AuthorAlisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health. Archives
March 2020
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With time even the most prized possession, our home, gets sprone to wear and tear. It then becomes important to take care of the damages to keep the space lively and fresh. Thus, home renovation services are a rage and they are an essential part of home maintenance too. However, if you lack sufficient funds to carry it out you may opt for renovation services with the help of additional funds acquired via loan against property. Let’s know more about the Loan Against Property for Home Renovation- # Usually, lenders offer up to 60-70% of the value of your property as loan. When properly planned it can be used to cater to remodeling work such as civil, plumbing, electrical, tile replacement, woodwork, painting, doors and window replacement, stone work etc. to rejuvenate your living space. # You can opt for either a fixed or a floating Rates of Interest on Loan Against Property. The financing company will thus help you to create a manageable EMI structure. You may use the EMI calculator at the lender’s official website to know the approximate monthly EMIs and thus make an informed decision. # This is an all-purpose loan which can be used to cater to several renovation works such as hire interior designer to undertake complete home remodeling which includes detailed planning, design, implementation, and much more.
This is a simple and wise option as it allows you to liquify the fixed asset, your property, and avail needed funds against it. You only have to ensure you meet the basic criteria of the lender and that your property is free of any litigation and have no existing loan on it. Additional Read: Ease your Home Renovation Debt with Loan Against Property
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Bangalore has slowly emerged as the front-runner in South India’s property market with housing demand and supply in the city being higher than any other metro, especially, during January-March period, according to a recent report. Increased commercial activity, infrastructure upgrades, positive buyer sentiments, and improved job opportunities in the city have given a major boost to Bangalore's housing market. Owing to this trend leading NBFCs have flocked to the city offering attractive and hassle free loan against property to potential borrowers. The Loan Against Property Interest Rates is quite low towards other loan available. The process to apply is pretty simple too as the borrower can apply online by filling up a simple e-form. Upon verification, the borrower can avail instant loan approval and quick disbursement to cater to their financial obligations.
High Value Loan Eligible borrowers can avail high value loan up to Rs. 3.5 crores. But they must ensure that the property they pledge is free from any litigation and does not have any existing loan running on it. This way, they can avail up to 60-70% of the loan provided by the lenders on the property. Flexible Repayment Tenure Applicants can choose flexible tenure to easily pay off the loan. These range between 2 to 20 years and the borrower can part-prepay or prepay their loan anytime, at minimal charges. In addition, lenders offer the loan on Flexi Loan facility. This is a unique feature which lets the applicant borrow as per their needs from the loan amount sanctioned on a daily basis. Interest is charged on these daily withdrawals which helps to lower the EMIs by up to 45% and easily manage their finances. Additional Read: How to Check your Eligibility for Loan Against Property in Bangalore |