Can I get a loan against my property?

Posted by Shubham Housing Development Finance Company Ltd. on December 23rd, 2021

\"\"

In a country like India, owning housing of your own is a bit difficult. The reason behind it is that many people belong to the middle class and they do not have so much money in hand so as to buy a house in one go. To fulfill this dream, people often opt for the option of a housing loans.

With the increase in the number of NPA, lending institutions have become vigilant. They lend the money to the person who has the repaying capacity. Before granting the home loans proper verification is done. Also, they promote secured loans which include the mortgage loan.

A mortgage loan or the loan against property is the best possible solution for one to get a big loan. When one applies for a loan, he/she has to put something in the mortgage. It can be land, some other owned property et. Though the rights and ownership of the property remain with the person applying for the loan, the amount can be recovered in case the loan turns into an NPA. This method is opted by both banking and non-banking institutes in order to recover the lost money.

The housing loan provided depends on the value of the property put on the mortgage. Generally, 40 to 60 percent of the property’s value is provided by the company. Different banks offer different rates depending on their prime lending rate and amount applied for. A loan against no income proof fetches 0.5 to 1.0% more interest as compared to a loan with full documents.

To fulfill your personal or business needs, now you can easily mortgage your property. The process is very simple and quick. Money for medical emergencies, marriage, expanding business, etc. is provided against the property very easily. 

Some of the condition for a loan against property is as follows:

  • Provide loan against residential or commercial property only.
  • Generally, 40 to 60% of the property’s value is only provided.
  • A credit score in CIBIL should be good
  • Occupation
  • Age
  • Type of company a person works in or a business he runs
  • The loan is generally given for a time period of 5 to 15 years.
  • The interest rates generally vary from 3 to 5%

One of the best organizations to get a loan is Shubham Home Loans. They make sure that the clients get the loan against a property without any hassle. The entire process becomes easy and quick with them. So if you want a home loan, contact the firm today!

 

Like it? Share it!


Shubham Housing Development Finance Company Ltd.

About the Author

Shubham Housing Development Finance Company Ltd.
Joined: August 25th, 2020
Articles Posted: 52

More by this author