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The good and the bad of Loans against Properties

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The good and the bad of Loans against Properties

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  1. Loan on Property

  2. The good and the bad of Loans against Properties

  3. This loan is where you pledge your property as collateral to avail the services of a financier. It acts as a security measure for institutions because it means if you default on repaying your loan, the bank or NBFC can take your property. What is a Loan against Property?

  4. Big Loan Amount Means Longer Tenure • The Type of Property is Irrelevant • They are Classified as Secured Loans The Upside to Loans against Properties

  5. You Can’t Specify How MuchWhen you apply for a loan against your property, you can’t ask for a specific amount. Based on the evaluation of your property, the lender would estimate the maximum loan amount that can be lent to you. The Downside of a Loan against Property

  6. The criteria you have to meet in order to get an approval is a little more extensive than that of other loans. The dominant factor that NBFCs look for is the income of the applicant. Financiers Tend to Value Property Lower Than Market RateSince the collateral evaluation is carried out by the lender, the final figure quoted is often lower than the actual market value of the property. When you look into getting a loan against your property, make sure you do the research before making a decision regarding where and when. Source: http://blog.bajajfinserv.in/the-good-and-the-bad-of-loans-against-properties/ Stricter Eligibility Criteria

  7. Click to know more on Loan on Property https://www.hdfc.com/non-housing-loans/loan-against-property-salaried

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