Loan Against Property in Delhi NCR-Loan On Phone

1. Things to Consider When Getting Loan Against Property in Delhi NCR Loan against property is actually a secured loan that is funded by a borrower’s property. You know that when one is getting a loan, a borrower is required to submit the mother deed as well as the sale deed of the property to the lender as that will stay in the lender’s custody until one repays the full amount of loan. In the interim, the borrower can totally utilize the property as it was the time before the loan was taken. There are certain things that are counted in the eligibility criteria of the loan against property in Delhi NCRthat is inclusive of one’s repayment capacity. Loan against property is all about a cost-effective and hassle-free way of getting a loan but you need to understand that you might put your property at risk of being liquefied. You should never ignore or overlook the dangerous factors that are associated with Loan against property as if you are unable to pay the EMI on time for consecutive months; the lender can totally put your property on sale to refund the loan that was given to you. If you are availing a loan against property then here are few things that you should consider…

2. • Interest Rate: Such rates range from 10-14% and the rate of interest may vary from lender to lender. It is important for you to give some quality time to find the best lender and the one who agrees to provide you a loan against your property at a low price. Don’t forget that education or homes lone are a lot cheaper than a loan against property. It is important for you to avail a loan against a property when it is available at the cheapest option. • Loan Amount: The prime amount of capital that you get a loan against property depends a lot on the value of the property as per the market. Genuinely one gets 40% to 70% of the property’s market price as a loan. It is important for you to check at least once with different lenders in order to find the highest possible loan amount. • Loan Tenure: Tenure for a loan against property can be about 15 years and such tenures help in making the EMI cheap and that increases the affordability of the loan. Concurrently, you should understand that the longer the tenure the higher the cost of borrowing. • The Processing and Penalty Bill: The loans against property are available at processing charge of 0.50 to 3% of the amount along with service taxes. If you are availing such loans you need to pay a processing fee and a service tax as it is reduced from the principal amount. There are so many firms that can help you with availing loan against property without income proofbut before you hire them, consider these points before investing.