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Posted on Friday July 16th, 2021

Yes that’s right! Your real estate assets in your old age could become your biggest source of financial security to help you in many more ways. At the age of 50, if you could be facing any financial needs such as paying for your children higher education, wedding expenses or you may grabbed any excellent opportunity in business and looking to invest in new start-up which requires a large sum of fund in a short time then the most safest, fastest and convenient way to organize the finances is to opt for Loan against Property.

A mortgage loan can help you by unlocking the financial property of your residential or commercial property. There is a wide range of mortgage loans available for you to meet your financial emergencies, whether they are for personal needs or professional ones. It is recommended to look out for a well-established financial partner like ShubhBank, who has presence with vast network across the country.

Our institution offer great skills and experience with fully customized mortgage loan that comes with exclusive features and a range of tailored benefits such as top-up and balance transfer. Your idle property could become your gateway to fulfill all your dreams and life- long goals in the most affordable manner. One could Apply For Loan against Property as long as you have all the required documents.

Documents required for Loan against Property: The basic paperwork required for such loan includes loan application form with passport sized photograph, ID proof, residence proof, PAN card, latest 6 months bank statements, Form 16(if you are salaried individual), business evidence, business financials and income tax returns( if you are self-employed), property’s title documents etc. If your documents get verified, you can avail the loan quantum of 60-70% of your property’s market value.

Eligibility Criteria for Loan: The criteria for Loan against Property Online or offline are usually based upon your repayment capacity. The repayment capability results from the various factors that include your income, your partner’s income, and debt to income ratio, your qualification and your profession. Thus, an old age property owner would also be eligible for a Loan against Property if you fit into the eligibility criteria asked by the particular lending institute.

Hence, your age doesn’t matter in such context, if you are looking for funds to fulfill your personal, professional or educational needs, getting a loan against property could be your ideal solution. It is important to search for a lending institution with a good track record and services besides alluring benefits. It is best to choose one that is equipped to take proper care of your requirements and personal documentation.

In addition to that, the eligibility criteria for loan against property are not assessed on the basis of your age only but there are other careful considerations of multiple factors listed above. It is advisable to choose a reputed financial institution like ShubhBank to apply for a Loan against Property which understands and fulfill your needs with maximum features suitable for you.

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Posted on Monday April 12th, 2021

Generally, most of the potential loan seekers do not have much knowledge about loan against property, that’s why people prefer to secure personal loans when they need some kind of funding but if you have a huge requirement and want to secure desirable funds, it’s always good to Apply For Loan against property which saves your money on the interest rate. The majority of people have lack of knowledge about LAP that how it can be taken, what is the interest rate on it, how they can apply for it and so on. Here, we will provide you a brief idea about some of the factors related to it.

Loan against property is a type of secured loan where borrower can secure a loan y keeping their property either residential or commercial as collateral. However, by doing so, one risks the ownership on property which is given as security but if borrower repays the loan without any default then there is no risk at all. Since, you are keeping one of your prized possessions at risk, it is crucial to check everything about loan process so to create no room for any errors. Here, we are listing some points that you should take into consideration before taking LAP.

♦ Interest rate: Once you make up your mind for LAP, the first thing to look after is interest rate comparison. There are innumerable lenders in the market offering loan against property but it’s important for you to choose the favorable deal offered by particular lender on affordable interest rates. Therefore, compare the interest rates between lenders online and choose one that offers you best deal.

♦ Loan documents and payment terms: It is always advisable to read the documents carefully before signing any loan agreement as doing so without proper knowledge can cost you too much in the long run. So don’t make a hurry to seal the deal without checking every document properly, especially, when you are unable to understand the terms and conditions properly.

You can also seek help from a financial expert who lets you understand the fine line that you should pay attention to in your loan documents which involves terms of prepayment, minimum and maximum prepaying amount, any clause that allows the lender to change the terms of the loan and at the end one of the most important clauses after defaulting on a loan.

♦ EMI calculation: Whenever you Apply For Loan against property Online or offline, it is important to calculate your estimated EMI. It will help you to analyze your affordability as well as helps you to plan your monthly budget accordingly. One should not default on paying the EMIs for the loan that you secured against your property. Hence, do calculate your monthly installment to repay the bank and then decide on the loan quantum that you want to take against the property. There are number of lending platforms available online where you can use the EMI calculator to this accurately.

No matter what, a loan against property can be a great way to fund your bigger cash requirement. It’s upon you to utilize this option wisely while applying for LAP.

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Posted on Monday December 14th, 2020

A loan against property is one of the most popular loans as it is easy to use and can serve as a needful source of financing. Therefore, in order to manage your finances efficiently, you must keep in mind about the charges applicable on your loan against property. It will give a clear picture about the total cost of taking mortgage loan and will help you to layout a budget for the repayment of loan. So, have a look on various charges that are applicable on your loan against property.

Interest rate: The rate of interest is the cost at which the particular financial institution extends credit to you. The calculation is made on the total amount that one borrows for the tenor for which he/she is taking the LOAN AGAINST PROPERTY and interest rate is calculated annually which is added proportionately to every monthly installment.

Processing fees: It is also known as application fees used to cover administration costs, credit check costs and property appraisals and so on. This amount will be deducted from the total borrowed amount before it is disbursed to the borrower.

Charges on statement: Most of the lender will charge you for interest, principal statements as well as loan statements that help you monitor the progress of loam. It is sent to you in the form of hard copy covering the cost of printing and sending them to you. You can avoid such charges by switching to online loan process. One such lender is ShubhBank, which offers digital lending platform and access to all loan related statements at your convenience.

Penal interest: In case you default a loan or fail to make EMI payments, you have to pay penal interest. It is calculated on a monthly basis and charged over and above the interest rate. So, it is advisable to plan your repayment in advance to avoid paying such charges.

Part prepayment charges: If you got a bonus or saved enough to make part prepayment towards the principal amount to repay the loan fast then lender may levy a prepayment charge. Before you APPLY FOR LOAN AGAINST PROPERTY ensure yourself to choose a lender with low or zero prepayment charges to make the most of it.

Foreclosure charges: It involves paying off the entire loan money in one go before the completion of the tenor. Likewise prepayment, foreclosing the loan also attracts a charge too. It is always good to choose a financial institution that has a low foreclosure charge to make repayment simpler.

Secure fee: Some of the lenders impose a secure fee to ensure security for your transactions and sensitive information in a manner they deem necessary. It is done to keep your online account and data safe.

Hence, whenever you are in need of loan against property, don’t choose just by looking at a low interest rate. Therefore, choose a ShubhBank which gives you ample funds at a nominal interest along with unhidden charges when you pledge your commercial or residential property with us.