If any salaried individual is willing to acquire a loan of about INR 1 crore, they can apply for a loan against property. Any leading bank or NBFC can lend this loan to the salaried, as well as self-employed, individuals.
All you need to have is a property worth the market price of the loan against property. Mortgage loan for self-employed and salaried individuals can be up to INR 1 crore and that too at a low interest rate, which they can avail by submitting minimal documents for identity and address proof and to prove the ownership of the property.
It is a secured loan that comes with a great tenure for up to two to 20 years. This makes the repayment ability of loan easy and hassle-free. This means the borrower can even stretch the loan repayments in smaller EMIs.
Is there any charge for Foreclosing your Loan against Property account?
Many banks and other financial institutions don’t demand any fees or charges for foreclosing the loan against property account. You can simply pay off the loan within the set tenure and can even use the same property for availing about loan anytime soon.
Can it be tracked online?
Yes, using internet banking, customers can easily access their loan details online. Even the lender’s online portal can be accessed to track the details anytime, 24/7. You need to login to the bank or financial institution’s website and look for the details that you may find helpful for tracking the loan amount and the repayments that are still pending.
Additional Read: How can a Salaried Individual get a Loan of Rs. 1 crore
Alisha 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.
No comments:
Post a Comment