Rented Apartments to Your Own Home: How to Plan the Shift?

For people living in rented homes, the biggest problem is the lack of understanding between the person and his/her landlord. The constant complaints from the landlord become an annoying problem. The words get on your head and make your life a living hell. To be honest, nobody deserves this kind of treatment, especially when you are paying a definite sum every month for using their property. The lower Interest Rates on Loan Against Property acts as a boon to borrowers searching for homes.

In such situations, switching from one rented apartment to another doesn’t help much and the best way to get rid of this problem is to buy a house of your own. You can convert the monthly rental into monthly EMI and shift into your own house. Having said that, with home loans financing only a part of the property’s cost - paying the down payment of the property might seem like a monumental problem, especially if you don’t have sufficient savings to cover the same. Yet, the same can be taken care of by applying for a fitting home loan against property, using a pre-owned property as collateral. 

If the suggestion seems logical but you are still stuck on the horns of a dilemma - whether to buy your own home or not, here are a few things you would like to know about loan against property. 

This scheme comes with affordable interest rates, making it easier for people to apply for Loan Against Property and benefit from the facility. 

The loan amount can be regulated as per the applicant’s need, a higher amount can be borrowed by mortgaging an expensive property. Moreover, you can fund the entire purchase through a loan against property. 

Having subscribed to the facility makes you eligible for certain tax benefits under the income tax laws. 

Lastly, the scheme comes with easy-to-follow eligibility criterions along with minimal documentation requirement, making it easily accessible by all. 

Also Read over here to know more: How to Move Out from Your Rental Home?