Everyone has certain dreams for their personal life. But, due to uncertainties present in the life, a gap is created between our dreams and the reality. Loan against property could help you to fulfill this gap.
Loan against Property is given by the banks by mortgaging your property with them. Banks could give you the loan from 50% – 70 % of the market value of your property according to their rules and regulation and property type (whether the property is residential, leased residential or commercial property).
Now every bank is ready to approve affordable & flexible loan on simple documentation. These institutions are also ready to give you easy repayment options. Now, Banks provide simple EMI facility, low interest rates and also the longer tenure for the repayment.
Banks give the Loan against Property for the following Purpose:
- To expand the existing business
- Home renovation
- To purchase a new property
- Expenses in the wedding of daughter & son
- For child’s higher education
- medical expenses
- To fund your vacation etc.
On Which Type of Property You Could Take Loan?
- Residential Property
- Leased Residential
- Commercial Property
Common Documents required to take Loan against Property
- Passport Size Photographs.
- Zerox of voters ID card and PAN card etc.
- Residence Proof of the Borrower.
- Documents of the property
Now, if you are ready to take the Loan against Property, go to the bank and collect required information regarding the loan. As these institutions will provide you broader information about their products according to your need, taste & budget, which will suits you the best. You could also collect more information from the bank’s website.
You Could also Read the Following Blogs :