Loan against property is one of the convenient options for financial aid during high-end economic discrepancies. This loan caters to multipurpose needs for both salaried and self-employed individuals.
However, many people have concerns regarding the process of application and loan against property tenure owing to some myths. Dur to low interest rates on Loan Against Property, they give much higher tenure for repayments.
So, here’s an easy loan against property guide answering all those confusions regarding repayment timeline and other exclusive features.
What is the Relation Between Interest Rate and Tenure?
Both interest rate and repayment tenure depend on the borrower’s credibility. Eligible borrowers can negotiate the interest rate and tenure with the lender when he possesses a high CIBIL score and a good repayment history.
Is Loan Amount a Decisive Factor for a Loan Against Property Tenure?
Secured loans come with longer repayment tenures compared to unsecured ones.
Such loans generally offer higher loan-to-value than the unsecured advances. As such, secured loans like a loan against property can range up to Rs. 3.5 Crore for 20 years. Unsecured loans like a personal loan amount to a maximum of Rs. 35 Lakh for 5 – 6 years.
How do Age and Income play the Vital Roles in Deciding the Tenure?
Your age can also be a determining factor of the loan against property tenure. It is best recommended to go for a loan before an employee reaches his retiring age.
The salaried employee must be between the ages of 33 and 58 years. Those who are self-employed must be between 25 and 70 years of age.
Apart from this, stable source of income is also crucial while considering a loan against property. Proof of adequate income assures a lender of the borrower’s repayment capability.
So, now when you know everything about tenure, move on with the features of loan against property.
● Instant Approval and Quick Disbursal
One can enjoy a hassle-free experience while applying for the loan. A borrower can have the loan amount less than 72 hours with easy processing after verification of the requisites.
● High Financing Amount
NBFC offers a robust financing value up to Rs. 1 Crore for the salaried individuals. And the loan against property feature for unsalaried individuals comes with an exclusive amount of up to Rs. 3.5 Crore.
So, meet your financial discrepancies like arranging unbeatable destination wedding in exclusive venues to debt consolidating with a loan against property.
● Easy Access to An Online Account
Moreover, the debtors can keep a record of all their expenses and EMIs with online account management.
● Minimum Documentation
Lastly, the loan against property documents required while applying are as follows:
I. KYC documents
II. Property Documents
III. Latest Salary Slip of the last three months
IV. Bank Account Statements of previous 6 months for the self-employed individuals
V. IT returns of the job-holders
However, as a part of loan against property eligibility criteria, a borrower needs to have a citizenship of India with a regular source of income.
This was all about the tenure and features for instant Loan Against Property for you. So, if you are in an emergency and need financial aid, go for this property loan without any worry.