Nowadays, inflation has affected most of the people financially which is too difficult to handle without any monetary aid. It can be resolved either by borrowing from friends or relatives or availing different loan products from financial institutions as per your requirements. There are various lending institutions that offer several types of secured and unsecured loans as per borrower’s need.

As far as you are concerned about the security of loan, you can apply for Loan against Property as you could access this financial product on residential as well as commercial property. One can also get the benefits of online loan against property from the comfort of your personal space. You can avail this loan at ShubhBank by submitting the required documents to complete the application process.

Before you “Apply For Loan against property“ and submit all the required documents, consider some of the essentials that you can’t avoid for LAP:

→ Valuation of the Property: We have already mentioned that different type of residential and commercial properties can be mortgaged with the lender to avail Loan against Property. Remember, lender will evaluate the value of property to be pledged based upon the current market price.

A lender will sanction you the loan money up to 70% of the current value of the property upon the submission of needed documents. However, the valuation of property may differ from one lender to other.

→ Interest rate: The interest rate on Loan against Property is much lesser as compared to other secured and unsecured loans, so it’s better to do a market research of lenders and compare the proposed interest rates offered by different institutions. Moreover, various lending institutions charge different interest rates, so don’t rush for availing a quick loan.

→ Loan repayment tenure: Generally, the lenders provide longer duration to the borrowers for the repayment of Loan against Property. Sometimes, the loan tenure differs from one lender to other but being a responsible borrower; one has to maintain a balance between repayment period and monthly installments. The longer tenure will result in shorter EMIs ultimately reducing your loan burden.

→ Processing fees: Every lending institution charge the processing fees according to their lending norms which usually ranges from 0.5 to 2% of total loan amount. Therefore, it can’t be assumed solely based upon rates of interest. It is better to consider processing fees beforehand while availing a Loan against Property.

→ Ownership of the Property: The ownership of the property whether it’s residential or commercial should be clear. If you have disputed title of property in your name or incomplete documents then your loan application will get rejected. In case, you have a joint property then the consent of all the owners is must for getting a Loan against Property.

Hence, it is good to “Apply For Loan against property Online“ or offline to cater all your financial needs but try to choose a lender who offers the best loan deal that suits your needs. ShubhBank strives to understand the borrower’s requirements and offer best value and benefits on Loans against Property.