If you are looking for access to ample funds, then one of the best ways of doing so is by using a loan against property. It is highly convenient as your property stands as collateral and repayment of the loan is easy as the tenors are lengthy. The interest rates are nominal which means repaying the loan is not a burden, Further, you can continue using the property the way you were doing earlier.
However, there are many people who are not comfortable about the idea of taking a loan against property because they feel they might be duped. Here, the best recourse is to opt for a lender who is reputed by checking for their reviews and terms and conditions before applying. You must also speak to your friends and family regarding what they think is the best lender when it comes to loan against property interest rates.
Another option is to check for the documents which need to be submitted as it is the key to getting your loan against property in a more hassle-free manner. Some of the other points to remember are as follows -
Registration Act
In the month of November, 2018 a circular was issued by the Inspector General of Registration and Stamps stating that those who are mortgaging the property need to submit the details of their deed to the sub-registrar’s office within a month. The stamp duty charged will be 0.2% across 29 cities. This will be applicable at the time when the title deed is submitted.
Required Documents
According to an amendment brought in the Registration Act of 1908, it has not become mandatory to register the agreement between the lender and the borrower if a loan against property is opted for. This is done by submission of the title deed. Such a step helps the lenders check all the transactions which have been done on the property and helps reduce the risk involved.
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