Many people would think about how to apply for a loan against the property. Here are a few guides for you.
- The customer has to visit the website of the financial lender and apply for the loan online.
- The customer support team of the lender will get in touch with the applicant and request for the submission of relevant documents.
- The lender will then verify the documents submitted and then inspect the property of the applicant.
- If the application is approved, then the loan amount will be credited in the bank account of the customer.
Features and Benefits of Loan Against Property
Lower rate of interest:
Secured loans usually have a lower rate of interest when compared to unsecured loans. In addition to that, if you have a good credit score and credit history, the chances of you getting a loan at a low rate of interest goes up.
Simple documentation and approval process:
The process of documentation and approval of loans is generally simple when it comes to a loan against property. The property against which the loan is availed acts as collateral in this case. This allows lenders to go forward with an easy documentation process.
Flexibility in repayment of the loan:
Most loans against property offer a flexible loan repayment tenure. On the basis of the lender that you choose, you can avail a loan repayment tenure of as long as 20 years.
Continuous ownership of the property:
In case of a loan against property, the ownership of the property is retained with the borrower. When you offer your property as a collateral for a loan, the ownership does not change. This also allows you to sell the property in case you are unable to repay the loan.
Availability of pre-closure option:
You have the option to pre-close your loan against property if you wish to do the same. If the loan that you have availed comes with a variable interest rate, you will not be required to pay any penalties for the pre-closure of the loan. However, you will be required to pay a nominal amount if your loan was at a fixed interest rate.
Optimal utilisation of the property:
In case you avail a loan and you have a property which you offer as a collateral, you get to satisfy your financial needs with the loan amount which will be at par with the property. At the same time, you also get to retain your property. You can decide to not sell your property and still avail enough money to meet your requirements that too at affordable rates of interest.
Apply for a loan against your property at Pride society.
