A home reflects the way the residents take care of it. Few occasions like marriage ceremony demand renovation of the residential property. For instances like such occasions, various financiers offer different schemes for availing a loan against property for home renovation.
Few significant benefits why people opt for such housing loans include –
# Substantial Amount of Credit - Residential loans like home renovation have proven beneficial because financial organizations offer up to 80% of the credit of the cost of the renovation.
# Fast Disbursal – Loan against property process are easy and disbursal of credit happens is quick. Borrowers may even be able to enjoy approval within 72 hours of application.
# Long-Term Payment Tenor – Loans against property offer substantial loan amounts and therefore necessitate long tenors of up to 20 years or more. Longer tenors help reduce the applicable EMIs but increase the total interest payable on the loan.
# Varied Interest Rates – Borrowers can choose between fixed and floating interest rates while applying for a loan against property. However, borrows should know which is better between fixed and floating interest rates for a loan against property before applying.
# Borrow as Much as Required – Availing a loan against property for home renovation can provide a lump sum of funds, sufficient to renovate a residential property with aplomb. Leading lenders offer up to Rs. 3.5 crore with such a loan.
Maintain a CIBIL score around or above 750 before you apply for a loan against property to avail the most beneficial loan terms. Opt for leading lenders for easy application and better interest rates.
Few significant benefits why people opt for such housing loans include –
# Substantial Amount of Credit - Residential loans like home renovation have proven beneficial because financial organizations offer up to 80% of the credit of the cost of the renovation.
# Fast Disbursal – Loan against property process are easy and disbursal of credit happens is quick. Borrowers may even be able to enjoy approval within 72 hours of application.
# Long-Term Payment Tenor – Loans against property offer substantial loan amounts and therefore necessitate long tenors of up to 20 years or more. Longer tenors help reduce the applicable EMIs but increase the total interest payable on the loan.
# Varied Interest Rates – Borrowers can choose between fixed and floating interest rates while applying for a loan against property. However, borrows should know which is better between fixed and floating interest rates for a loan against property before applying.
# Borrow as Much as Required – Availing a loan against property for home renovation can provide a lump sum of funds, sufficient to renovate a residential property with aplomb. Leading lenders offer up to Rs. 3.5 crore with such a loan.
Maintain a CIBIL score around or above 750 before you apply for a loan against property to avail the most beneficial loan terms. Opt for leading lenders for easy application and better interest rates.
Additional Read: How To Increase CIBIL Score
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.
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