Loans have a significant place among Indians. In fact, it dates back to the history of India since the time of British government. The money lending community at that time was considered responsible for the miseries of poor including peasants and middle class people. While the situations have considerably improved, most people still consider loans to be meant for richer class. The misconception has been greatly broken by banks and financing institutions. Loans against property are one of the oldest loans prevailing in India.
Since these loans are taken against your property, the rate of interest charged on these loans is quite less as compared to any other personal loan. You can avail these loans for any kind of reasons like medical casualties, personal reasons and even education. You can choose to avail such loans for personal as well as professional reasons. Here are a few guidelines that you must keep in mind though:
The borrower is required to duly fill and submit the application form and ensure that it is attested as required.
He must have sufficient number of passport photos for the same.
He must also possess a valid residence proof such as Voter ID or Aadhar Card.
He must have all the required documents of property he is seeking the loan against. Besides, if the borrower is a salaried person, he should have a salary slip of last three months along with a bank statement that can work as a proof of income.
Details of any other loan must also be furbished.
The repayment option when it comes to loan against property are also quite flexible. The loan can be paid in easy instalments calculated by money lending authority. Loan against property comes with a plethora of other advantages. Firstly, the person can enjoy plenty of tax benefits.
Secondly, many lending institutions also offer insurance benefits to borrowers. To check whether you are eligible for a loan against property, you need not even go anywhere. One can now use a loan against property eligibility calculator right in the comfort of their homes and find their eligibility.
Source:https://www.freeprnow.com/pr/a-to-solution-to-all-your-financial-needs-a-loan-against-property