Loan Against Home Made Simple – Fast Approvals, Better Rates

One of the greatest accomplishments in life is owning a home. However, there may arise situations when you may need money for important expenses such as expanding your business, educational expenses for your kids, medical emergencies, or renovating your home. Instead of taking a loan with high interest rates, people are opting for a loan against home due to lower interest rates.

A loan against home is a type of secured loan that helps you borrow money from a lender by mortgaging your residential or commercial property. This type of loan is a secured loan, which means that you will be able to get a lower rate of interest compared to a personal loan.

The amount that you are able to borrow usually depends on the market value of your property. Generally, a lender provides a maximum of 60-75% of the value of your property as a loan amount.

1. Lower Interest Rates

Since the loan is secured, the interest rate is lower than that of unsecured loans. This makes the loan repayment easy over a period of time.

2. Higher Loan Amount

With a loan against home, a borrower can take a higher loan amount depending upon the property’s value.

3. Flexible Repayment Tenure

The majority of lenders offer a flexible repayment tenure that varies from 10 to 20 years. Hence, the borrowers can repay the loan in a comfortable manner.

4. Multipurpose Usage

The loan can be utilized for a number of purposes such as:

• For business growth
• For further studies
• For medical emergencies
• For wedding expenses
• For renovating a house

5. Continue Owning Your Property

In spite of availing a loan against home, the ownership of the property remains with you as long as you are able to pay back the loan on time.

Age

You should be between 21 to 65 years of age to apply for a loan against home. 

Income Stability

Having a stable source of income increases the probability of getting the loan with a low interest rate.

Property Ownership

The property that is used as collateral should be owned by the person, and the person should have the property documents.

Credit worthiness.

If your credit score is 700 and above, the chances of your loan against home getting approved are higher.

Finding the right lender and comparing the loans can take time. This is where BankEMI makes it easier for you.

BankEMI helps borrowers in associating themselves with trusted lenders and financial institutions so that they get the best loan offer. It makes it easier for you to get a loan against your home through this service.

• Quick eligibility
• Multiple lenders
• Competitive interest rates
• Faster approvals

Whether you are planning home renovations or need funds for your business, BankEMI is where you need to be.

Business Investment

This loan is also used for business investment by entrepreneurs.

Education Expenses

This loan is also used for paying education expenses of children.

Medical Emergencies

Medical emergencies can be easily tackled through this loan.

Home Improvement

Home improvement is also possible through this loan

1. What is the maximum amount that I can get from a loan against home?

The maximum amount that a lender provides is between 60-75 percent of the market value of the property.

2. How much time does it take for the approval of the loan?

The approval for the loan can be done in a few days or a week due to digital technology.

3. Can I live in my home if I take a home loan?

Yes, you can live in your home while paying the loan amount.

4. What if I do not pay the loan amount?

If you do not pay the loan amount for a long time, then the lender has the right to take action against you.

A loan against home is a financially viable decision if you are planning to arrange for huge funds without parting with your asset. A low interest rate, flexible repayment options, and high loan eligibility make it a viable option for fulfilling huge financial requirements.