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Old 24th November 2008, 17:37   #16
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I never have had a credit card, and now there is a need for one. I used to get lots of calls, and today when i enquired at the bank in order to apply for one, they are saying, 'sorry, we cant as we dont have an offer on your account'.
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Old 24th November 2008, 18:44   #17
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Originally Posted by amtak View Post
But would the bank employee be ready to give that information?
Not readily. Mostly because its extra work for Him/Her that would not add to variable pay.

But if you pull some strings with HR/Payroll then things will usually work. At worst, you might have to formally apply for some line of credit (new credit card/personal loan). Regardless of application getting selected/rejected, a pull will be done on CIBIL.

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we dont have an offer on your account
Apply for one anyway. You will need to submit Form16/IT Returns etc. And initially credit limit will be pathetic (like 20 / 30k) and you can raise if after making prompt payments for 5 - 6 months.

Or there is always BOB 'Paras' (if they still offer this card). It is almost never refused if you have Form 16 / IT returns.

Last edited by NetfreakBombay : 24th November 2008 at 18:53.
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Old 24th November 2008, 22:57   #18
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I never took a personal loan ever in my life. Last month, I purchased a property and was falling short of 3 Lakhs, so i applied to Axis bank and they rejected my loan app mentioning some in-apporpriate and in-substantial excuse.

So, i checked with HDFC and they did so much due diligence i was thinking did i by mistake mention an additional "0" to my 3 Lakh request

As i was running out of time, borrowed a lakh from mom and after a lot of deliberation got 2 Lakhs from them. I shudder to think of what i went through to procure a mere 2 Lakhs.

Yes, its become damn tough to get hold of liquid cash from this stricken market
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Old 25th November 2008, 07:19   #19
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Quote:
Originally Posted by amtak View Post
Me: Hello! I need to apply for a personal loan.

How does a needy person fulfill his loan requirements?
Amtak, if your company offers you loan w/o interest why don't you give it a shot.
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Old 25th November 2008, 07:51   #20
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Quote:
NetfreakBombay : Rate of home loan : 9.25 - 9.75%
Rate of FD : 10% - 11%

Who would not get a loan and put that in FD ????

Its a clear arbitrage opp. And on top of it, there is rebate on interest portion of home loan..
A person taking a home loan will have to use it for a home purchase only. A loan at that rate cannot be available for a personal loan - will have to be for a specific purpose.

So, when you get money for that reason (stated in your application), you have to use it exactly for that, and will not be able re-route to a FD.
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Old 25th November 2008, 07:59   #21
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Originally Posted by condor View Post
A person taking a home loan will have to use it for a home purchase only. A loan at that rate cannot be available for a personal loan - will have to be for a specific purpose.

So, when you get money for that reason (stated in your application), you have to use it exactly for that, and will not be able re-route to a FD.
In most cases the cheque/DD from the home loan giving bank goes directly to the builder. That's what happened when i purchased a flat in 2006
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Old 25th November 2008, 08:35   #22
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Quote:
Originally Posted by jango View Post
Amtak, if your company offers you loan w/o interest why don't you give it a shot.
It used to offer loans. However, in the current market scenario, everything is been stopped.
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Old 25th November 2008, 09:39   #23
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Quote:
Originally Posted by condor View Post
A person taking a home loan will have to use it for a home purchase only. A loan at that rate cannot be available for a personal loan - will have to be for a specific purpose.

So, when you get money for that reason (stated in your application), you have to use it exactly for that, and will not be able re-route to a FD.
In practice, it could be "Home Equity" / "Home Improvement" loan. Bank of India can give you liine of credit at 9.75% for up to 40% of home value.

Or someone can even sell home to spouse and he/she can raise loan for up to 50-60% of market value (balance it against long term capital gain tax).

And since interest paid on home loan is deductible from taxable income (Up to 1.5 lk), this makes such arbitrage sweeter. And principle is exempted in same category as LIC/PPF/NSC etc.

Basically, in free market economy, deposit rates would NEVER be greater then loan rates. But govt is dictating lower prices to govt banks and that creates absurd rates.

Quote:
Originally Posted by mobike008 View Post
In most cases the cheque/DD from the home loan giving bank goes directly to the builder. That's what happened when i purchased a flat in 2006
Not in case of resale flats. In such cases DD will be in name of current owner.

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Originally Posted by mobike008 View Post
In most cases the cheque/DD from the home loan giving bank goes directly to the builder. That's what happened when i purchased a flat in 2006
Quote:
Originally Posted by mobike008 View Post
I never took a personal loan ever in my life. Last month, I purchased a property and was falling short of 3 Lakhs, so i applied to Axis bank and they rejected my loan app mentioning some in-apporpriate and in-substantial excuse.

So, i checked with HDFC and they did so much due diligence i was thinking did i by mistake mention an additional "0" to my 3 Lakh request
Now a days, govt banks would be better option because of lower rates and realty being a "priority" sector. So every banch has to meet a certain target of loan disbursements.

Last edited by NetfreakBombay : 25th November 2008 at 09:43.
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Old 25th November 2008, 11:17   #24
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Some nice ideas here.

I will never take a loan because it comes with a lot of problems later on.

See the Film EMI.
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Old 25th November 2008, 14:08   #25
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None of us will take loan if we can afford not to

Very few people can buy things like Apartments/Houses without loans. At least not in Metro cities.
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Old 25th November 2008, 14:14   #26
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The reason most people don't keep taking loans to buy property from the spouse is because of other charges like registration etc which can take away a significant amount of money.
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Old 25th November 2008, 14:32   #27
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If you don't mind disclosing, may I ask what do you need personal loan for? If its a home goods purchase, look around multibrand stores. Most of them offer 3 year interest free EMI option.
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Old 25th November 2008, 16:38   #28
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Quote:
Originally Posted by tsk1979 View Post
If you don't mind disclosing, may I ask what do you need personal loan for? If its a home goods purchase, look around multibrand stores. Most of them offer 3 year interest free EMI option.
Hi tsk, I have no issues disclosing why I am looking at taking this loan. I am getting married in Feb 09 and hence I am looking at the Wedding loan. There are a couple of things which are not coming in the money that I have saved for and hence this tedious process. Taking on credit card is easy but then I don't really want to take that step. Here atleast I can keep a track of how much I would be paying on a monthly basis and would plan my expenses accordingly.
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Old 25th November 2008, 16:55   #29
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amtak.

congrats on your forthcoming wedding.

Very proud to meet a guy who is paying for his own wedding.
May god bless you with a lot of happiness and prosperity.

If in case you are not able to get the needed funds consider elopement.
It works out cheaper and can be more fun.
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Old 25th November 2008, 17:08   #30
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Quote:
Originally Posted by bblost View Post
amtak.

congrats on your forthcoming wedding.

Very proud to meet a guy who is paying for his own wedding.
May god bless you with a lot of happiness and prosperity.

If in case you are not able to get the needed funds consider elopement.
It works out cheaper and can be more fun.
Bblost,

Registered marriage is the other option which I have in my mind and have been thinking about it nonstop as I don't like extravaganza. But since this is the last wedding in both the families (we are the youngest from both the sides), it is being planned in a big way. Hence, all I can do is pitch in some money from the sources I can think of any pay them in EMI's.
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