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March 2020
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As most financial institutions and NBFCs are willing to offer affordable Loan Against Property based on their evaluation it is a good option for unsalaried to acquire capital. Benefits of Loan Against Property for Unsalaried #1 Balance Transfer If you have been making your repayments on time of your mortgage, you can get the loan transferred to new lender offering affordable interest rate. As you are unsalaried you won’t have to furnish a lot of paperwork while based on your credit history the new lender will let you build a more affordable EMI structure. #2 Collateral Safety As you pledge your property as security you can avail Low Interest Rate with Loan Against Property amount up to 50-60% of your property value. #3 Purpose of a Mortgage Loan:
Mortgage loan has manifold purposes such as,
One of the benefits of mortgage is that if your property kept as security is in good condition and appreciable value you can better negotiate the terms with your lender. This is to let you create an affordable EMI structure and avail related loan benefits. To avail a loan against property you must ensure that the collateral is free of any litigation and must not have any existing loan or mortgage on it. Also, in case of co-ownership consent of all owners are needed and are they considered as co-applicants of the loan. Read more about it here: The Best Loan Option for Unsalaried Person: Mortgage Loans
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A loan against security has emerged as a new favourite for existing and potential credit seekers. Even the top-notch financial advisors are proactively suggesting the product to their client. From a collective perspective, the facility has become quite popular in a relatively lesser time - and the prime reason being the unique features which aren’t available in other schemes: (a) a loan against security allows you to regulate your borrowing capacity by using an equivalent collateral (you can borrow higher funds up to the specified limit using a security with higher value), (b) you don’t have to liquidate your investment to obtain a loan against it. This means you can breakthrough your urgent cash needs while simultaneously preserving your investment. Nope! These two aren’t the only reasons why loan against property is so popular, there are a few more reasons which are mentioned below. Higher borrowing limit: As said above, you can increase or decrease your borrowing capacity as per your need by submitting a collateral of equivalent worth. Thus, if you want to, you can avail a bigger amount by using a fitting collateral.
Wider repayment tenor: Most secured loans come with a longer repayment tenor, so does a loan against security. You can evaluate your needs and decide the repayment tenor in accordance to your needs. Exclusive customer support: The lenders offering the discussed services also offer exclusive customer support for the subscribers. You can dial their number whenever you have genuine query or a question related to your loan. In the end, even the online account management facility available with LAS is an influencing reason adding to its popularity. Also Read :- 6 Benefits of Loan Against Securities at a Glance! |