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Learn About Loan Against Property In India
If you own a residential or a commercial property in India, you can use the same to raise funds for your business. Make the most of your idle property by hypothecating it with a lender and raise funds for your needs. If you have ever faced an emergency or an urgent requirement of funds, you will be able to meet the same with a loan against property in India. It is a secured form of borrowing where you hypothecate the asset and raise funds against the same.
The loan application procedure is simple and straight forward. You will have to submit the documents of the property in order to apply for the loan. The lender will appoint a market valuer for the estimation of the value of the property and the loan amount will be based on the same. If the market value of the property is high, the loan amount will be high. Hence, use a property which has a high value for your loan. The amount of loan will be about 60% to 80% of the market value of the property. The loan against property in India is available at a low interest rate and has a flexible repayment tenure. Scout the market for different lenders in the industry and choose the one that has a low interest rate.
It is one of the most preferred form of borrowing by business owners because it allows them to meet their finance needs without disrupting their working capital or spending all the savings into an investment. Whatever the purpose of borrowing, a loan against property in India will help you meet your goals. Understand the terms and conditions of the loan before you make an application. It is best to compare the interest rates and the terms of repayment before you decide on a lender. The loan has a repayment tenure which is long and flexible. However, there is one important thing you need to keep in mind. You will have to make consistent payment of the monthly installment and if you default in the same, you end up losing your property to the lender. Incase of consistent defaults, the lender will send you a notice and if you still do not pay the amount, the property will be auctioned by the lender and you will lose possession of the same. Hence, it is addable to consider your monthly income before you agree on an EMI amount. The EMI will be your regular outflow and you cannot default in the same.
Apply for a HeroFinCorp loan against property through your commercial or residential property and you can also use a property which has been leased or rented out. The loan application procedure is simple and hassle free. If there are joint owners of the property, they will be joint applicants on the loan. Expand your business with the necessary funds and repay the loan in due time with regular planning and financial discipline in your spending.
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