Loan Against Assets: Eligibility Criteria LAP

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Showing posts with label Eligibility Criteria LAP. Show all posts
Showing posts with label Eligibility Criteria LAP. Show all posts

Monday, July 2, 2018

Loan Against Property: The Eligibility Criterions at a Glance

3:04 PM 0
People often ask this question repeatedly, “how to find out if I am eligible for a particular loan or not?” This is not with one person or prospective applicant, whichever you would like to call them. It seems almost everyone planning to take a loan for the first time, or even for a second for that matter; faces the same dilemma. Thus, if you have been planning to take a loan, or apply for a loan - and you have been dealing with the same perplexity; take a look at the Loan Against Property Eligibility Criteria and measure your loan eligibility accordingly.



Every loan differs in nature, and thus, chances are their eligibility criterions will differ from each other, too. Thus, make sure to check the eligibility criteria of the particular scheme. For example, Ms. Anandi Raghuvanshi, a small businesswoman from Ahmedabad, was planning to take a loan against property but she wasn’t sure if she was eligible for it. She called the bank to inquire about the eligibility criteria, and the bank sends a list of criterions they were expecting Ms. Raghuvanshi to fulfill.

>Age: As mandatory for all kinds of credit schemes, the minimum age requirement for taking a loan against property is 25 years.

>Employment: As per this criteria, the applicant needs to be employed with a private firm or a government enterprise for a minimum of three years. Or, in case the applicant is self-employed, they need to have a certified business.

>ITR: The applicant must have filed his/her ITR for at least two preceding years from the date of application.

In the end, if you want to apply for a loan against property, these are the criterions you have to qualify. Read more: Know the Eligibility Criteria to Avail a Loan Against Property
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Location: New Delhi, Delhi, India

Tuesday, June 26, 2018

Factors That Can Get You Low-Interest Rate on Loan Against Property

4:52 PM 0
Availing a loan against collateral, irrespective of the purpose requires careful planning keeping all the intricacies in mind. The process requires the borrower to keep a keen eye on the variables in order to minimize the risk associated with their loan application and obtain a loan against property on a comparatively low-interest rate. 

Accordingly, in a bid and quest to achieve the desired Interest Rate on Loan Against Property, you need to follow the below-mentioned pointers.

interest rate on loan against property

>Longer Tenure for a Higher Amount

A higher amount and shorter repayment tenor run parallel to each other in case the borrower expects a lower interest rate. Having said that, you can avail a higher amount by applying for a loan against your property and that too at a lower interest rate by increasing the repayment tenor.
 
>Keep Credit Utilization Ratio to a Minimum 

“Lesser you borrow, lesser will be the interest rate” a simple as that. Even the experts suggest keeping the credit utilization ratio to a minimum to become eligible for the best loan schemes available with the lender. Hence, borrow a lower figure to get boost your CIBIL score and get your hands on the most fitting schemes. 

>Maintain a Stable Income

Okay! This is not rocket science to understand that a stable income means a lower risk for the lender; and when the risk is low on the lender's side, they get in position to offer a lower interest rate on their credit schemes. So, maintain a stable income over the years and benefit from it later on.
Read more over here: Factors for Low-Interest Rate on Mortgages: LAP Tenure
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Location: New Delhi, Delhi, India

Thursday, May 24, 2018

Tips to Follow When Opting for a Loan Against Property

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A loan against property, also known as a Mortgage Loan is availed against a residential or commercial property. So, by pledging such an asset, an individual can raise funds to fulfill any shortage of cash he/she might be facing. The rate of interest charged on such a loan is lower as it is secured in nature. In terms of usage, these are quite versatile, whose proceeds can be used
for a number of requirements that may be personal in nature or for a business establishment.


Given below are a few tips that any individual planning to avail a loan against property needs to follow:

Opting for Insurance Cover
An insurance cover is important as it provides coverage and minimizes risk for both the parties- the borrower and the lender. With an insurance plan, a bank or Non-Banking Financial Company (NBFC) will consider granting loans of a larger value to the applicant without any hassle.

Renovate the Property to Increase its Worth
Borrowers can improve the property to be mortgaged for the loan as doing so will help in increasing the net worth of the property, while also helping them avail a loan of a larger value and a lower rate of interest.

Fishing Through Available Options
Loan seekers should make it a point to assess the entire debt market and evaluate the currently available schemes in the category of loans against property. They can thereby learn about the best schemes, the benefits offered by different banks and NBFCs, their interest rates, and eligibility criteria among other things.

These are only a few tips to be considered when a mortgage loan is required.

You can know more about the other factors to be considered by checking the below mentioned resource: What to consider when taking a loan against property?
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Location: New Delhi, Delhi, India

Monday, May 21, 2018

Minimize Tax Liabilities When Availing a Commercial Property Loan

5:34 PM 0
A loan against property is a secured loan that allows the borrower to mortgage a property and avail an amount which is around 70 to 80% of the property’s value. The process of Loan Against Property Documentation such a debt instrument can be utilised in purchase of a commercial property for a business. The applicant can opt for a convenient tenure of the long term and pay the EMIs regularly throughout this tenure.

As we know, there are taxes to be paid on the income and this, in addition to the EMI of the loan availed can take a toll on the financial standing of an individual. It can also have a harmful effect on the savings.
To prevent such an occurrence, there are tried and tested tax saving methods that can be employed. These tax saving methods can be applied on the interest component of the loan against property and not on the amount borrowed (i.e. the principal).
property loan

Loans availed for the purchase, construction, repair or reconstruction of a commercial property are eligible for tax deductions. These deductions are for the interest component, the processing charges as well as the expenses related to prepayment. Applicants can claim benefits upto 30% of the amount on repairs and other related expenses on an annual basis. The benefits can be availed on rented out properties and for self-occupied ones as well.

One thing worth noting here is that the applicant will not be able to claim the interest benefits on their taxable income before the construction is completed.
The benefits are specified under Section 24 B of the Income Tax Act of India.
Hence, availing a loan against property need not be a major financial setback, if planned well and managed smartly.
You can know more about availing these deductions from the resource mentioned under: Save on taxes while taking a commercial property loan
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Location: New Delhi, Delhi, India