If you own a property, make the most of it with the easy and convenient option of loan against properties. Expand your business with a quick finance option that comes with long repayment tenure and is available at a competitive rate of interest. Every form of business requires funds from time to time and there are various Banks as well as Financial Institutions that offer a variety of convenient loan options. Loan against properties is one of the most preferred loan options for different types of businesses. It comes at the lowest interest rates and also has a long tenure. If the individual has the ability to repay the EMI on time, loan against property is an ideal way to gain financial help for the business. The eligibility for the loan requires a minimum age of 25 years and the applicant should be salaried, a manufacturer or a trader. For an applicant to apply for a loan against property, it is extremely important to have complete documents of the property. The property should not be older than 50 years and should have a minimum value of Rs.50 lac.
Grab The Opportunity and Take a Loan Against Property
After the applicant approaches the Bank or Financial Institution for the loan, the lenders will verify the documents and seek for valuation of the property. Since it is a secured loan, the property is to be mortgaged with the Bank; hence the bank will require a valuation of the property to determine the market value. The amount will be determined based on the market value of the property. An applicant can determine the EMI based on the interest rate and the loan amount applied for. Although the interest rates depend on the amount sanctioned by the Bank. EMI calculator helps the applicant to determine the EMI that will be payable. Loan against property is extremely useful and is ideal for business owners who own property. This property can be a home, land, hotel or a farm. The property must be updated with complete documentation and the process is very simple. Holding a positive credit score helps in the approval of the loan and allows in quick processing as well.
Loan against property has various advantages that include easy repayment options, immediate process and approval, complete transparency in the application process, low interest rates and a long tenure. It also offers the flexibility to repay the amount ahead of the schedule. This saves you from the payment of interest on the loan for that period. The only point to be considered for a loan against properties is the loss of property in case of default in the payment of monthly installments. In case you are unable to repay the loan, the property will be taken over by the Financial Institution who will auction it after providing a couple of chances for repayment. Hence, if you are choosing this form of financial aid for the business, you have to ensure that the monthly installments are paid regularly.