Many times people wish to build their own dream house at native or give a grand reception for their daughter’s wedding or send kids to a foreign country to pursue higher studies. However, it all comes to an end with the story of arranging huge finances for it. Although, some may take a risk of borrowing finances from traditional ways such as for child’s higher studies they will be grappled with extremely high rate of interest, no flexible ways to make payments and limited time on hand to clear the debt. The result would be you need to sell your asset like gold or jewelry to clear the debt on time. Isn’t it a big financial blow for you? What if you own a property that can help you get finance? Sounds strange! But yes its, true. Today, India’s leading finance companies and banks offer Loan against property for those needy individuals who wish to fulfill their dreams in life.
It is one of the convenient types of loan available in the markets. Although, there are various avenues of availing cash, loan against property or lap is probably the best option to arrange finances for larger funds. These loans are offered at competitively low interest rates, flexible repayment options and a fair amount of time to clear the debt.
You can meet your requirements of larger funds such as business expansion, higher education, wedding expenses, home renovation, building a home at native or other settling off other higher cost loans.
To point is to get quicker access to money to meet your dream goals on time and at a low interest rate. The fact that your property is kept mortgaged with the bank or non-banking finance companies lets you build a trust factor with them. The customer is offered low-interest rates and flexible ways of payment along with continuing the occupancy of your property as well.
Some parameters to judge your loan eligibility would be the place and location of the property, property value, age, your age, credit score, income proof, occupation, co-applicants etc. Based on suitable analysis bank or NBFC will offer loan to the customer.
Some advantage of Loan against Property: Loan of up to 65 -70% of the value of your property is sanctioned. You can avail maximum of around Rs 5 crore. Processing time is far less compared to that of a home loan application. If the value of the property rises during the tenure, you can apply for a top-up loan as well. It is especially for business men. Banks or NBFCs offer convenient repayment options such as part payment or foreclosure along with repayment tenure of around 15 years as well.
With the online facilities, you don’t need to rush to banks or NBFCs for a loan application, document submission, and status check. You can visit any of the websites of reputed bank or Finance firm download an application form, fill in details, attach a scanned copy of the documents and hit the submit button. Within a couple of days, you will receive an email notifying the status of your application. Once approved the loan amount will be disbursed directly to your bank account.
Thus, with technology playing a major role in our day-to-day life, you can now borrower finance at the touch of the button on your computers or laptops. Leave your worries aside; set your path towards achieving dream goals with an easy loan against property finances, now!