If you are looking to expand your business and in need of finance, there are some easy and quick financing options available for you.
Expand your business or repay the loan, using the loan against residential property. A form of secured loan, the loan against residential property is an easy and hassle free method of raising finance. The loan is offered by various Banks and Financial Institutions that provide financial assistance to individuals and businesses. The loan has a quick approval and comes with a low rate of interest. The applicant can make use of the idle property and raise finance on the same.
Loan against residential property is a financial loan provided by Banks and Financial Institutions against the mortgage of a property. An individual or a business owner can mortgage their property and seek for the loan. It comes at the lowest interest rates and also has a long tenure. The eligibility for the loan requires a minimum age of 25 years and the applicant should be salaried, a manufacturer or a trader. For an applicant to apply for a loan against property, it is extremely important to have complete documents of the property. The property should not be older than 50 years and should have a minimum value of Rs.50 lac.
After the applicant approaches the Bank or Financial Institution for the loan, the lenders will verify the documents and seek for valuation of the property. The property is to be mortgaged with the Bank, hence the bank will require a valuation of the property to determine the market value. The loan amount will be determined based on the market value of the property. The loan has easy terms of repayment and a long tenure. Various financial institutions also provide the option of prepayment of the loan, which allows the applicant to save on the amount of interest. The loan is available at competitive interest rates across various financial institutions.
An applicant can determine the EMI based on the interest rate and the loan amount applied for. Although the interest rates depend on the loan amount sanctioned by the Bank, EMI calculator helps the applicant to determine the EMI that will be payable. Loan against residential property is extremely useful and is ideal for business owners who own property. This property can be a home, land, hotel or a farm. This property must be updated with complete documentation and the process is very simple. After the verification of the property and the title documents, the loan is processed quickly and the approval is received in no time.
Compare the interest rates with a couple of Banks or Financial Institutions before you decide on one. This way you will be able to take advantage of the lowest and competitive interest rates offered in the market. In addition, holding a positive credit history ensures a quick approval.
Neha Verma is affiliated with Herofincorp, a finance company, and writes on topics related to loans and small business financing. Hero Fincorp Loan against residential property is the solution to immediate need of long term finance to fulfill business goals.