Apply For Quick and Convenient Loan Against Property in India

Posted by Spana Gandhi on February 23rd, 2021

If you own residential or commercial property, you can use it to grow your business. Apply for a loan against property in India and take the business to new heights. The easiest and the most convenient form of borrowing, the loan is a secured business loan that has high amount and flexible tenure. No matter the purpose of borrowing, this loan will serve your needs. It offers a complete solution for your business and will help take the business to new heights.

In order to get a loan approval, you need to hypothecate an asset with the lender. The process of hypothecation will take some time and the lender will hire a market valuer to estimate the value of the property. The loan amount will be based on the market value. Hence, you need to have a fair idea of the value of the property before you proceed with the loan application. The lender will provide a loan for about 70% of the market value of your property.

Irrespective of the size and type of business you own, you are eligible to apply for the loan. You must have the property under your name. It can be in use, leased out or rented. If there are co-owners of the property, they will become co-applicants for the loan. The loan application procedure is simple and hassle free. You can make an online loan application and get an approval in 10-12 working days. You must compare the eligibility criteria and the interest rate offered on the loan before you proceed. You will be able to find complete details on the website.

To make the loan application, fill the application form and submit documents of identity proof, address proof, bank statements, ITR, memorandum of association, articles of association, KYC of the partners, income statement and balance sheet and projected financial statements. You may also want to attach the repayment schedule with the loan application. It will build confidence of the lender and if you have a strong credit score, you can also enjoy special rates on the loan. Remember that if you default in the loan repayment, you could lose the property to the lender. They have the right to auction the property to recover outstanding dues. Hence, agree on the tenure only when you are aware of the monthly EMIs you will have to make each month.

Use the EMI calculator to get an idea about the EMIs you will have to pay. The calculator is available online and requires you to provide the loan amount and tenure. You can get a quick estimate and you will be able to know about the monthly outflows that will follow. A loan against property in India is one of the most convenient forms of borrowing and it will help take the business to new heights. The loan has a long tenure and is approved without any delay. Once you make the repayment, the lender will transfer the property back to your name.

Also know - Rules To Follow While Taking A Loan Against Property