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HBS FINANCIAL SERVICES - MORTGAGE LOANS (LOAN AGAINST PROPERTY)
Simply put, a loan against property is what it actually connotes - a loan given or disbursed against the mortgage of property.
This is unlike a personal loan, which is disbursed to an individual; no questions asked. The loan is given as a certain percentage of the property's market value
(usually around 40 per cent-60 per cent). But the threshold amount too is generally defined by most lending institutions like say, Rs 200,000.
This multi-purpose loan puts funds at your disposal to use as you wish. It unlocks the hidden value in the property you own.
BENIFITS OF MORTGAGE LOAN (LOAN AGAINST PROPERTY)
Low interest rate Than Personal Loan :It works out to be much cheaper than a personal loans, which is usually issued at interest rates in the region of 13% to 16%.
Mortgage Loan is a means to fulfill bigger loan requirement, you can take a loan ranging from Rs. 5,00,000 to Rs. 50,00,00,000 lakh.
Since the rate of interest is lower, many times, LAP Equated Monthly Installments (EMI) turn out to be cheaper than those under personal loans.
It is a fee charged by banks from the borrowers to process their loan application; it is normally between 1-2 percentage of the loan amount.
The tenure for a Loan Against Property is usually longer than that for a personal loan. Generally, LAP is given for a maximum tenure of 15 years.
| DOCUMENTS REQUIRED | |
| SALARIED | SELF EMPLOYED |
| Pan card | Pan card |
| Address proff | Address proff |
| 3 Months latest salary slip | Business licence |
| FORM-16 latest 2 year | Latest 3 years ITR |
| 6 Months latest bank statement | 6 Months latest bank statement |
| Photograph | Photograph |
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