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Essentials of loan against property and should you go for it

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Essentials of loan against property and should you go for it

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  1. Housing Finance

  2. Essentials of loan against property and should you go for it

  3. Among a host of loan options provided by banks, a relatively popular product is the Housing finance or mortgage. • The product clicks with borrowers because it generally allows one to borrow a relatively large sum of money for any need. • It generally has easy documentation, speedy approvals and flexible repayment options. • According to the Transfer of Property Act, 1882, a mortgage, which is essentially availing a loan against property is "the transfer of an interest in specific immovable property for the purpose of securing .

  4. The payment of money advanced or to be advanced by way of loan, and existing or future debt or the performance of an engagement which may give rise to a pecuniary liability. • Funds can be used for business as well as personal needs. • To fulfill the eligibility criteria banks generally demand proof of residence, proof of identity, latest Bank Statement where you can show a salary / income for the past 6 months.

  5. Who should opt for it? • Mortgage or loan against property is particularly popular when it comes to needing money for your business. While there is no restriction on using it for personal needs, however, if the amount is small, a personal loan can make much more sense. • While people use loan against property for education and even to buy/build a second property, most mortgage loans are taken for business purposes. This is especially helpful if the business .. • [Source: http://economictimes.indiatimes.com/small-biz/money/essentials-of-loan-against-property-and-should-you-go-for-it/articleshow/48523638.cms]

  6. Click to know more on Housing Finance: https://www.hdfc.com/ Thank You…

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