1 / 8

6 Things to look out before taking Loan Against Property - Ruloans

If you are planning to take a Loan Against Property, Consider these 6 things before! For more property loan / mortgage loan or loan against property visit - https://www.ruloans.com/loan-against-property/new-loan-against-property

RuLoans
Download Presentation

6 Things to look out before taking Loan Against Property - Ruloans

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 6Things To Look Out Before Taking Loan Against Property

  2. Rate of Interest Check out the rate of interest of your desired loan deal. Make sure to do some background market research regarding various LAP (Loan Against Property) deals. It is always advisable to choose the lowest interest rate on mortgage loan as you can save big chunk of money.

  3. All Purpose Loan An advantage of Loan Against Property is you can ask loan for any purpose/need. A loan against your property can be taken against a commercial or a residential property. You can also apply for this loan if you need funds to acquire new property. A take-over of your existing loan with refinancing is also possible with LAP.

  4. Tenure Longer tenure = more interest outflow While this means borrowers can enjoy a comfortable longer tenure of repayment with lesser EMI burden, it also means that you pay more interest

  5. Property in bank custody LAP will mean that the property will be locked up with the bank from the day you have taken the loan and till such time you have repaid it in full. This is why experts advise against taking LAP for long tenures. Alsoonce you take LAP for a property, the same cannot be used to take another loan.

  6. No Tax Benefit Unlike a normal home or education loan, there is no tax benefit if you opt for a loan against property. If you expect tax benefits against your loan repayments, you might want to consider other forms of loans.

  7. Longer Processing Time Just like a home loan, the credit approval of LAP is a long process wherein the bank goes through your income documents as well as all the property-related documents

  8. Thank You! Contact details : Toll free no. : 1800 266 7576 Mail Id : support@ruloans.com Website : https://www.ruloans.com For more loan details contact us

More Related