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5 Things To Consider Before Taking A Loan Against Property in India (1)

Taking a loan against property is a major decision and needs to be handled carefully. There are some critical factors that you must consider before taking such a large amount of money. Here are a few things you should know before taking a loan against property. <br><br>https://www.pnbhousing.com/blog/things-to-remember-before-taking-a-loan-against-property/<br>

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5 Things To Consider Before Taking A Loan Against Property in India (1)

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  1. 5 Things To Consider Before Taking A Loan Against Property in India

  2. Tips For Taking A Loan Against Property in India A loan against property (LAP) is a secured loan that banks, housing finance companies and NBFCs provide against residential or commercial property. Loan against property is a great alternative for funding your business. Taking a loan against property is one of the most advisable ways of getting a loan in India. A house is not just a place to live but can be an important asset for all types of financial planning. Here are 5 things to consider before taking a loan against property in India. Continuing

  3. Here are 5 things to consider before taking a loan against a property in India 1 Loan Repayment Tenure 2 3 Property valuation 4 Ownership of property Repayment Capacity 5 Continuing

  4. 1Loan Repayment Since the loan amount that can be availed of against property is high, it is important that the borrower fulfils the required income criteria to repay the entire loan. It can be repaid over a period of 12 months up to 20 years, though the tenure varies from one lender to another. Continuing

  5. 2Tenure A loan against property is an ideal way to get access to cash that has been tied up in your property. With a longer repayment tenure, monthly EMIs spread over many years, and a lower interest rate, you end up with a much lower monthly burden compared to other kinds of loans. Continuing

  6. 3Property valuation If you are looking for loan against property, we would like to inform you about this service. We can provide you a loan up to 50-60% of your property's market value. However, before finalising any deal, the lender will evaluate your property and give you the amount accordingly. Continuing

  7. 4Ownership of property Applying for a loan with a co-owned property can be daunting. This is because the lender will approve the loan only after it is convinced that your property has a clear and marketable title. Further, the co-owners need to be part of the loan and meet the criteria. Continuing

  8. 5Repayment Capacity The main advantage of a loan against property is that it offers greater flexibility, lower interest rates and longer repayment tenure which makes the lender more willing to consider your claim. Thus, you will have a better chance of getting access to larger amounts with lower rates. Continuing

  9. Referral URL https://en.wikipedia.org/wiki/Loan_against_property https://www.pnbhousing.com/blog/things-to-remember-before- taking-a-loan-against-property/

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