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Before you apply for loan against property in Ghaziabad you need to understand what it is all about. Loan against properties prominently known as lap. It is on loan extended against the mortgage of your property that you own. Basically, it pertains to self-occupied residential properties. But some institutions can also consider commercial properties like shops or factories. We can provide you with all types of loans against properties, but it all depends on your specific financial conditions.
You can get a loan against property in Noida at around 60% of its appraised value. The appraised value is known as loan to value the maximum tenure that you can take to repay the loan spans around 10 years. It is also accompanied by interest rates higher than those of home loans. But the best part about applying for loan against property is that the interest rates are lower than the personal loans. The only reason you should apply for loan against property is that the longer tenure and competitively lower loan against property interest rate is quite appealing. It is an appealing choice because of the resultant lower equated monthly installments you can use the funds for different purposes like weddings, education expenses medical bills or business expansion. You can also use the money for leisurely pursuits. At times you can also get a loan for around 15 years which improves its affordability through minimum EMI.
You must know that loan against property is different from unsecured loans like personal loans which rely on your individual income to determine your loan amount. Instead, loan against property considers different factors when it comes to eligibility criteria. This includes your income savings repayment history and also includes your credit card bills and past loans. Furthermore, we will consider the market value of your property. It is one of the most important factors of assessment. At the same time your employment status, age and financial stability are also important considerations. We will truly prefer applicants like you if you remain employed until full repayment setting a maximum age at maturity for loan repayment that is around 60 years for salaried people and goes to 65 years for self-employed experts or businesspeople.
To secure a loan against property private finance you need to understand the documentation process. It goes beyond just application form and identity proofs. You have to provide your ownership documents for the property and the property evaluation report. You must ensure accuracy and authenticity of the submitted information. The documentation requirements are likely to vary depending on whether you are a salaried individual or a self-employed expert or just a businessman
If you are a salaried individual, you need to provide some important documents like valid photo identity proof of current residence three latest salary slips from 16 bank statements for the past six months check for processing fee and a proof of property ownership.
At the same time if you are a self-employed individual then you have to provide application form with a photograph attached to a valid photo identity. Furthermore, you need to provide proof of current residence evidence of your business or educational qualification certificate. You need to provide a bank statement for the last six months, a check for processing fee and proof of property ownership. If you are a businessman, you also need to provide business profile last three years it returns self and of course business besides last three years balance sheet and profit and loss statement. At the same time if you're a self-employed professional then you need to provide last three years it returns last three years of balance sheet and profit and loss statements.
Once you submit all the documents, we will quickly verify it and confirm your ability to meet the repayment criteria. We will initiate the loan application process. Furthermore, we will also visit to evaluate your property value placed against the loan.
Besides the applicable interest rate, you might have to pay extra charges like processing fees and mounted stamp duty.
After sanctioning the loan against property, the loan will be dispersed to you. It might take around two to three installments. It will also depend on your loan amount.
Basically, you need to know that the repayment term for loan against property is around 10 to 15 years. Some cases might include prepayment charges contingent on the chosen interest rate structure.
If you’re looking for loan against property then you need to look no further as you can always count on us. We offer the best loan against property rates, and it is an attractive choice for your different financial needs. You offer manageable repayment structure as compared to other loan alternatives.
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