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"Meaning:

The sudden urge for cash can leave us helpless. A loan disbursed against the mortgage of the property is known as the loan against property. The loan is sanctioned as per a certain percentage of the market value of the asset. Generally Matthew Tkachuk Jersey , banks offer up to 50 to 60% of the value of the property. The interest rate on loan against property is lower than personal loans. As your property is held as collateral with the financial institution, it is a secured loan. Failure to repay the loan, the lender has the right to auction your property and recover the credit.

Why should you apply for a loan against property?

鈥?Fund your child education abroad
鈥?For funding any medical emergency
鈥?Wedding of your child
鈥?Funding the dream vacation
鈥?Capital for business expansion

What kind of property can be set for mortgage?

For a loan against property in India, you can mortgage a self-occupied house as well as a rented residential estate James Neal Jersey , or it can be a piece of land that you own. However, it is necessary that the title of the property should be clear.

Benefits of getting a bank loan against property:

1) Lower interest rate:
Often, the interest rates for loans against property are lower than that of personal loans. The interest rates for a loan against property generally range between 12% and 15% while personal loan the interest rate ranges are 15% to 25%.

2) Easy to get:
Banks are more than willing to sanction these loans as these are secured loans. Therefore, you won find it difficult to get the property loan.

3) Longer tenure:
Generally Johnny Gaudreau Jersey , the tenure for these loans is up to 15 years while the duration of the personal loan is only up to 7 years.

4) Unlock the potential of the assets:
You can generate quick funds by unlocking the potential of your asset through a loan against property and continue to retain its ownership as well.

What is the eligibility & documentation process for a loan against property in India?

The important eligibility factors for a loan against property are as follows:
鈥?Income of applicant
鈥?Credit score of the applicant
鈥?Property type
鈥?Property value

The bank would need the income documents and regular KYC documents (Photo ID proof and address proof) of the borrower. Also, the details of property papers that will get mortgaged with the lender and shall be returned post repayment of complete loan amount."

Author Bio:-Neha Sharma is a finance student who loves to write in her free time. In this article, she writes about how to get loan against property.

Total Views: 42Word Count: 421See All articles From Author

By Zheng Shibo

JAKARTA, Sept. 28 (Xinhua) -- A giant panda pair from China arrived in Indonesian capital Jakarta Thursday on a 10-year joint research lease Cheap Calgary Flames Jerseys , making Indonesia one of the 16 countries and regions to host and help breed the endangered bear species.

The seven-year-olds landed at Jakarta's international airport at around 9:00 by a flight of Indonesia's main flagship carrier Garuda Indonesia from the panda breeding and research base in China's southwestern city of Chengdu.

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