We Offer Best Options for Loan Against Property in Delhi - NCR
FIT- Finance India Trust is your suitable service provider to provide a Loan Against Property (LAP) in Delhi NCR. We are channel partners for many leading banks and Non-Banking Financial companies (NBFCs) that offer easy Loan Against Property (LAP) options at the lowest interest rate. Not only we help you ascertaining your eligibility and options for a loan we also help with document lists that give you an estimated cost for getting this secured loan easily. This is called a Good Faith Estimate.
Let us help you understand about Loan Against Property (Secured Loan) with some FAQs below so that you can apply for Loan Against Property:
What is a Loan against Property (LAP)?
LAP is a type of loan in which the borrower uses the equity of his or her home or other property as collateral. It can be processed by mortgaging any property which is legally in the name of the loan applicant and is constructed as per the rules of the local designated authority for property registration. The loan amount is determined by the valuation of the property, and the value of the property is determined by an appraiser from the bank or NBFC. Loan Against Property (LAP) is often availed to finance major financial needs such as business expansion, higher education, weddings etc. We offer a lot of easy loan options based on your need and help you apply for Loan Against Property in Delhi NCR in a hassle-free manner. We will be happy to be your chosen Loan Against Property Agents in Delhi and other cities!
What is a Secured Loan?
It is a loan that is secured through an asset put as collateral. Loan Against Property (LAP) in this case is secured against property mortgage. For example, our team will help you understand the process to get Secured Loan / Loan Against Property in Delhi NCR in a hassle-free manner. Loan against property eligibility criteria’s are discussed in information below.
What is the difference between Loan against Property (LAP) and Home Loans (HL)?
The difference between a Loan Against Property (LAP) and a Home Loan is that you take out a Loan Against Property (LAP) after you have ownership in the property, while you get a Home Loan to purchase the property you are interested about. A loan-to-value (LTV) ratio in both cases is determined by lenders to ascertain how much money can be borrowed by you. To get easy loan sanction you should have proper documentation for your property.
What is Loan Against Property EMIs?
EMIs mean Equated Monthly Installments. The EMI payment you make includes principal and interest components. The principal means the amount you borrow for purchasing the house property. Interest is the cost of funds you borrowed - this is the amount that the bank is charging you for providing a loan. Loan Against Property Interest Rate to follow next.
What are Interest Rates?
Just like any other interest on loan for Loan Against Property Interest Rate is the amount that the bank is charging you for providing a loan. The amount of interest paid per year divided by the Principal Amount / Loan amount. Ina simple example, if you paid Rs1, 50,000 in interest per year for a loan of 15, 00,000, the interest rate is Rs1, 50,000 divided by 15, 00,000, or 10 percent. A fixed-rate of interest loan remains the same over the life of the loan. And a Floating Rate of Interest is one with an interest rate that changes as per market conditions. We look at your property documents and CIBIL score to offer lowest interest rate.
What is the Loan Term?
Loan Term is the period of time over which a loan is scheduled to be repaid by the borrower. For example, if a home loan has a 20-year term, meaning it must be repaid within 20 years. You should pick the duration as per your convenience to make this an Easy Loan Against Property on your monthly budget.
How much loan I can get to purchase a house?
This is called Loan to Value (LTV), it’s the amount you can get as a loan in relation to the value of the property. For example: an Rs.40, 00,000 loan on a property worth Rs50, 00,000 would be 80% LTV.
How is the Market Value of Home Property ascertained?
The lender - Bank or NBFC appoints a professional agency to ascertain the property’s current market value. For this, a fee is charged by the lender from borrower while applying for a Loan Against Property (LAP).
What is eligibility for Loan Against Property (LAP)?
Loan Against Property eligibility criteria’s include good to excellent credit history, reasonable loan-to-value, and combined loan-to-value ratios. The property market valuation and borrower credit history are the two main criteria here again CIBIL plays an important role. We are your best Loan Against Property Provider in Delhi and will help you in understanding the process.
What is the CIBIL Rating?
What is the CIBIL Rating?
CIBIL Report is also known as CIR -Credit Information Report. It is a numeric expression of your creditworthiness, the credit score range is from numeric 300 to 900. The closer you are to 900 numbers in CIR the better it is, this means you have better capability to repay the loan you take and credit institutions will be at lesser risk with their loan investment ion you. However, if you have lower numeric rating then the risk for financial institute increases and so interest rate they may charge will be higher and loan amount they will offer will be lesser. Some key factors that affect your CIBIL rating are as follow- age group, residence address, source of income, assets owned, loan repayment capacity, company you are employed in, past credit history Current Credit Score, Current Loans and liabilities status, credit card dues status. If your current liabilities are higher than your assets and income sources you will be eligible for a lower maximum loan amount. If you have fewer liabilities and higher income sources with good repayment track you will be eligible for a bigger maximum loan amount.
Hope the above information is helpful for you to have a basic understanding of different terms and requirements pertaining to Loan Against Property (LAP).
We have a team of experts for helping you out with your specific location and requirement so please contact us through the numbers mentioned in contact us section and our loan agent will be happy to assist you on your loan requirements and help you get Easy Loan Against Property. We will be happy to be your chosen Loan Against Property Agents in Delhi and other cities!
Loan Against Property Documents (Salaried Individuals) – Basic Checklist
- Two passport size photos each of the applicant/ and the co obligant
- PAN Card
- Adhaar Card
- Latest Salary Certificate / Salary Slip (3 months)
- Copies of IT returns (2 years) or Form No.16 (2 years)
- Latest 6 month's Bank Account statement evidencing the salary credits
- Property Documents: Agreement for Sale and Construction, Allotment letter
/ NOC from Builder to mortgage the flat, Title Deed, Prior Deed (in cases where
the Title Deed does not contain recitals explaining derivation for past 30 Years),
EC for 13 years (minimum), Possession certificate, Location Sketch, Land Tax receipt
(latest)
Loan Against Property Documents (Self Employed Individuals) – Basic Checklist
- Two passport size photos each of the applicant/ and the co obligant
- PAN Card
- Aadhaar Card
- GST Registration Certificate
- Firms Registration Certificate
- Copies of IT returns (2 years) supported by Tax calculation sheet & Tax paid challans
- Latest 12 month's Bank Account statement evidencing the salary credits
- Property Documents: Agreement for Sale and Construction, Allotment letter
/ NOC from Builder to mortgage the flat, Title Deed, Prior Deed (in cases where
the Title Deed does not contain recitals explaining derivation for past 30 Years),
EC for 13 years (minimum), Possession certificate, Location Sketch, Land Tax receipt
(latest)