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Loan Against Property: An Overview For Fulfilling Your Dreams

In today's competitive world, you need money for everything from funding your own business to paying for the education of your children. One of the first thoughts that comes to one's mind is,

"Where do I get the money from?"

Today, there are several ways in which a person can source money but one of the easiest ways is to take up a loan. And one such loan that is available to people today is the 'loan against property'.

The first thing to do would be to understand what a 'loan against property' is ?

A 'loan against property' in simple language is a loan which is disbursed or sanctioned against the mortgage of one's property. The property which is being mortgaged by one can be any property which is occupied by the person or rented out to someone for use. The property can be both in the form of a flat or in the form of a piece of land.

Loan Advisors

Banks will specify different eligibility criteria for one to be able to take up such a loan. Some of the criteria include a study to ensure that a person's finances are of sound nature. The bank undertakes a study as to how much you earn, how your savings are, as well as the debts you have. A check will also be done to make sure that you have cleared all previous loans and that you have a clean record when it comes to making credit card payments.

Starting the process

If you want to take a loan against property, the first thing you need to do is to shop around for a lender. Use the internet to learn about the eligibility criteria of a LAP and this is likely to vary from one bank to the other. In general, most banks would ask for the following -

  • Your income/savings details and also information of the debt obligations that you have.
  • Cost of the property that you intend to mortgag.
  • Your credit record.
  • Repayment track record of loans taken prior to this.

Loan Against Property

Steps involved

  • Application: The loan application sets the ball rolling in a LAP. Select your lender and fill up the loan application form with necessary details.
  • Processing: After you apply, the bank starts processing your application, whereby the loan procedure starts moving. Your lender can also call you over for a discussion. Carry original documents with you when you go for it. Following this, the bank will conduct a field investigation of the matter and verify the documents presented by you. Documents required are usually income proof, age proof, address proof, identification proof, property papers, and employment details. When you submit your credit documents to the bank, you might have to shell out a processing fee as well, which is 1-2% of the desired loan value. The bank can also ask for an upfront fee for miscellaneous expenses.
  • Loan sanction: Once the bank has verified your financial credentials, it will work out a loan eligibility amount for you, which is put up in an offer letter along with terms and conditions and mailed across to you. You can accept the loan if it fits your bill by putting your signature on the acceptance copy.
  • Legal check and valuation: The bank will now conduct a legal check on the property that you intend to mortgage and evaluate it. Keep the property papers and No Objection Certificates (NOCs) ready for scrutiny.

Loan Consultant

  • Loan disbursal: If everything is in place and the bank is convinced of your loan repayment capacity, it disburses the loan through a Demand Draft (DD) or a cheque.

When you plan to take a LAP, consider your pay-off capacities very well, as, if you are unable to pay it back in full, you stand at the risk of losing your mortgaged property to the bank.

Home Loan Advisor: Why You Should Consider Using Advisor For Your Home Loan

New year has already arrived, and 2019 is bringing in a whole new generation of essentials, and one such essential is buying a home.

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A beautiful home is everyone's dream, but to make that dream come true is not an easy job. However, a home loan is one of the easiest ways to make that dream of yours come true. Nowadays, not just the banks provide loans; there are private financiers and home loan advisors. But, the real task lies in finding the right loan so that you do not end up paying more interest making it financially burdensome. So, in order to find the best possible loan, you must seek proper home loan advisor, and do a bit of research.

Let us help you understand this better.

Consider for a moment that according to 2018, loan advisors made up 30% of household formations. How much of that business did you see?

Choosing the right home loan advisor may be one of the biggest decisions you are going to make or break your current struggle for better financial situation.

What we discovered is, there are few key ways loan advisors can help buyers realize the dream of homeownership. Therefore, it’s important to take action and understand the demographics that assists you are in a financial crossroad. You will undoubtedly gain advantage from acquiring the services of a certified home loan advisor who will stay throughout the stressful lending process. However, a reliable home loan advisor also offers free access to a variety of loan options and makes the process straightforward and less stressful.

And, most importantly, they help prioritize your welfare.

So, to eliminate such confusion forever, here we have listed a few points of how home loan advisor can do for you:

Time Saver

Rather than you spending too much time looking for banks and lenders and going through all the details of their home loan products, the brokers have access to variety of cutting edge home loan selections.

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Expert Advice

Part of their job is to know and understand your personal and financial situation and find an appropriate home loan alternative which will fit you most. Even if you had a bad financial history, a reliable advisor will be able to help you find a home loan that fits you.

Stress Eliminator

You will not be doing the paperwork all by yourself. Your broker will stay with you all throughout the process starting with the application all the way up to the submission of your papers for approval. They will keep you posted along the way. As soon as you have secured your loan, your broker can also assist and advise you over the life of your loan.

Other than these, loan advisors also work with a large number of various banks and lenders, integrating a variety of home loan products thus offering you extensive options.

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However, make a thorough research before applying for an online loan. A little stress now will help you save good sum of money in future. Enjoy the ease of applying for a home loan with loan advisors.

Beeline Wealth is an end-to-end service that helps you with everything related to your home loans- identifying the right lenders to figure out the best tenure,interest rates to even balance transfers. We have established a company that solely focuses on providing our clients with smart advice and easy process with super speed because you’re home is the biggest investment and we’re passionate about educating you.

To know more about home loan advisor in zirakpur or loan consultants in Chandigarh, Call us at 99880-85522 Or Drop Mail at Beeline.wealth@gmail.com.