Question

study the ways of raising a bank loan to buy a new four wheeler or a house

Answer 1

Car loan offerings
Documents required
i) Identity proof such as Permanent Account Number (PAN) Card, passport, driving license, etc.
ii) Address proof such as Voter ID Card, passport, etc.
iii) Age proof
iv) Photographs
v) Car documents
vi) Income proof such as 3 month

Hypothecation
When you buy via a loan, your car is hypothecated to the lender. Hypothecation gives the right to the lender to seize your asset, i.e., your car, for instance, if you do not pay the EMI on time.

The hypothecation letter is part of the car registration papers. Once you have paid all your EMIs, you must make sure to change the owner's name in the papers.

Hypothecation can be removed by visiting the Regional Transport Office (RTO) along with documents such as No Objection Certificate (NOC), car insurance papers and address proof.

Loan amount
The loan amount you can avail depends on your age and income. The amount disbursed varies from one lender to another depending on your net monthly salary or annual income. Presently, the range is 25-48 times of 'net monthly income' or 4-6 times of 'yearly income'.

Lenders offer 80-90% of the financing. Some banks even offer up to 100% financing. The amount can be of the 'Ex-showroom' price or the 'On-Road Vehicle' price.



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