There comes many times in life when we need quick money be it for personal purposes such as treating an urgent medical condition that is not covered under medical insurance or marrying one of your children or a business expansion or any other expense that requires big amount of money. In situations such as these, a Loan Against Property is highly beneficial. You can leverage the potential value of your property and use it for covering your expense and pay off your loan in EMIs that suit you.
Let’s have a look at different kind of interest types
In this type, a fixed sum on interest is expected to be paid on the full principal amount. In spite of the fact that with every EMI, the principal amount keeps reducing, you still pay the flat interest rate that was agreed upon.
In this type, the interest rate keeps reducing with each EMI paid as the principal amount reduces every month. This interest rate is calculated every month based on the remaining principal amount to be paid to the bank.
Though getting a Loan Against property is great, it is a time consuming and a rather hectic process, the first hurdle being choosing the right loan that suits your needs. There are so many options present.
Credit Nation helps you get the right loan that suits your need from the comfort of your home or office. All you need to do is provide us with your requirements and we will suggest the best suitable Loans Against Property to you. You can choose the option you like and together we can take it forward from there.
Typically lenders limit themselves to 50-70% market value of your property while sanctioning your loan. Offer factors that get looked into are
1. Market value of the property
2. Your Age
3. Your employment status
4. Cash Flow
5. CIBIL Score
6. Legal and Technical clearance of the property title
7. Existing assets and Liabilities (loans)