Why Secured Property Loan is Always a Good Option?
Mortgage loans are the best source to finance big expenses. Property loans generate comparatively higher loan amounts as compared to unsecured loans. Secured loans also have a longer repayment tenor, stretching up to 20 years.
- Substantial Loans and Easy Repayment
Loan against property enables you to draw higher loan amounts as compared to personal loans. For salaried individuals, lenders offer substantial loans of up to Rs. 1 Crore. Self-employed borrowers can avail loan amounts as high as Rs. 3.5 Crore.
Loans against property have nominal interest rates. You can also opt for interest only EMI payment. A loan against property calculator gives you the figures that you have to pay as EMIs.
- Easy Application Process
To avail a loan against property, a borrower does not have to meet a long list of eligibility criteria. A salaried borrower has to be aged between 33 and 58 years, while a self-employed borrower has to be aged between 25 and 70 years and both having a reliable source of income. There is only small loan against property documents required for applying for the loan.
The documents needed in the proceedings are also few –
- Latest salary slips.
- IT returns.
- Bank statements.
- PAN card or Aadhaar Card.
- Address proof.
- Official documents of the property you wish to mortgage.
- No End usage Restriction
Unlike a business loan or a home loan, property loans do not have end-use restriction. You can use the loan amount to meet any monetary requirement such as educational expenses, financial emergencies, even an investment into your business, home renovation, etc.