Nowadays, most people usually invest in property to make money by selling it at higher price or settle their excess money in real estate business. But some of us are unaware that owning a property can come to our rescue in times of need by pledging it as collateral for a loan against property. It is a popular and convenient type of product among a host of loan options provided by financial institutions. It helps in processing funds needed in an emergency as well as for business and personal needs. So the borrower seeking funds through this route can "Avail a Loan Against Property" from a ShubhBank with perceptible benefits. It is taken against one’s residential or a commercial building. One can borrow by pledging their property and the loan quantum sanctioned is based upon the value of the property and the repayment capacity of the borrower. It is a secured type of loan available for salaried individuals and self-employed and there is no restriction on using it for personal needs. It needs to be careful while taking a loan as failure to repay can result in the seizing of pledged property.
It serves to cater the immediate needs where the medical treatment can be very expensive, marriage expenses can be quite high; funds need to be arranging for studying in foreign country or starting a business/planning an expansion and for long pending dream vacation. It is an attractive option to choose among other financial products due to lower rate of interest. The maximum loan amount can be availed up to 70% of the value of your property. It takes a less processing time as in comparison of other loan applications with a convenient repayment options. As it is a secured type of loan so the scrutiny, a loan application goes through is relatively higher. The flexible repayment tenure gives the borrower a plenty of time to repay the amount reducing any unnecessary financial burden. It helps in unlocking the hidden value of the property to satisfy your financial needs. This way the borrower can retain ownership of the property and can secure a loan at the same time with comparatively low rate of interest.
The factors considered in sanctioning the loan amount is the property’s registration, property’s market value, your income and repayment capacity. The salaried individuals and self-employed who are eligible for loan against property includes the age of at least 21 years, regular annual income, working experience, regular filing of their income tax returns etc. The documents required to access a loan is ID proof, residence proof, income proof, last 6 months bank statement, audited balance sheet of 2 years, Form 16, property papers etc. we provide a tailor made solution at attractive rates to help you in a cash crunch with a complete customer satisfaction. So simply visit our website, read all the related information and apply online for it. Our trained professionals will assist you with the entire process, so enjoy the loan journey with us.