One will be surprised to know that he/she can get a financial security along with “Home Loan“ because there are so many ways to save funds on it. The great thing about a home loan is that it can help you save on your monthly repayments. Therefore, one can save a lot on their home reading all the terms and conditions.

A great way to save money on home loan is to avail the most economical loan possible and then repay it off as earlier as possible. In this way, you can save money on interest rate while you are paying monthly installments on the principal amount that are smaller than charged for other mortgages.

A borrower should check and compare all the loan features with different lenders before you “Apply For Home Loan“ to get a best deal out of all. In this blog post, we have listed some of the easiest ways to save funds on your home loan:

Negotiate with lender: When you request a lower rate of interest on your home loan with a specific lender is known as negotiating and its rate depend upon your relationship with the lender. It is important to maintain a good financial relation with lender because if you are a good customer then it would be costly for a lender to lose you.

So, always request a negotiation if you are getting a better deal with other lender. Negotiation helps you to get lower interest rate and better terms if done properly. It would make you able to save more by using your skills efficiently.

Make a large down payment: The clever way to save funds on home loan is to pay large down payment so that you avail only necessary amount which will reduce your interest outgo on principal amount. It is always convenient to make large size down payment instead of taking an additional amount.

It is advisable to keep some part of funds as an emergency fund in case of exigencies. Hence, keep check on both these points and evaluate how much money you can spare for down payment.

Do thorough research: It may be an under-rated step that can help you save a lot of bucks on your home loan. One should do a thorough research on all the available deals and also compare the various rates that are being levied by different lenders. You can check on various lenders at different lending platforms, what they are offering and what you are getting into.

One can also research at regular intervals to know what kind of interest rate changes are happening in lending market and what you are giving in comparison of that.

Increase your EMI: Home loans always have longer tenure so you can increase your monthly installments with increase in your earnings. It will reduce the tenure on your loan as well as interest outgo on home loan. Always keep in mind that increased income would lead to increased expenses therefore, you would be required to account for increased living costs too.

Hence, these are some of the methods which you can follow to save funds on your home loan. One can “Apply For Home Loan Online“ with ShubhBank offering competitive interest rates with no hidden charges and experience best-in-class services.

Nowadays, individuals looking for required funding have a lot of options offered by the lending sector and the best option among all credit solutions are Gold Loan especially for the loan seekers who have low credit score. There are number of people who suffer financial crunch and “Apply For Gold Loan“ as it has speedy disbursement and flexible repayment structure.

A loan against gold is a secured loan that demands you to keep your gold ornaments and jewelry as collateral to the lender to access desired funds. It proves to be viable choice for low credit borrowers with short term cash needs.

The loan money can be used to fund any financial crunch and it is convenient because of its characteristics which are mentioned below:

High loan quantum: As compared to other secured and unsecured loan solutions, gold loan has a higher loan amount cap. The loan money directly based upon the quantity and purity of the gold that you are going to pledge with specific lender. This loan is the good option if someone requires a more considerable borrowing. One will get the 70-80% of the gold value as a loan amount.

No need of credit history: In case of gold loan, one needs not to be concerned about their credit history because lenders never consider your credit report while approving your loan application. The best thing about gold loan is that you are not obliged to disclose any existing loan before applying for loan against gold ornaments.

Low rate of interest: The gold loan has a lower rate of interest as compared to other secured loans such as Home Loan, Loan against Property and Machinery Loan etc.; therefore loan against gold is less expensive than other types of secured loan solutions. It means you will be required to repay the loan money with less money from your monthly budget without burning a hole in your pocket.

Flexible repayment structure: This is the best feature of gold loan because unlike other loans, gold loan can be availed with various loan repayment options. There are basically three types of repayment choices such as regular EMIs, you can pay only interest during the loan tenure and principal amount at the end or you can pay the interest as well as principal amount after the tenure with no repayments made in meantime.

Hence, it is an attractive option and one can “Apply For Gold Loan Online“ or offline by leveraging their possession to receive desired cash in an emergency situation. ShubhBank is one of the leading NBFCs across country that provides gold loan with lowest and effective rate of interest. We provide you the flexible repayment options from which you can choose the best suitable for you.

One needs to submit their basic details and gold ornaments to the lender to get immediate funds which they can use for their personal and professional needs. We are there to support our customers in the direction of growth and to provide all the loan services at their doorstep valuing their time and money.

Loan against property is a secured type of credit solution that can be availed for any need and there are no restrictions on the end usage. This loan has same features and functionality as that of Personal loan but has some of the major differences such as you can avail higher loan amount against property, need to pledge your own property as collateral and has a longer tenure.

When you “Apply For Loan against property“ you need to pledge an immovable property whether residential or commercial property as security against loan. The processing of LAP is bit different as it requires additional verification and checks before approving the loan application. In this blog post, we have mentioned followed steps involved in the LAP processing:

Fill out the loan application: It is the first step to process the mortgage loan where one has to start filling out the loan application that requires your basic details such as personal information, income details, tax status, property details, and loan amount as well as employment status. Make sure to fill all the columns without making any mistakes because a small error will be responsible for the rejection of your loan.

Confirm the details: Once you have applied for Loan against property, a loan representative from the lending institution will call you to verify your KYC, residential address as well as do initial property verification. After confirming the details, your loan application will be processed to next step. This check is done to ascertain your loan eligibility to approve the loan.

Submit the required documents: This is the most important step in the approval process as you need to submit or upload all the required documents that involve KYC details, income proof, residence proof, ITR slips, property documents and other papers asked by the lender. Make sure to submit the latest documents and property should be free from any litigation.

Document verification: After getting all the documents submitted, the lender will conduct a verification check of all the provided papers. Although there is no restriction on end-usage of loan money but verification is done to ensure the loan quantum will be paid back timely. A lender will also evaluate the property papers to finalize your loan amount depending upon their policies.

Approval: Following a successful verification, lender will contact a borrower to discuss the rate of interest and other terms and conditions. Either you “Apply For Loan against property Online“ or offline, you have to sign the loan agreement to get an approval on your loan application. Then your loan will move to final step of disbursal where your loan money is transferred directly to your bank account within 1-2 business days.

A Loan against property is suitable for fulfilling any type of financial requirement whether it is personal or professional. The LAP process is straightforward and the interest rates are lower as compared to a Personal Loan. In case you have any doubt or query about mortgage loan processing, you can raise the issue directly with the lender before applying for loan.

A home loan helps you to turn the dream of owning a home into reality. There are number of financial and lending institutions who offer home loans at lowest possible interest rates giving you best deals to fulfill your dream. Purchasing a house is always a biggest investment, so it would be your top priority to manage it well.

However, repaying a home loan is a biggest responsibility of an individual and you have to pay back in a disciplined method after you “Apply For Home Loan“ to manage it properly but if you have some other loans over head then try to clear those loans first and keep your housing loan at last. This would not only help you to manage your loans better but this move would also bring you other benefits. Let’s take a look:

Low rate of interest: Housing loans come with the lowest interest rate so it’s always a better idea to clear the loan with high rates first. Credit card and unsecured loans fall into this category whose interest rates can go as high as 20%. As compared to this, home loans can be availed at as low as 8% from some financial institution.

Therefore, it is a good idea to settle the personal or credit card loans first then settle the auto loans that come with higher rates than the home loan, if you want to manage your loans in stress-free manner.

Tax benefits: The home loan is totally different from credit card or vehicle loan or personal loan because it offers tax benefits both on principal amount as well as interest rate which can prove to be beneficial in long run since home appreciates in value over time. If you consider tax benefits that it brings, it would be a great decision to serve the home loans after paying back all the loans.

Rising expenses: Nowadays, living expenditure is sky-rocketing and things will definitely work in your favor if you repay your home loan in last after servicing other existing loans. However, paying back the housing loan earlier would eat up a large portion of your earnings leaving a little amount for other expenses. Hence, it would be a wise decision to keep your home loan repayments last to the list.

Sudden urgencies: Future is unpredictable so beware that emergencies might hit you anytime and might throw your life out of gear. It would be really helpful if you have some funds in your hands to deal with such urgencies and if you have spent all of them on repaying EMIs at the earliest then you might have to strive when you need it most.

Therefore, now you know all the benefits you can avail with home loan and have dream to own your house and lack of funds then there is no need to worry at all about finances. All you need to do is to “Apply For Home Loan Online“ at ShubhBank.com to avail loan at competitive interest rates with minimal paperwork.

A Loan against Property is the most preferred type of secured loans these days. It is a secured loan where borrower has to pledge his/her property as collateral to lender in exchange of loan money. When you “Apply For Loan against property“ the lender gets security for lending cash to the borrower, therefore mortgage loans have lower rate of interest.

However, there is a myth that one can pledge his/her residential property to avail a loan against property but here in this article, we will guide you about different types of properties that can be put as security to secure a mortgage loan:

Residential property: This property is one’s personal place of residence and permanent stay. It may include a flat, building, villa, mansion or even a vacant land. One can pledge his/her residential property whether it is self occupied, rented or vacant. You can mortgage your property as long as it is registered in your name. Thus, pledging your property with lender ensures a lowest possible interest rate as well as flexible repayment tenure.

Commercial Property: It is a type of property that can be used for other purposes than residence. When these properties get used for business purposes and starts generating income for you, then they get qualified as commercial property.

The property might include school, offices, gyms, warehouses, hospitals, retail stores or any other factory outlets. Borrowers can pledge vacant or rented commercial properties as long as they are free from any legal dispute on ownership as well as title existing on the space.

Co-owned Property: As name reflects, it is the property that is owned by two or more individuals. One can pledge this property if he/she is a co-owner but they have to get other co-owners on board to sign the loan application. It is easy to secure a mortgage loan for married couple as lender considers marriage a contractual relationship in terms of law. It is good to talk lender beforehand, if you want to apply for loan against property for a co-owned property.

Industrial Property: These are the properties which are used for manufacturing and developing units or for the production of goods and products. Any individual can pledge an industrial property for loan against property, but the approval on application varies from one lender to other. Some of the lenders do not consider the industrial spaces as security while others do.

Now when you know the different types of property for mortgage, you can move further to understand which type of space fulfils your eligibility and fits your pocket. One can use the loan money for different activities such as higher education, wedding expenses, medical emergencies or high interest debt consolidation. You just have to submit the original property papers at the lending institution until you repay the loan.

At ShubhBank, anyone can “Apply For Loan against property Online“ or offline irrespective of residential, commercial or industrial spaces because we keep your interests at heart and offer you best possible rates of interest, high loan value, flexible tenures and zero hidden charges.

Loan against property is a secured type of loan offered by lending and financial institutions for multi-purpose utilization while holding your owned property as security. The property owned by you is to be pledged as collateral for which you can obtain cash for up to 70-80% of the market price of the property. The major benefit associated with this loan is that you can continue using your owned property for any purpose.

People who plan to “Apply For Loan against property“ might have some questions to ask about this financial tool which we have tried to answer to clear all your doubts.

What is the difference between Loan against Home and Loan against Property?
However, home loan is also a secured loan provided by lending institution to buy a residential property but Loan against Property is a multi-purpose financial solution which is availed by pledging their property to access the funds for anything varying from funding your children’s higher education to the expansion of your business.

What are the benefits of Loan against Property?
A Loan against Property can be availed at lower rate of interest than any Personal Loan. Moreover, funds available with LAP are much higher than any other personal loan and can be availed for much longer tenure. It must be noted that interest rate and tenure of loan available to you depends upon number of factors such as monthly income, loan quantum, property evaluation etc.

In addition to that, lenders also charge a low processing fee on loan disbursed against residential or commercial property as compared to other unsecured loans.

What are the eligibility criteria for LAP?
The eligibility criteria for Loan against Property will vary from one lender to other but there are some common criteria. This loan can be availed by any salaried or self-employed individual and you can also add co-applicant as in close relatives, friends or partnership firms. The main applicant must be at 21 years of age and should be a resident of India. Also, you must earn a certain amount of salary that ensures your repayment capacity to repay the EMI payments.

What type of properties can be pledged?
There is common myth that a loan can only be secured in lieu of residential property but lenders offer loans on myriad of properties, including commercial or residential property. Even a vacant land that has not been constructed yet can also be pledged as security to get the funds. Depending upon a specific lender, a borrower can access about 70-80% of the market price of property when they “Apply For Loan against property Online“ or offline.

What paperwork is required to apply for LAP?
The documentation also varies from lender to lender and depends upon borrower whether he/she is salaried or self-employed. Generally, one needs to submit Identity proof, residential proof, salary slips as well as income tax return slips etc. moreover, lender might ask for credit report, balance sheets and educational qualification amongst documents. Keep all these documents in hand to get easy approval on Loan against Property.