Apply for a Loan Against Property

LOAN On-time giving Loan against property at flexible EMIs

Property is an important part of everyone’s life. Whether you are living in a nuclear family or a joint one, property is that shelter that will be keeping all of them together. Depending upon the characteristics and associated advantages, every property has a different rate – low or high. Therefore, you must never consider taking a Loan against property an unnecessary event – this can really change the quality of your life.

However, if you think local lenders fail to offer you property rates in a convenient and affordable way, then you need not get depressed as LOAN On-time will surely help you review the available loans you may take for the chosen property and share happiness and prosperity with your family members or your friends also.

Different types of Loan against property fulfilling your daily purposes

Though many of us may deny accepting the long-term advantages of acquiring property at our names, yet we must understand them and analyze how can they really turn the tables well? And such advantages will be much easier after you gain knowledge about different types of Loans against property at a low-interest rate or the higher one too.

Property Loan Type One – Loan against a commercial or a residential

This loan type can surely fulfill all your money-related requirements with which one can purchase a resident or a commercial property. Though many of us may think that taking loans for commercials won’t benefit for longer times, this isn’t so – this is possible to get higher yields if you manage to engage a few rent-payers at your commercial properties.

So, if you are planning to Apply for a loan against property like a commercial apartment, this will reap fruits in terms of reputation, luxury, and financial assistance.

Property Loan Type Two – Loan taken by a businessman

Businessmen prefer to accept this type of property loan because they have visions and they also know how to use the amount – up to 3 or 5 Cr – for upgrading their finances. Undoubtedly, if you are a businessman and planning to scale buying and renting operations after applying for an online Loan against a project already decided, this will be advantageous as you need not mortgage your property to some creepy and greedy money-lenders.

Thus, you must apply for this and get the property sanctioned in your name.

Property Loan Type Three – Loan taken by a salaried employee

Salaried individuals always live with a fear that competition can consume their earnings and destroy their livelihood within a shorter period. Henceforth, if you have decided to stay ahead in the competition, then you must think in a different way. And the benefits of a Loan against property at a low-interest rate will be a game-changer.

All you must do is accept the perks of this loan-type and change your lives through the benefits worth 1 Cr.

Property Loan Type Four - Loan taken for renovating our houses

This is called a house renovation loan and its sole purpose is to improvise the appearance of your home in a flexible and pocket-friendly manner. There are some trading policies in this type of loan which must be kept in mind if you prefer to get your homes renovated at affordable EMIs.

Besides, you can also Get an Instant Loan against property - here, the property is your house chosen for renovation – from the private institutions taking care of currency exchange rates and loan equities.

Eligibility Criteria and Documentation Involved in an online Loan against property

This really matters if you are a salaried or a self-dependent individual who decided to earn dollars with your business strategies. The eligibility criteria will change for an applied Loan against property for both types of individuals or applicants [we can say].

This is the Eligibility Criteria for Salaried Employees
  • The age of the salaried employee must be lying between 33 yrs to 58 yrs.
  • The employee must either be working in a reputed government organization, public, or a private sector. Note: You should be a resident of India and all cities are entertained.
  • The maximum Loan amount will be up to 1 Cr with a flexible tenor from 2 to 20 yrs.
  • Monthly Salary – Rs. 25000/- or 3 Lakhs p.a.
  • This is the Eligibility Criteria for Businessmen
  • The age of a businessman/ businesswoman must be lying between 25 yrs to 70 yrs.
  • The businessman/ businesswoman should showcase a regular income source along with a business continuity of 2 yrs [Min].
  • He/she must be a resident of these cities – Kolkata, Mumbai, Delhi, Ahmedabad, Hyderabad, Pune, Thane, Chennai, Bangalore, Vizag, Cochin, Surat, Indore, and Aurangabad.
  • The maximum Loan amount will be up to 3.5 Cr with a flexible tenor up to 18 yrs.
  • Now, take a look at those documents the financial institutions will be accepting for disbursing your Loan against property at a low-interest rate.

    We Require Documents for Salaried Employees
  • Identity Proof like Passport, Voter’s ID, Ration Card, Bank Passbook, and a Driving License.
  • Proof-of-your-location like Utility Bills, address recognition letter from the recognized public authority, and last six months salary slips.
  • Ownership Documents/ Property Documents.
  • An advance processing cheque for sanctioning the processed loan documents.
  • Form Number 16 and IT Returns for last 3 yrs. Note: Don’t forget to carry a few coloured passport-sized photographs.
  • We Need Documents for Businessmen
  • Proof-of-your-location like Utility Bills, address recognition letter from the recognized public authority, and last six months salary slips.
  • Identity Proof like Passport, Voter’s ID, Ration Card, Bank Passbook, and a Driving License.
  • The last 3 yrs audited trials verified by your Chartered Accountant for showcasing business continuity. Note: You must also show a tax registration copy, a company’s license, and a sales agreement.
  • Latest 1 yr profit and loss statements of your current organization along with some coloured passport-sized photographs.
  • How much time financial institutions take to disbursing your Loan against property?

    Generally, financial institutions can disburse your approved Loan against property in a span of seven days to four weeks. However, you may expect the loan disbursed as per the cancellation period decided by the banks and the due date of the unavoidable terms and conditions of the loan taken against the property.

    How can you repay your Loan against property?

    Repaying your Loan against property may become stressful if the EMIs or part-payments aren’t paid before the closure dates released from the banks. Otherwise, you may also choose methods like DD, NACH/Utilizing the account bonus for repaying the property loan.

    Is this feasible to pre-pay the sanctioned Loan against property?

    Prepaying your sanctioned Loan against property may be done either partially or entirely also. So, if you are sincerely following the mandatory conditions of your property loan, this is essential to pre-pay that without getting stuck at its penalty charges or floating interest-rates.