Avoid these mistakes before taking a secured loan
by Finway FSC Empowering People FinanciallyA Loan
Against Property in Delhi and the entire country empowers you with
finances that you may use according to your whim. It enables you to manage
expenses related to Business, education, wedding, and other things. At the same
time, when you give your property as collateral, the need to continue being the
owner becomes pressing. It is for this reason why you should be cautious of the
money that you get a loan, else, the property rights slip away. Let us find out
how you should manage the loan money and what you must think when the loan
taken will be used as Business
Loan in Delhi.
Weigh the risk: It is important that you perceive the risk involved in taking a
secured loan. Upon non-payment of the money, you may lose the rights on the
property as the same will be taken by the bank. Understand whether taking the
loan and the reasons for the same are worth the loss or weigh the repayment
method well so the rights of ownership remain with you. This is vital as property
purchased never goes in vain and to lose it like this will certainly not do
justice.
Eligibility for loan: Although you will be submitting the property
as the collateral, the loan eligibility criteria must be still fulfilled. These
criteria are that of income, age, current financial responsibility, credit
history, and the market value of the property. Besides, a lot of paperwork is
needed, which must be taken care of beforehand. Other fundamental documents
that you need are the address proof, identity proof, and the property papers.
Tenure and interest rates: The tenure of a collateral loan depends upon
the reason that urges you to take the loan. If this is taken as a Business Loan in Delhi,
then you may opt for shorter tenure and work on the interest rate; however, if
it is taken for weddings and other events that do not have a return on
investment, you can opt for longer durations. In longer duration loans, it is
best to work out the interest rates so you don't feel the pressure of paying
the EMI's.
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Created on Oct 29th 2019 02:18. Viewed 500 times.