You can apply for loan against property just in case of a financial emergency at any point in time. If you own a property, and you need some extra support, then you can utilize your property to cope up together with your needs. You want to be conversant in the fact that the need of funds aside from the fixed monthly income is a common experience, especially with the increasing demands every day.
It’s a secured loan, taken through some financial institutions against any vacant or self-occupied property that’s owned by you. The Banks or the non-banking financial companies calculate the concerned property to seek out out its present market price, and a selected percentage of the property’s total value is disbursed as a loan. You’ll also call it the LTV or Loan to Value Ratio. Therefore, at the time you apply to receive Loan against the property; you get to regulate the worth of your commercial or residential land while experiencing the possession of an equivalent.
If the property against you would like to require a loan is self-occupied then you’ll be offered with 70% of the property’s current market price. And, just in case the property is vacant, then you’ll be offered with 60% of its current market price.
Why choose loan against property?
You can apply for loan against property for several reasons. For instance, you’ll get this support for business investment, planning a dream vacation, wedding expenses, or any medical purpose, etc. Therefore, for any of your important financial needs, you’ll take a loan against property. Regardless of the land is commercial, residential or simply a vacant plot, you’ll raise an invitation for the specified financial help at Rokdabazaar.
Loan against property eligibility
To apply for loan against property, the applicant should:
- Have a CIBIL score of quite 650
- For the salaried applicants, the age limit is 23-58 years
- For the self-employed applicants, the regulation 23-65 years
- Have 3 years of labor experience
- 3 months salary slips/ 6 months bank statements
- Log-in fee (as per terms)
- Should be an Indian citizen
Rokdabazaar offers easy and hassle-free Loan Against Property for loan amounts starting from Rs. 5 Lakhs. Avail loan against residential or commercial property, that your can offer as collateral, at attractive rates of interest. Apply for loan Against Property