Whether you need funds to purchase a home, pay for wedding expenses, or pay for your child’s education or medical needs, a loan against property is a secured financing option that can help you raise money conveniently. You can use a Loan Against Property for Salaried Employees to get up to Rs.1 crore for a multitude of purposes. Read on to know the benefits that this loan variant offers with the lowest Interest Rate on Loan Against Property rather than other loans, along with the type of property that you can pledge and the eligibility criteria.
Benefits of a Loan Against Property for Salaried Employees
Raise Finance Quickly
Depending on your needs, it is possible could require funds urgently. In such cases, this loan allows you to raise funds fast. The loan is processed quickly in a series of short stages. Once your application and documents have been verified, it is disbursed to your bank account immediately. In addition, this loan also features a short online application procedure so that you can complete your application quickly without waiting in queues or filling out lots of paperwork.
Get a Substantial Amount to Cover your Expenses
A property varies in value depending on several factors like its location, amenities, age, connectivity and other facilities. However, this loan against property in India can help you receive amounting to 75% of your property’s value, if it is in a good locality, has been recently built, etc. For instance, if you have a property that is valued at Rs.1 crore, you will be eligible for a loan of up to Rs.75 lakh. This high amount can easily help you finance a range of expenses as per your discretion.
Repay Easily over a Long Tenor
For simple repayment, it is always important to be able to avail the tenor of your choice. While a long tenor makes repayment easy, a short tenor aids in quicker repayment and less interest payment. You can repay the loan based on what suits your finances, as this loan comes with a flexible tenor up to 20 years.
Access more Benefits with the Flexi Hybrid Facility
The Flexi Hybrid loan is a unique facility that allows you to borrow from the total sanction as per your needs and pay interest only on the amount that you use. This ensures that you can access funds as soon as the need arises, by making a request from your online loan account. What’s more, you can pay interest-only EMIs during the tenor, and repay the principal thereafter. So, this facility makes repayment of the loan much more convenient and easy. You can also make part prepayments at no extra charge and save even more money.
Carry out a Balance Transfer with Ease
There might be an occasion when you find that the terms of your existing loan are inconvenient and expensive. In such cases, you can easily have the balance of your loan transferred to Loan Against Property, and enjoy benefits like minimal documentation, speedy processing and a flexible tenor, not to mention the Flexi Hybrid facility.
Now that you know how this loan benefits you, take a look at the properties that you can pledge when you take this loan against property.
• Self-occupied residential property
• Rented residential or commercial property
• Vacant residential or commercial property
• Shared property (where co-owners will have be co-applicants for the loan)
How to qualify for a Loan Against Property for Salaried Employees
Qualifying for this loan is incredibly easy, and so, it is accessible to everyone. You only have to be an Indian resident and a salaried employee. If you meet these requirements, you can submit salary slips for the past 3 months, bank statements for the past 3 months, PAN card/Aadhaar card, address proof and a copy of property papers, and apply online or offline.
This is a complete guide of all that you need to know about a loan against property for salaried persons. Before you apply for Loan Against Property, ensure that you review all the benefits of the loan and calculate EMIs to ensure that it is cost-effective for you.