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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Anyone can face financial issues at any point of time of their lives. The financial emergency is the most critical situation where people gets confused and puzzled as they find no source of getting money. They can either approach their friends and family, or they have to ring the bell of any financial institution. When you need money for diverse requirements such as for financing higher education, medical emergency, wedding, vacation or home renovation, you generally apply for a personal loan. But, you should be aware that a personal loan is an unsecured loan, so you have to bear a higher rate of interest. But, the better alternative will be a loan against property, as it is a secured loan. Here you keep your property, residential or commercial, as mortgage with the lender and get a lower mortgage loan interest rates. In such loan too, the lenders never ask the reason of your loan application. Factors that you need to notice are:
Loan Principal Amount It is a vital decision to fix your loan principal amount. It is always advisable to borrow an amount that you can conveniently repay. You first need to evaluate your repayment capacity by considering your current level of income and other fixed obligations including loan EMIs. Make sure that the fixed obligations to income ratio is not higher. Otherwise, lenders will hesitate to offer you a loan or provide you with a loan at a higher interest rate. So, before you fix the loan principal, access your cash inflows and outflows and your repayment capacity. To know the other factors, read: 5 Golden Tips to Improvise your Loan Against Property Eligibility
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If you find yourself in the midst of any financial situation you may consider opting for loan against property. This is a hassle-free, instant and secure financing option which helps to liquify your fixed assets. Usually, loan providers offer up to 60-70% of the value of your property as loan to eligible applicants. Let’s understand more about loan against property. You can take the loan from leading lenders such as NBFCs which have branches in your area. They offer high value loan amount up to Rs. 3.5 crores at affordable rate of interest and flexible tenure ranging between 2 to 20 years. These lenders let you apply for the loan online with minimum paperwork via their official website.Upon verification of the documents applicants who qualify for the loan get instant loan approval and quick disbursement on the loan. While, existing loan customers can get their loan transferred to lenders offering lower interest rate. This helps to lower the monthly repayments and pay off the loan easily. Also Read: 5 Most Lucrative Ways to Use a Loan Against Property Before taking the loan bear these things in mind to get the preferred loan amount -
Check what your actual requirement is so you borrow only that much loan, nothing more or nothing less. Usually, borrowers will provide up to 60-70% of your property value as loan based on the evaluation of your property. You may even use the EMI calculator available at the lender’s website to better plan your finances. In addition, you must also analyze your repayment capacity to make sure you pay off the loan on time. This will not only reduce your financial burden but improve your CIBIL score as well. Also Read: Enhance your Expenses with Low Mortgage Loan Rates |