Do you plan to buy a property? Are you in need of funds? If your answer is yes, you are at the right place. You can use your property to raise funds and grow your business. Whether you need funds to expand the business operations or to enter a new market, you can get a loan against your property. You can use a residential or a commercial property to raise funds. It can be an idle property, a property you reside in or one you have rented out. Several businesses in the country have applied for loan against property and expanded their businesses. You can make the most of low loan against property interest rate and get access to high amount of funds.
Loan Application Process
Also known as a secured loan, the process of application is simple and hassle free. Here are the steps to apply for the loan.
• You can make an online application and submit relevant documents with the same.
• You need to provide your identity proof, address proof, income proof and documents of the property you plan to hypothecate.
• The lender will hire a market valuer in order to estimate the market value of your property and based on this value, your loan amount will be determined.
• If you have a property with a high market value, you will be able to get access to high amount of funds. The first step is to identify the amount of funds you need and then take further steps.
If your documents are in place and you have a strong credit score, your loan application will be approved within 10 working days. However, before you sign on the dotted line, you need to compare the loan against property interest rate and ensure that you get the best rate. A low interest rate means low EMI and low monthly outflow. Choose a lender that offers the best rate and a flexible repayment tenure. Understand the terms and conditions of the loan thoroughly before you make the final decision.
Prepare a repayment schedule in order to ensure timely payment of EMIs. Adopt a practical approach and consider your monthly inflows and outflows before agreeing on an EMI amount. If you need a longer tenure, you can ask for the same as it will reduce the EMIs. If you have excess cash in hand, you can prepay the loan and save on the amount of interest. Loan against property is one of the most preferred and common forms of borrowing for businesses. It has low interest rate, low EMI and a flexible repayment tenure.
You will be able to take your business to new heights with this loan. Since the loan has a security, the risk is low and loan against property interest rate will also be low. The customer executives will be happy to guide you throughout the process of borrowing and will ensure that you choose the right loan product. Use your idle property and raise funds against the same to expand your business.
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