Does LoanFerry Provides Loan its own?
No. LoanFerry , an online service provider. We increase more transparency between customer and lender.
Does LoanFerry Charges me anything for applying loan?
No. LoanFerry services are absolutely free for its user. If anybody claim so, please write us firstname.lastname@example.org
What is credit Score & Why do I require a credit score to sanction loan?
A credit score is an individual score from credit information bureau (India), who collect & maintain your credit history & track. Maximum point is 900 and minimum 300. If you have a score higher than 750, you can command better terms from your lender. If your score is low, the lender will not entertain you for a loan. If your score is medium, then you will pay more interest and stricter terms will apply.
Where and when I can apply for a loan?
You can apply from the convenience of your home or any place where you have an Internet connection. You can apply any time of the day or night at our website www.loanferry.com
What Is Processing Fees & why should I pay?
Processing Fees a onetime charge which lender charges you to process your loan. And amount vary lender to lender.
Is processing fees refundable?
Mostly no. It depends upon lender.
In the case of personal loan lender used to deduct processing fees from your loan amount time of disbursement.
For Home & Mortgage loan lender used to charge a minimum amount initially (Between 5000/- to 10000/- and applicable gst) to process your loan, which is mostly nonrefundable.
Suppose my loan reject by lender, does LoanFerry refund my processing fees?
What is the difference between a home loan and a mortgage loan?
A home loan is one extended to
- Purchase a site or a ready home or apartment or bungalow
- The interest on the loan is lower than most loans, perhaps the lowest among all loans
You use the loan amount only for purchase of the asset as per terms and conditions of the loan agreement. The lender keeps the home you purchase as security.
A mortgage loan is one extended to
- The person mortgaging their property to the lender
- The interest on the loan is lower than on personal loans but higher than on home loans
You can use the loan amount for any purpose. The lender keeps your property as security.
What is Margin Money?
Single word you can say margin money is down payment and its applicable only for Home Loan.
Bank used to fund up to 80 to 90 percent of the total property value on which you are going to purchase. Remaining 10 to 20 percent you must pay as a borrower. You must not pay this margin money on the way of cash. As lender will ask proof of margin money at the time of disbursement.
How much loan amount can I expect as loan?
Personal Loan amount depends on your repaying capacity as determined by the lender based on your monthly income, credit score and past history of your credit worthiness.
The home loan amount depends on the value of the property, and most lenders extend up to 80 to 90 percent of the value of the property as loan amount subject to your income, repaying capacity as determined by the lender based on your credit score and past history of your credit worthiness.
For mortgage loans, the loan amount depends on the valuation of the property. Most lenders extend up to 60 to 70 percent of the value of the property as loan amount depending on your income, repaying capacity, credit score and creditworthiness.
What is the repayment process?
The repayment process depends on the age of the borrower, the amount of loan, tenure and interest rate. Repayment is through EMIs where some flexibility is available. You can make repayment through post-dated cheques or ECS.
Is my personal information safe?
Yes, your personal information is safe with us and we don’t share it with any unauthorized persons. We use 128-bit encryption, which is among the highest standards when sending information of personal nature across our portal.
What are the tax benefits available on the loans?
Tax benefits are available under Sections 80C, 80EE and 24(b) as per provisions of the Income-tax Act for payment of interest and repayment of principal amount of home loan subject to conditions.
If you use the mortgage loan for business purposes, you can claim payment of interest as genuine business expense deducting the amount from gross revenues.
Can I transfer the loan from one lender to another lender?
Yes, you can transfer the loan from another lender under the balance transfer scheme subject to conditions depends bank to bank.
Does LoanFerry persuasion to sanction my loan?
No. LoanFerry does not have any persuasion towards sanction or rejection of your loan.
All loan sanction and disbursement by respected lender/s own discretion.
What is DigiLocker:
DigiLocker is a cloud base digital locker. An initiative by Govt of India. From where you can fetch your KYC & other supporting documents directly from Government server for applying loan at LoanFerry platform. www.digilocker.gov.in
How to fetch documents from DigiLocker?
LoanFerry website will navigate to you at digiLocker login board. you can login using your email id, your Adhar Number or Adhar registered mobile no.