What is a credit against property? how is it not quite the same as a home advance?
The two loans are poles apart.Best finance consultant in Mumbai. the end-use could be funding your elder child’s marriage, your younger child’s education abroad, grow your business. the ancillary in existence or a plot of land. a home loan, on the other hand, is taken only for the purpose of buying a residential property.
Why should I take a loan against property?
Your assets like gold, FD etc. can be used as collaterals for real estate is a valuable asset. you can leverage this asset and obtain necessary funds.should I take a personal loan or a loan against property
A personal loan is also an all-purpose loan. however, no collateral is required for a personal loan. if you have a property, you should leverage it for funds. a loan against property score over a personal loan for the following reasons:
- A personal loan is available at steeper interest rates ( around 20%) as compared to a loan against property ( around %)
- A personal loan is available for shorter periods(1-5 years) while a loan against property is usually available for longer tenures of upto 15 years.
- Best finance services in Mumbai for a loan against for property ( around 1%) as compared to a personal loan (around 2.5%)
Can NRI’s get a loan against property?
Most you can take a loan against a property by providing resenting or commercial property as collateral. you can also take a loan against a plot of land.
What are the documents required for applying for a loan against property?
The documents differ for salaried and self-employed persons:
A salaried applicant needs to submit:
- Application form with photograph
- Identity and address proof
- Latest salary slips what is a credit against property? how is it not
- Bank statements ( last 6 months)