Skip to main content

OWN A PROPERTY? SECURE A LOAN OUT OF IT


Are you in need of money? Are you facing a severe financial crisis but don't know how to get out of it? If you own a property, you can remain assured. It is now easy to ask for loan against your property. This is also known as property lending or mortgage. It is the kind of loan where the borrower keeps his property as a collateral. The borrower signs an agreement with the source that is providing him the loan. In most of the cases, the bank is the lender. The payment is made for a certain time and after the expiry of the term, the borrower has to pay the amount back to the lender. 


How Does It Work 

Borrowers who decide to secure money out of their properties are in dire need of money. They usually have a very hefty investment to make, but they don't have means by which they can accomplish their task. Thus, they decide to use their property as collateral. There are different lending sources which offer various kinds of loans against properties. The buyers need to assess which deal works the best for them before they finally settle for a plan. You may have to try different lenders to search for the best deal. 

Who All Are Eligible For The Loan 

If you are a salaried professional, you can secure a loan against your property if your age is between 33-58 years and you are an Indian citizen. The same applies for people who are self-employed. However, the only difference is that those who are self-employed and are trying to take this loan should be aged between 25-70 years. 

What Are The Documents Needed 

Have a look at the loan against property documents required:
If you are a salaried professional and you are willing to "APPLY FOR A LOAN AGAINST PROPERTY" you will have to present your latest salary slips, a document for photo identification, your bank account statement for the last three months, your address proof, IT returns, and a copy of all the documents that are related to the property which you want to mortgage. 

If you are self-employed, you will have to present your bank account statement for the previous 6 months, your address proof, your Aadhaar card or PAN card, and a copy of all the documents that are related to the property which you want to mortgage. 

Interest To Be Paid 

There are different kinds of loans that are categorized based on the terms, the rates of interest, and the amount that has to be paid in each term. The supply and demand of loans against property varies from time to time. Depending on this "LOAN AGAINST PROPERTY INTEREST RATES" can also vary largely. Sometimes, the banks offer interest rates which are very low whereas sometimes, the rates can be comparatively high. As the interest rate keeps fluctuating, if a borrower agrees upon some high rate of interest and the interest rate drops later on, he can sign a new agreement which will state the new lower rate of interest. This procedure is known as "Refinancing". 

Comments

Popular posts from this blog

A COMPREHENSIVE GUIDE TO APPLYING FOR A USED CAR LOAN ONLINE

In today's fast-paced world, possessing a car isn't simply an extravagance but a need. For many, a used car is a magnificent choice to satisfy their transportation needs without breaking the bank. Notwithstanding, financing a used car purchase could appear to be daunting. Fortunately, to apply for a used car loan online has become a convenient and accessible choice. Here is a comprehensive guide to navigating the process without a hitch. Understanding Used Car Loans Before jumping into the application process, it's crucial to grasp the fundamentals of used car loans. These loans are specifically designed for purchasing pre-owned vehicles. Lenders offer varying terms and interest rates based on factors like credit history, upfront installment, and the vehicle's age and condition. Preparing for the Application 1. Know Your Budget: Decide your budget by assessing your financial situation. Consider factors like a month-to-month income, existing expenses, and potential init...

DRIVING TOWARDS APPROVAL: UNRAVELING THE CRITERIA FOR USED CAR LOAN ELIGIBILITY

In today's speedy world, possessing a car is, as of now, not simply an extravagance but a need for some. Nonetheless, buying a pristine car may not generally be squeezed into everybody's financial plan. This is where the choice of purchasing a used car becomes engaging. Used cars offer a more affordable other option, permitting people to claim a vehicle without burning through every last dollar. To work with the purchase of these pre-owned vehicles, financial organizations give used car loans. However, what are the " Used Car Loan Eligibility Criteria " for acquiring such loans? We should dive into the subtleties. Understanding Used Car Loan Eligibility Used car loan eligibility alludes to the arrangement of conditions that people should meet to fit the bill for a loan to purchase a recycled vehicle. Lenders lay out these criteria to survey the borrower's financial capacity and limit the gamble related to loaning. Essential Criteria for Used Car Loan Eligibility ...

UNLOCKING THE BEST DEALS BY EXPLORING THE LANDSCAPE OF CHEAPEST LOANS IN INDIA

In the vibrant landscape of India's financial sector, finding the cheapest loans is akin to finding an unlikely treasure. With various lenders, products, and interest rates in play, navigating the realm of loans can be both daunting and rewarding. In this aid, we dig into the intricacies of getting the " Cheapest Loans In India " exploring key aspects and choices available to borrowers. Understanding the Dynamics of Cheapest Loans in India In the journey for affordable financing, it's essential to fathom the factors that impact loan costs. Interest rates, loan tenure, processing fees, and eligibility criteria all shape the affordability of the remainder of a loan. Borrowers should assess these components prudently to unearth the most financially savvy borrowing choices tailored to their requirements. Exploring Loan Choices ● Personal Loans: A versatile financial instrument, personal loans offer adaptability and comfort for various costs, ranging from medical emerg...