Milestone events such as going for higher education, marriage or even the birth of a child are life goals we all look forward to. While these celebrations are heartfelt, they could also be fairly demanding in terms of finance. These may push you to think hard about how to fund these moments with minimum stress. In such a situation, your hard-earned property could prove to be your biggest strength. You can conveniently apply for a mortgage loan to organise funds for your personal expenditures. A Loan Against Property is one such option that helps secure funds at a short notice while the process is hassle-free.
A mortgage loan harnesses the value of your commercial or residential property to help you meet personal expenditures today. If you are considering a property loan, it is advisable to seek a reputed financial partner who has extensive presence all over the country. Their relationship managers will provide their expertise and knowledge to tailor a mortgage for you with customised features and a range of benefits. This way, your property could help you fulfil all your dreams and goals conveniently and affordably.
Applying for a Loan Against Property is a fairly simple process - all you need to provide required documents for loan against property along with the application form.
Once the documents are verified and the application fee is processed, you could receive a principal amount equal to 50-60% of your property’s market value. Depending on your financial profile and track record, you could be eligible for a principal of up to 70% of your asset's value. Eligibility is generally evaluated based on your repayment capacity, which in turn is calculated by assessing various factors such as your income, your spouse’s income, your age and qualification.
It is essential that you approach a reputed financial institution so that your sensitive property documents and records are in safe hands. It is best to consult a Relationship Manager to understand your loan eligibility and the best terms you can avail of.