Commercial and residential properties can easily be mortgaged for procuring loans against that particular property. However, this kind of method is quite risky if you are not sure to repay the amount of time. If, by any chance, you fail to repay the amount, then Indian banks or the lenders have every right to take the property under their names. Next, they can sell or work on this property to get their money back.
Salient features to check in:
There are certain interesting features available with loans against property. That makes this quote popular among the masses. Now, depending on the type of construction you are planning to take money, the results are likely to vary.
Loans can be procured against full constructed properties, commercial and freehold residential sectors. These loans are used for matching business needs; transferring loan availed from another financial institution or banks and for covering medical expenses, marriage and other personal forms of assets.
The loan against property comes with long tenure and small EMIs. So, even if you are planning to take lump sum amount of money, you have enough time to repay the amount you have once taken.
The interest rates are quite attractive and will match your requirements. Even if you want cash within short period, this short term loan is the best option for you to work on.
With hassle free and easy documentation, you cannot ask for anything more promising that this one. You can log online and get your desired results now.
If you want to repay the amount on monthly installments, then you are most welcome to do so, as well. It forms another important salient feature over here.
You are even going to procure help from integrated form of branch network used for servicing and availing loan anywhere you want in India. So, what else can you ask for!
People who can apply:
Anything can apply for such loan individually or jointly. Remember that the property owners have to be co-applicants while planning to get short term loan against properties. Remember that co-applicants need not have to be co-owners. Co-applicants are mainly close family members.
More points to conquer:
For the loan term option, you get the chance to spread payments for loan over maximum period of 15 years. This time might vary from one Indian financial institution to other banks. The loan tenure is further dependent on the profile of customer, age at majority of loan, property age and also depending on certain specified repayment schemes. You can apply for other terms, which are solely based on prevalent rules of the said bank of your choice.