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Loan against property enables us to get the money amount required to address a situation of financial crunch in exchange of some assets or property of the loan value that we require. Loan against property is categorized as a secure loan that is disbursed against the security/guarantee of the borrower’s legally owned property. Although loans against property are not at par with housing loans as far as competitive interest rates are concerned, still they are definitely cheaper than the personal loans.
In the case of loan against property lenders have conditional ownership over the borrower’s property until the loan is repaid in full. Therefore, the borrower can obtain a loan amount commensurate to the value of the property less the lender’s margin.
Loan against property offers larger amount of money at lower interest rates and longer repayment tenure. Throughout the loan repayment tenure the borrower remains the lawful owner of the property.
Loan against property can be taken against a self-occupied property or a residential property that has been rented out, as long as the borrower is the lawful owner. Real estate that qualifies for a loan against property includes a house, a commercial property or a piece of land. Further, if a property is owned by more than one person, all legal owners need to jointly apply for the loan against the co-owned property. On order to make sure that you secure a good deal on your property, always compare between various lending institutions in terms of the loan-to-value ratio offered by the lenders. Private sector banks may offer up to 75% of the property’s value as a loan Kumar, while public banks offer up to 65%.
Loan kumar is a platform that helps in availing various types of loans such as home loans, personal loans, business loans, loan against property in Delhi NCR. It is committed towards its client to provide them with the best service. Loan kumar has ties with all the leading banks and other financial institutions that ensure a hassle free loan approval to its applicants.
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