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March 2020
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Old Delhi is one of the most important locations for the people of Delhi. Even though it's a bit crowded, the fact that it is located in the center makes it one of the best real-estate investment prospect. In addition to that, you have the magnificent Red fort on one side and the glorious Jama Masjid on the other. Not just that, you have tons of business options which would continue to grow due to never-ending visitors such as a local food shop, a restaurant, or a hotel.
If financial constraints occur, you can take a loan against property in Delhi to manage the cost of renovating your old Delhi home. In fact, you can use the property in question as a mortgage and avail a loan against it. Doing so would guarantee you a sufficient amount of money to manage the cost, and you’ll also become eligible to claim the available tax benefits on home renovation loan.
So, people having a property in Old Delhi are really lucky, and can utilize their property for different income-based ventures. If not anything, you can contact different film-makers and videographers who are in constant lookout for such ancient building and havelis for film shoots. However, you can do nothing with your property in Old Delhi if it is not well-maintained. Maintenance of your property be it in Old Delhi or anywhere else, is a crucial factor which not only makes it look good, it also adds to the market value of your property. Additional Read: Give your old Delhi Home a Makeover with a Loan Against Property
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Loan against property is an age-old credit scheme entitling people to mortgage their assets - residential property, commercial property etc., and avail a significant value as loan. However, when it comes down to that, applicants are supposed to submit certain documents which includes employment certificate.
Talking about that, people who work as freelancers or run a business argue why the applicant has to submit their employment certificate. Now, there are multiple reasons to why mortgage loan applicants have to submit employment certificate, but before we talk about that you must know the condition doesn’t apply on self-employed individuals or business owners. Is Occupancy Certificate required to get a Loan against property? You need to have the occupancy certificate if you need to apply for a loan against property (LAP). It is extremely essential for the resale of the property as well. Occupancy certificate verifies you as the real owner of the property.
Moving on to why people need to share the employment certificate, below are some reasons:-
> To verify their income stability: First and foremost reason why lenders would ask for employment certificate is to verify your income stability. Employment certificate has time and date of your joining along with your monthly income details. These details allow the lender to determine the stability of your monthly income. > To verify their job stability and association with their present employer: Needless to explain, employment certificate is a great way for lenders to determine the job stability and to find out the association of the applicant with their present employer. Additional Read: Is Occupancy Certificate needed for the Loan Against Property? |