Things to Consider Before Applying for A Property Loan

The cost of living in India has risen to a great level. And with such economic crisis, it has become quite evident to see people taking up loans for variety of reasons. Whether it is for your children’s education or to pay up some medical bills, loans can actually help you to a great extent.

In terms of such needs, loan against property in Delhi provided by reliable finance companies like Finway Capital comes to your rescue. With minimal documentation, you can get quick mortgage loan against property from Finway Capital.

However, before you apply for such a loan, there are a few things that you should know. They are –

1.       It is a secured loan

A loan against property is a secured loan. That means, you have to pledge a property that you own as a collateral for your loan. Such loans against property takes a long time to get approved due to its tedious process and stringent procedures.

2.       They are usually for long tenure

The loans against property are generally meant for a longer period of time. For salaried individuals, these loan tenures can range from 2-20 years straight. It is better if you choose a longer loan tenure, it will help you to pay the loan back with ease. It reduces the stress of repayment and you can also keep your focus on other payments.

3.       Lower EMI rates

As the loan against property is meant for a long period of time, the EMI (Easy Monthly Instalments) automatically will be lower. So, if you are not comfortable with high interest rates or EMIs, then this is the best loan option for you. However, be very cautious while choosing a loan. Compare the loan tenures, EMI and rate of interest before you apply for one.

4.       You can take loans on different property types

A loan against property can be taken on various different property types. The only thing that matters here is that the property should be under your name. The plot can be residential, commercial or even a plot of land. Sometimes, even under-construction properties can be put up as collaterals too.

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Created on Oct 29th 2018 01:16. Viewed 515 times.

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