Retail loans are meant for individuals rather than institutions or businesses. Retail loans are provided by banks, credit unions, and savings and loan associations. Here individuals can avail of credit for various purposes like automobile purchases, home purchases, medical care, home repair, vacations, and other consumer uses. Following loan products are available under retail loans:
Home Loans
The loan is available for purchase of under construction flat, ready possession flat, purchase of land and construction of house on that land.
Loan against Property
Loans extended against existing property come under this category. A loan against the residential property for the personnal useage of the borrowing entity.The loan amount is calculated on the basis of loan to market value of the property and the income of the borrowing entity. A loan against the residential property for the personnal useage of the borrowing entity.The loan amount is calculated on the basis of loan to market value of the property and the income of the borrowing entity.
Loan against Lease Rental
The loan is extended against the rentals of the commercial property and is based on the future rentals from the property.
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