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Having a property is one of the greatest financial successes in life. However, many people do not know that this can also be used to raise significant amounts of money without having to sell it. A loan against property helps you to utilize the value of your residential or commercial property to fulfill your major financial requirements while retaining complete ownership.
Are you searching for a Loan Against Property in Mohali? This article will assist you in understanding how it works, who can apply for it, and why it is one of the most intelligent financing options available in the market today.
A loan against property in Mohali is a secured loan where you pledge your property to a bank or an NBFC to avail a high-value loan. Since the loan is secured by property, banks and NBFCs charge lower interest rates and longer repayment terms compared to personal loans.
You can use the loan amount for almost any purpose, such as business expansion, education, medical emergencies, debt consolidation, or even personal objectives.
1. Significant Loan Value
You can borrow a sum anywhere between 60 to 70% of the market value of your property as a loan depending on the lender’s policy and type of property.
2. Reduced Interest Rates
Because this is a secured loan, the interest rates are much lower than those of another secured loan like a personal loan and credit card.
3. Extended Loan Repayment Period
The repayment tenure is 15-20 years which helps the candidate in repaying this loan easily.
4. You Still Own the Property
You can continue to use your property while availing a large loan amount.
A salaried individual with a stable income
A self-employed professional or businessman
An owner of residential, commercial, or mixed properties
Residential houses or apartments
Commercial shops or offices
Industrial or warehouse properties (subject to certain conditions)
Self-occupied or rented properties
Application Submission, you will provide the lender with information on yourself and the property you want to buy.
Property Evaluation, the lender will verify if the property is a legally valid property and if their market value is equal in comparison to other properties within the area.
Approval/Offer, the loan amount, interest rate, and term of repayment are all determined after the application is received.
Disbursal, the loan is then deposited directly into your bank account after all required documents have been submitted by you and the lender.
Loan Against Property Improved approval time due to quick digital checks have made it possible to get approved in a short period of time in Mohali.
Income and credit rating of the applicant
Nature and location of the property
Amount and term of the loan
Mohali has been recognized as a fast-developing residential and commercial area. Due to its world-class infrastructure, IT parks, and high demand for properties, the market value of properties in this area is good.
This is why Loan Against Property in Mohali is a good option for both the lender and the borrower. Property owners can benefit from better property valuations and terms of the loan because of the growth possibilities in the city.
To start or grow a business
To finance children’s higher education
For medical emergencies and treatments
To repay high-interest debts
To invest in long-term opportunities
Examine the loan terms and conditions thoroughly
Ensure the lender is an RBI-approved partner
Ensure positive customer feedback and experiences
Examine transparent interest rates and fees
Borrow only what you need.
Ensure you can repay your EMI every month.
Keep your property documents updated and in proper order.
Compare offers from different lenders.
One can use the property in order to take a loan and use the amount as per his needs. With a lower interest rate, a higher loan amount, and flexible repayment options, it is a combination of affordability and accessibility.
1. Am I permissible to spend the loan on personal matters?
Certainly, the majority of lenders will permit you to use the loan amount for business, personal, medical or educational.
2. What amount can you borrow against your property?
Depending on your eligibility criteria, you can get property loan up to 60-70% of the current market value.
3. Will I have my property taken away from me?
No. You will own it and use it. This property is mortgaged merely as collateral.
4. Is a good credit score a big deal?
Indeed, if you have a good score, you can easily get better interest rates.
5. How long will the approval process take?
If the documents are right, approval and disbursal can happen within a few working days.
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