavel, Chennai based individual against his commercial property in Coimbatore. According to Ajay Sachdewa, National head of Marketing at HDFC, “We are in the strategic tie-up with Paisa Bazaar and we are committed to help them while making online presence and leveraging the digital channel more effectively”.

Acquiring a house which later one becomes your home is not an easy decision and required lot of investment, time and knowledge and planning all the amenities that you are looking in your dream home. So if you want a home which not only should provide a sense of satisfaction but also  and have limited finance then probably it’s time to consider  or Mortgage Loan or Housing Loan.

Purchasing and reconstruction of house in easy for people having finance backing them up and if you don’t have that back up then probably time to resort to Home loan or housing loan. Home loan is loan which is funded by the banks against putting another home or property as security. But in this case if the borrower fails to return the loaned amount then bank has the right to sell the property to retrieve their money back. Housing loan is taken by a borrower and issued in form of loan from bank against security or property.

It is important to do a complete research when looking for options for either home loan or housing loan. Different banks have different rates and policies for each of the type’s loans. When a loan is taken against property or by any real estate, it is known as mortgage loan. In this the buyer received certain funds by entering into a contract they will be returning a certain amount of amount along with certain interest amount. The mortgage loan is mostly taken by real estate developers to buy new property or develop a new project.

Interest rates for Home Loan or Mortgage Loan or Housing Loan:

If you are looking for Home Loan or Mortgage Loan or Housing Loan more than Rs 20 Lakhs then the interest rate may vary from 10.10% 11.75 % depending on the banks as well as depending on the state in which you want the property. With the increase in the number of available properties there has been a dip seen in the interest rates of maximum 6%.

But if you are a developer and want a Mortgage Loan, then again you have different interest rates. A property between Rs 30- 75 Lakhs will have the interest rate of minimum 11.25% to maximum upto 15% (depending on the bank you will be approaching).

SBI reduced its home loan rates

India’s largest public bank, State Bank of India on Tuesday revised interest rates on home loans. Now SBI will offer uniform interest rate on home loans from effective August 26. SBI has cut interest rate by 5-15 bps on home loans.

For the home loans up to Rs 75 lakh, the interest rate will be 10 basis points above the base rate and for home loans of above Rs 75 lakh the interest rate will be15 bps above the base rate.

Earlier, on December 20, 2013 the rate of interest on SBI home loans were reduced with a separate interest rate structure that was also rolled-out for woman borrowers 10.25 per cent ((for loans above Rs 75 lakh) and 10.10 per cent (for loans up to Rs 75 lakh) too, a senior official with SBI said.

Mr. G S Sandhu, finance secretary said, the central government is planning for new interest subvention scheme, to encourage affordable housing, which will meet part of the buyer’s home loan burden. He said that according to scheme, there would be interest subvention up to 5% for loans up to Rs 5 lakh, while at present the interest subvention is available only on loans up to Rs 1 lakh. Interest subvention refers the subsidy that government provides the borrower, which makes the discount given by the lender.

Sandhu said that a blueprint on affordable housing plan is being prepared and this time the government is clear because it wants time-bound results. For affordable housing the new government had big plans and vision. The more burdens falls on public sector banks and real estate investment trusts could be a game-changer for the sector.

Senior executive with one of public sector bank said, increasing the loan limit to Rs 5 lakh will immensely increase the utility of these loans because this will enable the underprivileged to take benefit of low-cost housing schemes, which will be undertaken by state governments.

SBI officials said, it has now been decided to offer uniform interest rate on home loans, irrespective of the loan amount effective from August 26, 2014.