Have you ever heard about the financial term loan against property? If not, then you must wonder what does this term means and how it is different from the loan against home. In this article, we will help you to decode the concept of loan against property which is also termed as LAP in the financial sector or lending market. Well, Loan against Property is type of secured loan which is accessed against an immovable asset, most probably a property or a type of land that should be kept as a mortgage with the lending institution to avail needed liquid funds. In this context, property can be residential or commercial.

There is a fundamental difference between home loan and mortgage loan as housing loan is availed to purchase your own house which could be under construction or a residential plot where as if you “Apply For Loan against Property“ one can meet their personal and business financial requirements such as wedding, exotic vacations, child’s higher education or for any medical emergency or paying for hospital bills by keeping your property as collateral with the specific lending institution.

In recent times, Loan against Property is gaining high popularity due to the host of serving features which comes along loan money. We have list down some of the basic features of this loan for you:

√ This loan is availed against a property that can either be a residential property or commercial one.

√ Loan money of several lacs to crores can be availed while applying for loan against property.

√ The commercial properties that fall under the ambit of secured assets while availing a mortgage loan can be shops or office premises.

√ Any salaried or self-employed individual having a good credit score is eligible for getting a loan.

√ A rate of interest is comparatively much lower as compared to avail any unsecured type of lending such as personal Loan.

√ The type of interest rate under loan against property can be accessed under fixed interest rate or floating interest rate.

√ The tenure of loan for repayment is much longer and flexible in few cases.

√ The loan procedure is much faster for loan against property if all the requisite documents are in hand and the eligibility of the specific borrower is robust along with credit worthiness.

Therefore, your home or property can provides you the potential to fulfill your dreams to aid you in the pressing times. Hence, if you are seeking a Loan against Property, our institution ensures that you commence the loan procedure by contacting us to “Apply For Loan against Property online“ or offline. We are prudent to do the research work and offering you the loan schemes from various lenders before finalizing any loan deal.

ShubhBank aims at fulfilling all your loan requirements and extends best-in class loan deals and post loan services that give you the financial power to accomplish all your personal dreams and professional goals with a stress-free loan journey at lowest possible rates of interest as well as flexible tenure.

Buying your own house is one of the biggest financial goals you will ever be a part of because in our country, a loan against home can be offered up to 25-30 years. Therefore, one needs a lot of patience and determination when it comes to “Apply For Home Loan“. One of the main reasons behind the longer tenure of home loan in India is due to sky rocketing prices in real estate business.

Of course, home loan is not a cheap deal as it cost you in lacs or even in crores. This big chunk of money is not an easy task to arrange at such an early age of 25-30. Hence, most of the individuals take the help of home loan in our country to fulfill the wish of owning a home. Since, it is an affair of huge amount and at early age you are not able to accumulate such wealth, so we have listed few things to consider before making a budget for home loan.

Well, following such thing, one must be able to save enough funds for the down-payment. Let’s have a look on those tips:

Plan a Budget: It is the thing that can be easily learnt from your parents. Planning a budget will help you to understand your spending habits in a better way. Start it by writing down your monthly earning following the list of your fixed expenses like electricity bills, water bills, groceries, rent etc. In the end, you can conclude what you are left with and how much you can save from your monthly income.

Start an Investment plan: Sometimes, savings are not the only solution to your long-term financial goals. If you are working hard to earn a smart salary or profits from your business, then let your savings work hard too. Try to invest in mutual funds, equity funds or other government securities to earn a good amount from there too. As long as you give it a time frame, like 3-5 years, you can expect great returns and profits from your investment plans.

Improve your Credit Score: Always be aware of your Credit Score as it is very important to secure any loan in your future. It is necessary to pay your credit card bills and existing loan EMIs on time. When your credit score is above 750+, the lending institutions term you as a trustworthy borrower and hence will allow you to secure the home loan at lowest interest rates. Therefore, keep an eye on your credit score as any sort of discount matters, as it saves you a lot of money on interest.

At the end, we can say that purchasing a home is a big decision and needs a lot of money. Therefore, if you don’t have enough funds for the down-payment of home loan, then it’s a right time to start planning a budget, investment plan or savings. When you feel ready, just “Apply For Home Loan Online“ or offline at ShubhBank to borrow a right deal to buy your own dream house.

It is obvious that most of the loan seekers do not have much knowledge about loan against property which means whenever they are in need of funds, they avail Personal Loans. These loans are ideal when your financial requirement is loan but if you are looking for larger funds, it is always better to apply for mortgage loan as it saves your money on the rate of interest.

The main reason behind LAP gets ignored is the lack of knowledge among common people. The majority of individuals don’t know how to avail a loan against property, what is the interest rate, repayment terms and so on.

“Loan against property“ is a type of secured loan which can be secured by pledging your residential or commercial property as security to avail the desired funds. As this borrowing involves pledging your prized possession with lender, so it is necessary to be careful about the entire loan procedure. Here, we will be providing a guide for loan against and property and some important points that should be taken into consideration:

Compare the interest rate: Once you finalize to secure Loan against property, the first step which should be taken is comparing the interest rate. There are number of lenders present in the market offering LAP but you should choose a favorable deal on affordable interest rate. You can easily compare the interest rates online offered by different lenders, so that you can pick a loan scheme at an attractive rate and EMI.

Comprehend the stakes: Besides interest rate, it is equally important to know the worth of the property that you are going to pledge to the lender. The real estate market is on upswing, so evaluate your requirements and then pledge your asset as security. If you understand the worth of your property, it will help you to secure good loan money. Nowadays, most of the lending institutions generally offer a loan quantum up to 75% of the market value of the property.

Be careful about documents and loan terms: Before signing any loan agreement, it is advisable to go through the loan papers carefully because sometimes, your ignorance can cost you too much in future. Don’t be in hurry, if you are unable to understand the loan terms then seek a help from financial expert. Read the terms carefully about the minimum and maximum amount of prepaying and clauses after defaulting on loan.

Calculate the EMI: It is really important to know your equated monthly installment before you “Apply For Loan against property Online“ or offline to analyze your affordability which helps to plan your finances accordingly. One should not miss out his/her EMIs of loan as it will let your property be at risk of auction. Therefore, calculate your installment according to your repayment capacity then decide on loan amount that you will secure against property.

A loan against property is an easy way to fund your financial crunch but it is your responsibility to utilize this option wisely and apply it when you are sure about repaying the loan easily.

Availing a loan against home helps you to fulfill the long pending dream of buying own personal space which you can call out to be your own home. With the secured loan amount, purchasing a home becomes very easy. However, when you “Apply For Home Loan“ the loan procedure might be very simple but what one must be ready for is the monthly installment which he/she has to repay until the loan tenure ends.

An equated monthly installment might take up half of your salary and it might affect your future planning also. Therefore, it is very important that you plan your finances well in advance to make sure that you should not only repay your home loan EMIs but also work on other investments as well as savings. Here, we have explained some of the ways how to plan your monthly financial goals towards repaying your home loan.

Monthly income: It is the key important that decides how much installment you will pay every month. Your monthly income helps the lending institute in understanding if you can repay the home loan easily. Therefore, one must plan the EMI amount in such a way that it may not affect your daily expenses and other financial goals. Efficient planning of monthly installments will help you in reducing your debt burden.

In the early years of your age, you can choose a higher EMI amount as monthly income in the private sector usually gets a hike every year. So after a certain period of years, you will be going to have a considerable hike on salary and the installment amount will be lower when compared to your monthly income.

Monthly expenses: The other important factor you need to look upon is your monthly expenditures. Laying out a budget will play a crucial role in this. Having a robust plan in your hands will help you in repaying the EMI amount without any stress. Try to focus on paying off the utility bills first and your EMI is of great importance. The remaining part of your salary can be used for maintain an emergency funds for immediate needs or for other expenses.

Loan tenure: Whether you “Apply For Home Loan Online“ or offline, you must plan in advance that which loan tenure should be best for you- either long or short. Picking up a longer tenure helps you in lowering the EMI amount which can reduce the burden on your salary whereas a shorter tenure will help you in saving a lot of interest money which makes you end up paying in longer tenure. Therefore, plan a repayment period according to your needs and monthly income.

Loan Interest Rates: At the last but not the least, one also must check and compare different lenders and interest rates charged by them. Even a small change in the interest rate will help you in saving a lot of money and you will repay a lesser loan quantum. Hence negotiate well with the lender just to save the best for your financial future.

People from all over the country approach Shubhbank to meet their financial requirements. With an experience of past decades, our institute offers various types of loans. As all know, tricity is a financial and corporate capital and has number of business centers, malls industrial areas, shopping complexes, warehouses and many other commercial properties. People here, rent and sell their properties to meet their financial needs.

However, you can also mortgage the property either it is residential or commercial which means one can “Apply For Loan against property“ to meet their monetary needs. As this loan offers number of relaxations, so we have listed some of them in this article.

Alternative to Personal Loan: It is a secured type of loan, so it is offered on a lower interest rate as compared to the other type of secured loan which is Personal Loan. You can also secure a longer tenure on Loan against Property. The loan amount is sanctioned upon the current market value of the property to be pledged as collateral.

Quick Approval: The loan approval in case of Loan against Property is very easy and stress free. Many of the lending institutions approve the particular loan application as quick as in 2-3 business days. The eligibility criteria for securing this loan are very simple. One just needs to have a good credit score and property free from any legal issues.

Minimum Paperwork: Every financial institution requires very less documentation when it comes to mortgage loan. A borrower has to submit his/her KYC details, income proof, and clear property papers. When these documents come in handy, then no one can stop you from getting your loan against property approved.

Flexible terms and conditions: Most of the lending institutions offer fragile terms and conditions to “Apply For Loan against property online“ or offline all over the country. One can get as much as 70%-80% of the loan quantum as per the current market value of your property. You can choice between commercial and residential property to mortgage. The tenure on LAP is longer with easy EMI options.

Multi-purpose use: Sometimes, you must be struggling to pay your credit card bills and to fund your dream wedding or foreign trip but Loan against Property gives you the potential to manage all your financial troubles easily. You can also consolidate your existing debts and can pay your utility bills by securing such loan. One does not need to reveal the reason behind availing a LAP.

Use of Mortgaged property: However, you have pledged your property as collateral. You can still use that property for daily chores. The property papers will be kept safe with the specific lending institution until you repay the entire loan money in the fixed tenure without any default. One of the major benefits of LAP is that you can use your pledged property while paying the EMIs.

Hence, apply for Loan against Property to enjoy such perks of this financial solution to fund your needs. Click on our website ShubhBank.com to know more about the various financial tools.

Loan against property is granted to any individual who owns a property by any lending institution. In such times, a COVID outbreak has elevated the expenses more than the income, therefore, people who have to deal with long term financial issues, a safe solution which can help them for long years is to “Apply For Loan against property“.

In our country, the majority of financial institutions offer loan against property to a person who owns any residential or commercial property. It is meant to be secured loan as you have to keep your property as collateral to access the funds. Hence, the interest rates are lower than personal loan because of the security. There are few ways to follow which will help you to get the best deal on loan against property at lowest interest rate.

Maintain a good CIBIL score: It is very important to maintain a good credit score to secure any type of loan. However, it sounds difficult but in real, it is very simple to maintain your credit history. One needs to pay his/her bill payments, credit card dues and other loan repayments on time every month without doing any default.

Steady income and savings: Another key factor to secure the loans at lowest rate of interest is to maintain a steady income, especially as long as you have any pre-existing loan in your name. However, without a stable source of income or enough savings, it becomes difficult for you to repay the monthly installments and to clear all your debts. If you default on any of the repayments, you can lose your rights on pledged property.

Plan your budget: The important thing that one should be aware about is to manage the funds what they have. Thus, it is good to control all your unnecessary expenses otherwise it might hurt you in the long run. It will ultimately help you to save more at the end.

As a loan against property is known for a loan that lender provides a borrower against the property which is under his/her name, so lender will check your property ownership papers. A lending institution will send a team of valuators who will evaluate the market price of property to be pledged. You can secure up to 70-75% as a loan quantum depending upon the current market price of the property.

We can say that the people who wish to own a huge amount to clear their debts and to face the emergencies such as higher education abroad, to pay medical bills etc. they can “Apply For Loan against property Online“ or offline as it will act as a boon for them.

It will be smart choice to follow the above mentioned points and to maintain every required document to get approved for loan. If you are looking for the best loan against property experience, you can contact ShubhBank or you can apply online at our website and we ensure you the best deals at the lowest interest rates in the market.