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Avail a Mortgage Loan Against Property
There are different types of loans available in the market. Due to the increasing competition amongst lenders, the interest rates are declining and every lender is offering consumer friendly terms and conditions. Secured loan is a type of a loan where you provide a security against the loan. This allows you to enjoy a higher loan amount which is determined on the asset you hypothecate. When you provide an asset as a security against the loan, you enjoy a quick approval and low interest rates on the loan.
You can use your commercial as well as residential property for the loan and you can use the funds for personal or professional purposes. A mortgage loan against property will help you meet your fund requirements and you will be able to expand the business with ease. You no longer need to spend all your savings for the same and neither do you need to delay the purchase of new machinery or the expansion of your business. With a loan against your own property, you make use of idle property and also maintain the possession of the same. You only hypothecate the loan under the name of the lender but you do not lose out on the ownership of the same.
The loan has a simple and transparent application process. You only need to fill up the application form and provide documentation which include a proof of identity, proof of income and proof of address. Additionally, you will have to provide the documentation of your property for the purpose of hypothecation. If there are co owners of the property, they become co applicants to the loan. Always keep in mind that a mortgage loan against property requires you to make the EMI payment on time. If you default on the same consistently, you will lose out on the ownership of your property.
The lender will send you notices if you default in the payment of EMI and after a period of time, the lender could gain the possession of the property and auction the same. You could end up losing your property if you are careless about the timely repayment of the loan. The loan has a higher approval amount and a flexible repayment tenure. However, the loan amount will be determined on the market value of the property you hypothecate. Hence, if you want a higher loan amount, you need to hypothecate a property that has a higher market value. The lender will appoint a valuer to determine the value of the property and based on the same, the loan amount will be decided.
Before you apply for a loan, you need to identify the purpose of the loan so that you can determine the amount you need. Consider your financial health and the ability to make the repayment on time. If you have a good credit score, you will enjoy a quick processing and approval of the loan. Expand your business with a loan against your property.
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