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Showing posts with label avail loan against property. Show all posts
Showing posts with label avail loan against property. Show all posts

Friday, October 22, 2021

Mortgage Loan – A Quick Introduction

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 Have you heard about the mortgage loan?

If not, then you need to go through this quick post to know more! Read on!

What is a mortgage loan?

A mortgage loan is a kind of secured loan. You can easily avail of a mortgage loan by keeping an immovable asset as a mortgage with a lender. The asset you can keep as collateral could be a residential or commercial property or even heavy machinery.



What are the benefits of the mortgage loan?

1.    A large loan amount

As per your needs and eligibility, you can get a considerable amount of up to Rs.1 crore. The loan amount is much more to cover different needs.

2.    One loan for so many needs

You are free to use the mortgage loan amount for anything as per your preferences. From overseas education to weddings to business growth to medical emergencies and much more, you can rely on the mortgage loan to cover all needs.

3.    Loan disbursal in only 4 days

Once you have the mortgage loan approval, you can get the sanctioned amount disbursed into your bank account within 96 hours.

4.    Flexible repayment tenor

Once you avail of the mortgage loan, you don’t need to worry about repaying it faster and hurt your outlays. It is because leading lenders let you repay the mortgage loan over a flexible tenor ranging from 2 years to 20 years.

If you need a large amount to cover different needs, you can check your eligibility and apply for a mortgage loan right away.

Must Read: What are the Factors to Consider Before Availing a Loan Against Property?
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Monday, September 30, 2019

Questions To Ask Before Availing Loan Against Property

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Features of loan against property like the advance of high-value, long repayment tenure, affordable EMIs and more have made them a convenient loan option to avail.

When availing a loan on a property, individuals must, however, know all the features and benefits it brings along to make optimum use. Here are a few questions answered for you so that you can make an informed decision when availing the loan.

Question 1.) What are the Eligibility Criteria to Avail the Loan?
To avail loan against property, you must meet the eligibility criteria specified by your lender. Take a look at a few general criteria to check before applying for the loan.
  • A self-employed individual must age between 25 and 70 years, and a salaried person should be 33 to 58 years.
  • One should be an Indian resident.
  • He/she must be employed with a private/public sector company or an MNC or should have a regular source of income.
Question 2.) What is the Maximum Loan Amount an individual is Eligible to Avail?Depending on a person’s income source, property value, creditworthiness, lenders policies regarding LTV and other eligibility factors, loan against the property of up to Rs. 3.5 Crore is available.

Question 3.) What are the Applicable Interest Rates on this Loan?As different lenders offer this loan at varying rates of interest, you must make sure to compare the available options and go for the most affordable one. Look for a lender who provides property loan at competitive interest rates along with other affordable charges.

Having answers to these questions, you can now proceed to apply for a loan on the property from your chosen lender. Make sure to check other features like hassle-free disbursal, top-up loan facility, etc. for extensive benefits.
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Location: Pune, Maharashtra, India

Monday, September 16, 2019

Important Things to Know About Loan Against Property

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The affordable EMIs, balance transfer facility, top-up loan, and several other features offered by NBFCs with a loan against property is the ideal option for numerous borrowers. These loans reduce the financial the burden under various circumstances like medical emergencies, home renovation, higher education, etc.
Although various financial institutions and lenders provide with such loans, Bajaj Finserv loan against property offers additional benefits and affordable interest rates to their applicants.
Significant Features and Benefits:
> Loan Amount is Comparatively High:- Salaried individuals can opt for a loan up to Rs. 1 Crore, whereas self-employed candidates can avail an amount up to Rs. 3.5 Crore.
> Disbursal is Hassle-Free:- Processing is fast, and the loan is reflected in your account within four days.
> Flexible long Tenure:- Self-employed candidates can opt for a tenure of up to 18 years, and the range is extended to 20 years for salaried individuals.
> Simpler Account Management:-With the help of their customer portal, you can get access to your application easily.

Additionally, their mortgage loan interest rate is attractive that keep your monthly installments affordable.



Eligibility Criteria and Required Documents
Proof of address, ID proof (preferably Aadhaar or PAN Card), and documents of the property to be mortgaged are some of the documents applicants have to submit.
For salaried employees, the following needs to be submitted:
  • Latest salary slip
  • Bank account statement for the past three months
  • Income tax returns
  • Documents of the property

For availing a loan against property, self-employed candidates need to provide with the following bank account statement for the past six months.
In addition to the above, Bajaj Finserv offers affordable charges when you apply to keep your cost of loan low.



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Location: India

Monday, September 2, 2019

3 rules to follow when Opting for a Loan Against Property

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A property loan is a suitable option for individuals who are looking to avail a significant amount than a conventional unsecured loan cannot provide. A loan against property is beneficial in case you want to start your own business, construct a second story, renovate your home, or even host a grand destination wedding.

Here are a few rules an individual should follow when they opt for a loan against property:
Rule 1: Do not borrow more than you can repay-
Financial institutions can offer a loan amount of up to 75% of the collateral’s current market value.
Borrowers should be aware that they do not avail more than their repayment capability. It can increase the chances of default in the payment. They should try to keep the EMI amount under 50% of their monthly income.
Rule 2: Opt for a shorter tenor-
The tenor in case of a credit availed against property can range up to 20 years. Borrowers should choose a short tenor when going through the loan against property process online as it will considerably reduce the total cost associated with such credits.
Rule 3: Compare the interest rates and other fees-
Interest rates and additional fees such as foreclosure charges, processing charges, etc. can vary from lender to lender. Borrowers should select a lender that offers minimum charges so that they can make the most of their credit.
Additionally, make sure that you are aware of the eligibility criteria and the documents required.
Make sure to consider all the points mentioned above before taking part in the loan against property apply online process.
Must Read: Rules To Follow When Opting For A Loan Against Property
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Location: India

Tuesday, August 20, 2019

Some of the Popular Finance Articles

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Friday, June 28, 2019

Why Loan Against Property Used for?

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Loan against property can take care of multiple needs subject to the fulfillment of the loan against property eligibility criteria. The loan against property eligibility criteria acts as a tool for the lender to confirm that you have a good track record with your credit card payments or paying off debts of your past loans. Some of the most common reasons why clients prefer to avail loan against property are:-
  1. Indian Weddings are always a grand affair- The rituals span over a few days and the guest list is unending. If you intend to get married at the peak season then the expenses can be really high. The venue itself can be expensive. To meet all the expenses incurred property loan is an easy financial solution. 
  2. When you require a certain amount of fund to start your own business- To keep the company running this type of loan is useful to get the fund so that you can comfortably bear the cost, as the tenures to pay off the loan are longer and have easy EMI rates.
  3. For higher education, you need to accumulate enough funds- Most parents at times cannot bear the huge tuition fees of college. This not only helps the parents to secure a future for their child but your child can later pay off your debts as well.
  4. When your home needs renovation expenses can spiral out of hand if not managed properly- Loan against property helps you to utilize your money wisely and helps you to carry out your renovation plans.  Reference Read: For What Loan Against Property are used for?
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What are the Risks Involved and How to Safeguard in Loan against Property?

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Every loan has certain risks and advantages. The best part about pledging your property is that you can avail a large sum of money while getting the best loan against property interest rates. 
Advantages of Loan
  • You can acquire loans for a significant, and increased tenure helps reduce the EMI that you pay.
  • Lenders both private and banks provide loans that can be paid through a period of 20 years or even higher in some cases.
  • When availing loans, make sure there are no existing liens on your property.
  • If the property is entirely in your name and is not co-owned by anyone, it is easier to get the document processed with minimum documentation and lesser processing period.
  • It is considered one of the safest options for both the lender and the borrower. 
  • Overcoming any Risks Involved.
  • The most common risk is that your property being auctioned if the loan is not repaid for a more extended period or multiple EMIs are missed.
  • Lending institutions always follow a strict process and can lose your property if you miss your EMIs regularly.
  • LAP interest rates can be low but don’t go for the maximum limit but rather get the loan that suits your requirement so that it is easier to repay.
Better management of your finance will help save yourself from potential risks. Keep your EMI at 30% of your total income and never touch or exceed 50%. Get your loan from reputed banks and private lending institutions to be safe while getting the best loan against property interest rates.
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Location: India

Wednesday, June 19, 2019

Buy Your Dream Home In Nasik With Flexi Loans

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Nasik is one of the most important commercial cities in India. As 22 of the 46 wineries of India are located in this city itself, Nashik is also called as the “Wine Capital” of the country. It is one of the important holy towns of India where the Kumbh Mela is organized, and also lies on the Delhi Mumbai Industrial Corridor project, which is $90 billion commercial projects. There are prominent industrial areas here, and the spiritual value of the place also makes it one of the most happening and desired destinations to own properties.

If you want to buy a new, modern, or bigger home for yourself and have a property in Nashik, it is easy for you to get a loan against property in Nasik and buy your dream property. Financial Institutions including leading financial institutions like Bajaj Finserv are offering this secured loan where your property as collateral and you can get a loan of a higher amount.
The best of lenders have for you loans up to 3.5 crores if you meet the following conditions:

●You are self-employed or salaried and have a regular income source.
●Your age is in between 25 to 70 years.
●You are an Indian citizen who owns property in a city, which is deemed appropriate by the lending institution.

The best of companies can offer you a loan against property in Nasik you own in as less as 72 hours. The best institutions also offer the Flexi-loan facility. Under this facility, you only have to pay the interest in your Equated Monthly Instalment (EMI) only. The rest of the amount will be adjusted later on.
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Thursday, May 23, 2019

How Home Mortgage Loan is Helpful?

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RBI relaxed the securitization guidelines in December 2018. This has led to the reduction in the holding period for property having a maturity period of 5 years which stood at 1 year to 6 months. This will open up roughly around Rs 60,000 crores of the mortgage loan portfolio for securitization which also includes both home mortgage loans as well as loans against property. This change has been affected due to the series of defaults by infrastructure lending and development firm IL&FS which resulted in the amount of liquidity got tightened up and led to a downturn. This increases the number of assets that come with a shorter holding period and also promotes investing in debt security. Some of the factors like the introduction of PMAY and reduction in the stamp duty cost for women buying a property have increased the finance option that is available.




Let’s see here how to pay off your debt early when you avail home mortgage loans:-

  • Pay high-interest debts first- It is quite important that you prioritize your repayment. For this, you have to make out a list of all the outstanding that you have including the ones that have higher interest rates. First, you pay the debt with a higher interest rate and the list will guide you in clearing all your debts easily. By this way, you will bring down your interest burden considerably.
  • Increase your EMIs as and when your incomes rise- Whenever you get a hike in your income, go for higher EMI on your loan. This way you can clear your loan faster and you need not have to pay a lump sum payment. But you should ensure that this will not make you to default on other debts that you have. You can use the mortgage loan EMI calculator to calculate the EMI amount.
  • Use investments to make prepayments- If you feel that your debts are damaging your finances, then use your investments like mutual funds or shares for making prepayment towards the principal. This will not only make repayment simpler but also lower the interest on it also. You can even go for loan against certain investments or sell your gold holdings or real estate to access the money instantly. But these should be used for fulfilling your long term goals so you should use it as a last resort.
  • Loan against property helps in debt consolidation- When you have multiple loans, go for debt consolidation. This you can do it by going for the loan against property. When you go for it, you will get benefits like easy online account management and also a Flexi loan facility. This will make you pay only the interest on the amount that you actually use. 

Thus, you can go for the above with your home mortgage loans. 
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Friday, May 17, 2019

What to Consider when Applying for the Loan Against Property?

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A loan against property is easy to avail with minimum documents. The approval of this loan takes a few hours and is easily disbursed with a simple process. Even though, you need to keep a check on a few things before considering a loan. Check for your loan against property interest rates, statement, repayment terms, documents, tenure, amount etc.

Rate of Interest: when you avail the loan against property, it is best to find the available lenders in the market and consider the best one. Look for the lender that offers loan at the lowest interest rate. Just compare the rate online and take a few minutes and make a wise choice.

Additional Read: Buy Your Dream Home In Nasik With Flexi Loans

Charges and Fees: When you avail loan against property, lender charge some set of fees or charges. This mainly includes processing fees, late payment fees, administrative charges, know the hidden charges, extra fees, etc. These charges and fees may push up your loan amount and will put an additional financial load.



Tenure and Amount: Always decide on the loan amount that you actually require. Check with the lender about the amount approved. Do not take an extra loan as this will put an additional debt burden. Select the tenure as per your monthly earning and repayment capability.

Repayment Terms: The lender you pick should provide you with flexible repayment terms and options. You should be free to select the EMI and repay when possible.

Check your loan against property statement when you avail the loan. Bajaj Finserv is the best lender that offers a customised loan. It also provides a pre-approved loan that is easy to apply and get approved.
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Location: Pune, Maharashtra, India

Thursday, May 2, 2019

How Loan Against Property Helps you Ease the EMI Burden

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Personal loans are much more convenient and conducive since they are easily available, and the lender offers end-usage flexibility with the sanctioned loan amount. That said, the loan against property interest rates is higher compared to secured loans, and so the EMIs are, for the most obvious reasons, higher. For some it might be easy to manage the EMI even if it is expensive, others might just succumb to the pressure.

That’s when loan against property becomes a convenient options; offering the loan at a lower interest rate which result in lower EMIs. The other factor which promotes loan against property as a solution to lower down the EMI burden is the wide repayment time. Since the loan is secured by a collateral; the associated risk factor is on the lower side for the lender and hence they offer a wider repayment tenor. A wider repayment tenor allows the lender to spread the principal and interest component for a longer number of years which results in lower EMI for borrowers.



Apart from that, below are a few reasons why loan against property helps reduce the burden: -

> Loans are secured by loan insurance. Thus, if anything happens to you, your family won’t be burdened with EMI payment.
> You can remortgage the same property with the same lender for a second loan at a lower interest rate and use that for debt consolidation.
> Lastly, here too the loan amount comes with end-usage flexibility which allows the borrower to use it for anything they want to. 


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Location: Pune, Maharashtra, India

Monday, April 29, 2019

Types of Properties You Can Mortgage for a Loan Against Property

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A loan against property, as the term literally translates, is a credit scheme which entitles potential loan applicants to borrow the desired amount by mortgaging a property of equivalent value as collateral. To give you an example, if you want to borrow around 10 lakhs as a loan, you would have to mortgage a property worth at least 18 lakhs to 20 lakhs. The exact value of property to be mortgaged varies depending on the market value of the property, the margin of the lender, and the desired loan amount. The margin, while we are talking about it, varies in between 24% to 40% since mortgage loan is not covered under priority based lending.



Moving on, coming back to which type of properties can be mortgaged to avail a loan against property, the answer is as follows:-

1. Residential property: Residential properties such as a 2BHK apartment, a penthouse, an independently owned house, a villa or anything which qualifies as residential property can be mortgaged to avail a loan. Though the properties should not be Lal-Dora property. 

2. Commercial property: Properties owned by your business such as the building where your company is based, or your business’ manufacturing unit or some very expensive machinery used in your business can be used as collateral for a loan against property.   


3. Farming/ Agricultural land: Though agricultural land or farming land is not accepted as collateral for loan against property in normal cases, farmers trying to get a loan can use farming/ agricultural land as a mortgage.   
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Location: Pune, Maharashtra, India

Thursday, April 25, 2019

What is a Reverse Mortgage and How Does it Work?

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Reverse Mortgage loan in India also known as HECM (home equity conservation mortgage) is a secured loan over a residential property. The reverse mortgage loans do not require monthly mortgage payment and typically promoted to the homeowner who is 62 or older. The loan enables the applicant to encumbered value of the patrimony. Generally, senior citizens use this as their supplement retirement income but they still have to pay taxes and insurance on the property. 
How can one get a Reverse Mortgage Loan?
Step1: The applicant mortgages his property to the financial institutions such as banks so that he can capitalize on his residence in his later years. This offers them the benefits like staying in the property till they are alive. The scheme provides a regular revenue stream to enjoy a meaningful and healthy retirement.

Step2: After the application is processed, the borrower receives the payment from the financial institution. Various types in which claimant can receive payment are given below-
>EMI (Equated Monthly Installments)
>Lump-sum
>Line of credit
>Term payments
During the time period of the reverse mortgage, the possession of the property is with the aspirant.
Step3: If the loan applicant dies, then the home is given to legitimate heirs and they will be responsible to pay off the mortgage loan. If the loan is not paid on time due to any reason, then the financial institution has the power to auction the property and recover the dues.
Additional Read: What is Reverse Mortgage and how Does it work
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Location: Pune, Maharashtra, India

Monday, April 22, 2019

How Does a Small Tenor Loan Against Property Impacts One’s CIBIL Score

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A loan against property is one of the easiest loans to acquire owing to the easy eligibility condition set by lenders. The debt product works on a very simple procedure: you keep your property as collateral, and a lender that you choose, offers you money which is equal to 60% to 70% of the property’s market value.



What are the expenses you can manage using a loan against property? 


> Loan against property comes with end-usage flexibility which allows
> Funding for wedding expenses
> For establishing a business
> For business expansion
> For sending your children for higher education
> For urgent medical emergencies
> For all other personal needs

Since you know how to use it, applying and availing a loan against property won’t be such a difficult task. However, you must plan your loan very accordingly and make sure the repayment tenor is in accordance with your repayment capabilities. Choosing a shorter repayment tenor has a different kind of impact on your CIBIL score, and the same goes with choosing a long repayment tenor.

Choosing a short repayment tenor:

If you go ahead and select a shorter tenor for repaying the LAP account, you will need to pay up a large amount as the EMI. Hence, paying up a large amount may affect your monthly budget and other goals in life. Besides, if you miss your EMI in any case, it will take a toll on your CIBIL score. That said, choosing a short repayment tenor has its own perks since it reduces the payable interest.

Additional Read: Can a Small Tenor for a Loan Against Property boost CIBIL Score
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Location: Pune, Maharashtra, India

Tuesday, April 16, 2019

What is Loan Against property and what purposes can I take a loan against property?

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Loan against property is a type of mortgage scheme which allows people to pledge any residential or commercial property as collateral and avail a loan against it. Due to the end usage flexibility, the debt product can be treated as a secured personal loan. The loan amount can be used for almost anything without even informing the lender about it. For instance, some of the most common uses of loan against property are:-

> Construction refinances/ Refinance on a self-financed property.
> Debt consolidation/ Mortgage Buyout.
> Business purposes For example, expansion, acquisition of assets etc.
> Travel/ Education/ Marriage/ Personal needs


Moving on to the second part of your question, you can avail a loan against property if you can qualify the terms and conditions set by the lender. The conditions would be available on the lender’s website.


The loan amount can also be used to manage different other personal reasons which, in other conditions, can’t be managed using other loans.

Some of the above-listed uses of loan amount also allow the loan taker to claim tax deduction under different Income Tax sections. The tax benefits would be available for the amount paid as interest.
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Location: Mumbai, Maharashtra, India

Monday, April 15, 2019

Loan Against Property to Balance Your Finances

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Loan against property is an age-old credit scheme which has been catering to different finance related needs of Indians. The best part, the loan amount varies depending on the market value of the property mortgaged subject to a maximum specified by the lender. So, you can mortgage an expensive property as collateral and boost your borrowing eligibility.

The borrowed amount can be used for ‘n’ number of things such as paying down payment of your house, buy a car using the money, pay for your destination wedding, fund the higher education of self or your child etc. That said, you must check your mortgage loan eligibility for the loan otherwise your loan application is likely to get rejected. If you get approved though, below are the benefits you’ll be entitled with.



The Flexibility of Use: The borrowed amount from the said scheme comes with end-usage flexibility which allows the borrower to use the money for different needs. You, once the money is disbursed into your bank account, can use it for anything you want to without prior taking permission from the lender. 

Continued Ownership of the Property: Secondly, when you mortgage your property you transfer the ownership on a temporary basis to the lender, you can still live in the house. The ownership can be reclaimed once the debt is paid.

Low-interest Rates: The interest rates for loan against property are low owing to the availability of collateral. 

Easy to Access: Lastly, you get easy access to the loan amount by applying for the said scheme. The eligibility conditions are easy to follow.
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Location: New Delhi, Delhi, India

Thursday, April 11, 2019

Loan against Property – Best Way to invest in Real Estate

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With the recent high growth and return experienced in real estate, people getting attracted toward this investment option. Investing in property helps to earn a good return; enough rent each month or even resale at the best price. Investing in property requires huge money and there are desperate people who do not have a substantial amount in hand. For such desperate people, loan against property is the best option to raise funds and invest in property with high return.  This is now a smarter way to invest in appealing and high returning real estate property.

Before applying for the loan against property, it is best to know it better. This is a secured loan that is availed by pledging existing property. The loan amount is determined based on the value of the property. Just look for the right property to invest and avail the Loan against Property from Bajaj Finserv. This lender not only offers loan at affordable prices but also ensure that the loan amount is enough to help you invest in desired real estate property.



How feasible is availing property loan for real estate investment? If you do not have enough money to buy a property, it is best to avail mortgage loan. This will help to own a new property and get monthly rent that will fetch you a regular income. With this rent, it is easy to pay EMI. Therefore, the smart way to invest in real estate is to opt for the property loan and invest in real estate properties with best returns.
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Location: New Delhi, Delhi, India

Friday, April 5, 2019

3 Factors that Affect the Interest Rates of a Loan Against Property

1:22 PM 0
Availing for a loan against property is the best option if you are in search of funds with a low rate of interest. As property loan keeps your property as security, you can even get a large amount of up to Rs.1 crore (Rs.3.5 crores for self-employed) with a longer repayment tenure. But the interest rate is not merely dependent on the collateral alone. Here are other factors that decide the interest rate offered to you.

> Good CIBIL Score
A credit score of less than 750 might increase the loan against property interest rates offered to you. Improve your credit score to prove your creditworthiness to the lender.


> Clean repayment history 
You get a lower interest rate if you have managed to pay off your credit card outstanding or current loan EMIs on time. Therefore, never default or delay debt payments.

> Consistent Income and Employment history 
Your income, employer, and job stability help in fetching a lower property loan interest rate. Make sure you don’t switch your job often.

Choose a lender which provides several offers along with quick processing and disbursing. NBFCs like Bajaj Finserv provides pre-approved offers and a hassle-free application where your loan amount can get disbursed even in 3 days.

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Location: Pune, Maharashtra, India

Wednesday, March 27, 2019

Best Ways to Pay Back your Debt in No Time

11:49 AM 0
Getting financial assistance from lenders is probably one of the best ways you can ease some of the financial burdens from your shoulders. With that information in mind, it is best that you know about some easy tips to pay your debt back to the lender. Read to know more Taking a loan and not paying it back timely could result in costing you a lot of extra cash. Here are the best ways to pay a property loan properly: Avoid Paying Low EMI to the Bank The process of breaking the return process into steps is EMI, instead of paying low EMI’s start paying it in high amount. It not only helps you to pay in time but also ensures that a less hassle while repaying that loan against property.
Manage your Cashflow Keep track of all the transactions and investments you make, to build a strong financial structure for yourself. Maintaining a detailed report on things that you have invested upon and things on which you want, helps in understanding the goals better. Close not so important investments instead direct those cash into your mortgage loan. Do Advance Payments Advance/pre-payments ensures that the principal amount and the EMI that one needs to pay to get less. A lesser amount to pay will mean that you don’t have to worry about putting your entire salary in the bank, directing bonus amount to the bank is a great way towards repaying the amount to the bank in time. Have an idea of the amount you will be repaid Before taking or applying for that loan, make sure that you do some online research. Using online loan calculators for that is an excellent approach. Most of these calculators are accurate and are close to proving the correct results. Talk with bank officials and the body concerned regarding the rate of interest that you need to pay in the return process.
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Location: New Delhi, Delhi, India

Thursday, March 7, 2019

Is asking your children to pay off the education loan OK?

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Of course it is OK to ask your son or daughter to pay off their education loan which the parent has taken on their behalf. The issue is not in asking them, but in the belief system that we have embedded in us as part of our core values wherein the parent is supposed to take care of their children till the time they can. This is mostly an Indian belief as in the West, college students who need to take student loans, pay it off on their own.
Most of such students work after their classes in order to earn some extra money and once they graduate they pay off their student loans out of their own pocket. In India, the scene is completely different. Not only do we not work when we are students, we also expect our parents to pay off our student loans even when we start earning.



Yes, there is no denying the fact that no matter in which part of the globe you happen to live in, higher education loan will always be significant and difficult to pay off but not impossible. There are a number of ways of reducing the interest rate and thereby decreasing the burden. One of the best known ways includes making use of loan against property. It can be used to repay the education loan and being a secured loan with a long repayment tenor, the monthly installment will go down considerably and thus repaying back the same should not be a burden in any way.


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Location: Mumbai, Maharashtra, India